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CHAMPIONS SCHOOL OF REAL ESTATE PACKAGE DEAL
CHAMPIONS SCHOOL OF REAL ESTATE PACKAGE DEAL
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[Mostrar más]Loan processing 
The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision 
 
 
 
Underwriting 
The process of evaluating a borrowers loan application to determine the risk involved for the lender 
 
 
 
Funding 
The proce...
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Añadir al carritoLoan processing 
The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision 
 
 
 
Underwriting 
The process of evaluating a borrowers loan application to determine the risk involved for the lender 
 
 
 
Funding 
The proce...
Principles of Real Estate 2 Champions School of Real Estate test |258 questions with 100% correct answers
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Añadir al carritoPrinciples of Real Estate 2 Champions School of Real Estate test |258 questions with 100% correct answers
A loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) 
Non-Conforming Loan 
 
 
 
VA 
Veteran's administration - assists veterans in the purchase of housing by guaranteeing loans) 
 
 
 
Seller's equity 
Cash price minus the loan balance 
 
 
 
A clause often found in a bla...
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Añadir al carritoA loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) 
Non-Conforming Loan 
 
 
 
VA 
Veteran's administration - assists veterans in the purchase of housing by guaranteeing loans) 
 
 
 
Seller's equity 
Cash price minus the loan balance 
 
 
 
A clause often found in a bla...
1x vendido
A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. 
secondary market 
 
 
 
The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. 
Federal Hou...
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Añadir al carritoA market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. 
secondary market 
 
 
 
The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. 
Federal Hou...
The principal is also known as 
client 
 
 
 
fiduciary relationship 
a relationship founded on trust and confidence 
 
 
 
Agency Relationship 
Exists when one person (the agent) acts for, or on 
behalf of another person (the principal). 
 
 
 
the principal 
is the one who hires and gives authorit...
Vista previa 2 fuera de 11 páginas
Añadir al carritoThe principal is also known as 
client 
 
 
 
fiduciary relationship 
a relationship founded on trust and confidence 
 
 
 
Agency Relationship 
Exists when one person (the agent) acts for, or on 
behalf of another person (the principal). 
 
 
 
the principal 
is the one who hires and gives authorit...
Texas Real Estate Commission 
TREC-created by the Legislature in 1949. 9 member commission whose primary purpose is to carry out the provision of the License Act 
 
 
 
Real Estate Recovery Trust Account 
administered by TREC. the purpose of the account is to protect aggrieved individuals who suffer...
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Añadir al carritoTexas Real Estate Commission 
TREC-created by the Legislature in 1949. 9 member commission whose primary purpose is to carry out the provision of the License Act 
 
 
 
Real Estate Recovery Trust Account 
administered by TREC. the purpose of the account is to protect aggrieved individuals who suffer...
mortgage Broker 
Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors 
 
 
 
Mortgage Banker 
Provide their own funds for the purpose of providing mortgage financing 
 
 
 
Correspondent Lender 
Smaller in scale then...
Vista previa 2 fuera de 12 páginas
Añadir al carritomortgage Broker 
Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors 
 
 
 
Mortgage Banker 
Provide their own funds for the purpose of providing mortgage financing 
 
 
 
Correspondent Lender 
Smaller in scale then...
TERLA 
- Texas Real Estate License Act 
 
- Created in 1939 
 
 
 
TREC 
- Texas Real Estate Commission 
 
- Created in 1949 to administer/enforce TERLA 
 
 
 
Real Estate Center 
- Located at Texas A&M University 
 
- Created in 1970 
 
 
 
TREC-Promulgated Forms/Leases (Residential): 
- One-to-Fou...
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Añadir al carritoTERLA 
- Texas Real Estate License Act 
 
- Created in 1939 
 
 
 
TREC 
- Texas Real Estate Commission 
 
- Created in 1949 to administer/enforce TERLA 
 
 
 
Real Estate Center 
- Located at Texas A&M University 
 
- Created in 1970 
 
 
 
TREC-Promulgated Forms/Leases (Residential): 
- One-to-Fou...
VA Loan Requirements 
Veterans who were honorably discharged AND who meet the service requirements are eligible for VA home loan benefits. Eligibility is additionally determined by the time frame in which the veteran served and the number of days of active duty. The veteran must obtain a certificate...
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Añadir al carritoVA Loan Requirements 
Veterans who were honorably discharged AND who meet the service requirements are eligible for VA home loan benefits. Eligibility is additionally determined by the time frame in which the veteran served and the number of days of active duty. The veteran must obtain a certificate...
Broker 
A Properly Licensed party who serves a principal in an agency relationship 
 
 
 
Agency 
A fiduciary relationship between a broker and a principal or a broker and a client 
 
 
 
Fiduciary 
A Party acting for another in a position of trust-a broker or agent 
 
 
 
Fiduciary Relationship 
Th...
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Añadir al carritoBroker 
A Properly Licensed party who serves a principal in an agency relationship 
 
 
 
Agency 
A fiduciary relationship between a broker and a principal or a broker and a client 
 
 
 
Fiduciary 
A Party acting for another in a position of trust-a broker or agent 
 
 
 
Fiduciary Relationship 
Th...
_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. 
Closing 
 
 
 
The primary determinants of real estate values are supply and _____. 
Demand 
 
 
 
_____ is something of valu...
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Añadir al carrito_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. 
Closing 
 
 
 
The primary determinants of real estate values are supply and _____. 
Demand 
 
 
 
_____ is something of valu...
Loan-to-Value Ratio (LTV) 
The percentage of the lesser of the appraised value or sales price that the lender will lend. 
 
ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. 
 
 
 
Package Mortgage 
...
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Añadir al carritoLoan-to-Value Ratio (LTV) 
The percentage of the lesser of the appraised value or sales price that the lender will lend. 
 
ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. 
 
 
 
Package Mortgage 
...
What are the 4 economic Characteristics of land 
1,Scarcity, 2, Modification, 3,Fixity 4, Situs 
 
 
 
Scarcity 
Supply and demand, When there is shortage of something that and individual wants the price goes up. 
 
 
 
Situs 
The location of the property or land from an economic not geographic view...
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Añadir al carritoWhat are the 4 economic Characteristics of land 
1,Scarcity, 2, Modification, 3,Fixity 4, Situs 
 
 
 
Scarcity 
Supply and demand, When there is shortage of something that and individual wants the price goes up. 
 
 
 
Situs 
The location of the property or land from an economic not geographic view...
Principles of Real Estate 1- Champions School of Real Estate |102 questions and answers
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Añadir al carritoPrinciples of Real Estate 1- Champions School of Real Estate |102 questions and answers
Champions Principles of Real Estate 2| 91 questions with 100% correct answers
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Añadir al carritoChampions Principles of Real Estate 2| 91 questions with 100% correct answers
Principles 1 Real Estate Champion school| 60 questions and answers 2023.
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Añadir al carritoPrinciples 1 Real Estate Champion school| 60 questions and answers 2023.
Price 
The most common reason a property fails to sell is __________. 
 
 
 
Marketing 
Matching human needs with goods or services to meet those needs is the process of ____ 
 
 
 
agent 
Problem solving is a key personality trait of a successful ___ 
 
 
 
D in AIDA stand for 
Desire 
 
 
 
Four P...
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Añadir al carritoPrice 
The most common reason a property fails to sell is __________. 
 
 
 
Marketing 
Matching human needs with goods or services to meet those needs is the process of ____ 
 
 
 
agent 
Problem solving is a key personality trait of a successful ___ 
 
 
 
D in AIDA stand for 
Desire 
 
 
 
Four P...
An opinion of value 
The appraised value of a property is: 
 
 
 
assessed value 
the amount that your local government determines your property to be worth for tax purposes 
 
 
 
subject property 
The property that is being appraised. 
 
 
 
ad valorem 
according to value 
 
 
 
Principle of Confo...
Vista previa 2 fuera de 10 páginas
Añadir al carritoAn opinion of value 
The appraised value of a property is: 
 
 
 
assessed value 
the amount that your local government determines your property to be worth for tax purposes 
 
 
 
subject property 
The property that is being appraised. 
 
 
 
ad valorem 
according to value 
 
 
 
Principle of Confo...
Buyer Representation Agreement 
An employment contract obligating a broker to act as a fiduciary to a buyer 
 
 
 
Implied Agency 
Agency as a result of customary, usual or typical conditions 
 
 
 
Broker 
A properly licensed party who serves a principal in an agency relationship- also called an ag...
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Añadir al carritoBuyer Representation Agreement 
An employment contract obligating a broker to act as a fiduciary to a buyer 
 
 
 
Implied Agency 
Agency as a result of customary, usual or typical conditions 
 
 
 
Broker 
A properly licensed party who serves a principal in an agency relationship- also called an ag...
CERCLA Liability Rules 
Hazardous Substance Liability 
1. Owner 2. Prop Manager 3. Cleaner of the Facility 
 
 
 
Fair Credit Reporting Act 
A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and...
Vista previa 2 fuera de 10 páginas
Añadir al carritoCERCLA Liability Rules 
Hazardous Substance Liability 
1. Owner 2. Prop Manager 3. Cleaner of the Facility 
 
 
 
Fair Credit Reporting Act 
A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and...
1x vendido
Deficiency 
A ________, in the reasonable judgment of the inspector, is a condition that adversely 
and materially affects the performance of a system, or component. 
 
 
 
Inspection 
Process of examining accessible items, and 
reporting their condition 
 
 
 
RESPA 
Prohibits abusive practices lik...
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Añadir al carritoDeficiency 
A ________, in the reasonable judgment of the inspector, is a condition that adversely 
and materially affects the performance of a system, or component. 
 
 
 
Inspection 
Process of examining accessible items, and 
reporting their condition 
 
 
 
RESPA 
Prohibits abusive practices lik...
Appraisal 
An Appraiser's opinion of value 
 
 
 
Principle of conformity 
Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood 
 
 
 
USPAP 
Uniform Standards of Professional Appraisal Practice 
 
 
 
Uniform Standards of Professional Appr...
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Añadir al carritoAppraisal 
An Appraiser's opinion of value 
 
 
 
Principle of conformity 
Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood 
 
 
 
USPAP 
Uniform Standards of Professional Appraisal Practice 
 
 
 
Uniform Standards of Professional Appr...
he minimum downpayment on a VA loan is: 
 
(a) 2% of the sales price 
 
(b) 0% of the sales price 
 
(c) 3.75% of the sales price 
 
(d) 1% of the sales price 
B 
 
 
 
_________ is the process of creating a new mortgage loan. 
 
(a) Origination 
 
(b) Funding 
 
(c) Underwriting 
 
(d) Servicing 
A...
Vista previa 3 fuera de 23 páginas
Añadir al carritohe minimum downpayment on a VA loan is: 
 
(a) 2% of the sales price 
 
(b) 0% of the sales price 
 
(c) 3.75% of the sales price 
 
(d) 1% of the sales price 
B 
 
 
 
_________ is the process of creating a new mortgage loan. 
 
(a) Origination 
 
(b) Funding 
 
(c) Underwriting 
 
(d) Servicing 
A...
Subsurface rights 
Rights that include ownership of oil, gas and other minerals 
 
 
 
Surface and air rights 
Rights that are conveyed in a cell tower lease 
 
 
 
Improvement 
Any permanent man-made addition to the land 
 
 
 
Personal property 
Things of a temporary, movable nature 
 
 
 
Modular...
Vista previa 2 fuera de 9 páginas
Añadir al carritoSubsurface rights 
Rights that include ownership of oil, gas and other minerals 
 
 
 
Surface and air rights 
Rights that are conveyed in a cell tower lease 
 
 
 
Improvement 
Any permanent man-made addition to the land 
 
 
 
Personal property 
Things of a temporary, movable nature 
 
 
 
Modular...
What does D.U.S.T. stand for? 
Demand, Utility, Scarcity, Transferability 
 
 
 
the percentage of value or sales price that a lender is willing to finance 
Loan to Value Ratio (LTV) 
 
 
 
the value of a property is equal to the sum of the contributory value of each of its component parts. 
princip...
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Añadir al carritoWhat does D.U.S.T. stand for? 
Demand, Utility, Scarcity, Transferability 
 
 
 
the percentage of value or sales price that a lender is willing to finance 
Loan to Value Ratio (LTV) 
 
 
 
the value of a property is equal to the sum of the contributory value of each of its component parts. 
princip...
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