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Champions Texas Principles of Real Estate 2 Flashcards COMISSION EQUATIONCOMISSION RATE x SALES PRICE.
ELEMENTS OF A VALID DEEDGRANTOR, GRANTEE, CONSIDERATION (SOMETHING
GIVEN OF VALUE IN EXCHANGE FOR CONVEYANCE
BY A GRANTOR.
TITLE IS CONVEYEDDEED IS DELIVERED AND ACCEPTED.
RESPA (REAL ESTATE SETTLEMENT PROCEDURES
ACT)
IMPLEMENTED BY THE CFPB.
PRINCIPLE OF PROGRESSIONTHE VALUE OF A SUBJECT PROPERTY IS INCREASED
BY THE VALUE OF THE SUBSTITUTE OR
COMPARABLE ITEM.
LOAN TO VALUEPERCENTAGE OF THE LESSER OF THE APPRAISED
VALUE OR SALES PRICE THAT THE LENDER IS
WILLING TO LEND.
CONSUMMATIONCLOSING THE SALE OF THE REAL ESTATE
TRANSACTION IN WHICH ALL THE APPROPRIATE
DOCUMENTS ARE SIGNED AND PROCEEDS ARE
DISBURSED BY LENDER.
BROKER IS CONSIDEREDAGENT AND BROKER.
LEASEHOLD ESTATEESTATE FOR YEARS, PERIODIC TENANCY, TENANCY
AT SUFFERANCE, ESTATE AT WILL.
BUYER SHOULD DO FINAL WALK THROUGH ON
PROPERTY
1-3 DAYS BEFORE CLOSING.
GOVERNMENTAL RIGHTS TO PRIVATE PROPERTYPETE
LOAN DISCOUNT POINT EQUATION1 POINT= 1% OF LOAN
RESPA-TILAINTEGRATED DISCLOSURE, LOAN ESTIMATE MUST
BE PROVIDED TO THE BORROWER NO LATER THAN 3
BUSINESS DAYS AFTER CLOSING.
RIGHT OF THE FIRST REFUSALWHEN TENANT HAS THE RIGHT TO MATCH OR
BETTER AN OFFER THE LANDLORD MAY RECEIVE ON
THE PROPERTY BEFORE THE PROPERTY IS SOLD TO
SOMEONE ELSE. IT IS PROBABLE IN A COMMERCIAL
LEASE.
YEARLY INTEREST EQUATIONINTEREST RATE x LOAN AMOUNT.
EQUITABLE TITLEINTEREST CREATED BY A LEGAL DOCUMENT SUCH
AS THAT HELD BY A BUYER WITH A SIGNED SALES
CONTRACT WHO HAS NOT YET GONE TO CLOSING.
TAAAPARTMENT LEASE IS COPYRIGHTED ALSO FOR THE
USE OF TEXAS APARTMENT ASSOCIATION.
EQUAL CREDIT OPPORTUNITY ACTPROHIBITS DISCRIMINATION IN ANY ASPECT OF A
CREDIT TRANSACTION
ALIENATIONCHANGE TO THE OWNERSHIP OF REAL PROPERTY.
COST APPROACHTAKES INTO ACCOUNT THREE TYPES OF
DEPRECIATION SUCH AS ORDINARY WEAR AND
TEAR, FUNCTIONAL OBSOLESCENCE AND EXTERNAL
OBSOLESCENCE.
COVENANTS IN A DEEDCOVENANTS OF SEIZIN, COVENANT AGAINST
ENCUMBRANCES, COVENANT OF QUIET ENJOYMENT,
COVENANT OF FURTHER ASSURANCE AND
COVENANT OF WARRANTY FOREVER.
PRINCIPLE OF SUBSTITUTIONA COMMODITYS VALUE IS INFLUENCED BY THE COST
OF ACQUIRING A SUBSTITUTE OR COMPARABLE
ITEM.
VALUE OF PROPERTY CAN BE AFFECTED BY THE
FOLLOWING
MARKET CYCLE, SOCIAL, ECONOMIC,
GOVERNMENTAL AND ENVIRONMENTAL
INFLUENCES.
SHORT SALEA PROPERTY WITH THE CONSENT OF THE LENDER IS
SOLD BY OWNER/BORROWER AT A PRICE THAT IS
SUFFICIENT TO PAY OFF THE EXISTING MORTGAGE.
APPRECIATIONPASSIVE INCREASE IN THE VALUE OF PARCEL DUE
TO MARKET FORCES.
TAX CALCULATIONTAX RATE x ASSESSED VALUE.
REAL ESTATE INVESTMENT TRUST (REIT)EQUITY REIT PURCHASE COMMERCIAL PROPERTY,
MORTGAGE REITS INVEST IN MORTGAGES OR
MORTGAGED BACK SECURITIES.
LOAN PRE QUALIFICATIONBUYERS ARE MORE REALISTIC WHEN SETTING
PRICE GOALS, BUYERS AGENT HAS BETTER
UNDERSTANDING OF WHAT BUYERS ABILITY IS TO
PAY, BUYERS AGENT AVOIDS SHOWING PROPERTIES
THAT BUYER CANT AFFORD, SELLERS ARE
REASSURED THAT THE BUYER HAS SUFFICIENT
INCOME.
1 ACRE OF LAND43,56O SQ FT
REAL ESTATE INVESTMENT SYNDICATESMAY BE ORGANIZED AS LIMITED OR GENERAL
PARTNERSHIP OR A CORPORATION.
MIPINSURES THE ENTIRE LOAN AMOUNT.
AN INDIVIDUAL WHO INHERITS PROPERTY BY
INTESTATE SUCCESSION
ACQUIRES TITLE BY DESCENT
TEMPORARY RESIDENTIAL LEASE DOCUMENTSPROMULGATED BY TREC, FOR PERIODS OF LESS
THAN 90 DAYS, FOR RESIDENTIAL USE.
ROLE OF PROPERTY MANAGERESTABLISHED AND IS WRITTEN PROPERTY
MANAGEMENT AGREEMENT.
SOVEREIGNTY OF THE SOILTITLE AND LAND CAN BE TRACED BACK TO ITS
ORIGINAL OWNER WHICH IS THE GOVERNMENT.
ELEMENTS OF A VALID LEASECOMPETENT PARTIES, LET AND TAKE AGREEMENT,
ADEQUATE, LEGAL PURPOSE, DESCRIPTION OF
PROPERTY.
MARKET VALUELAND + REPLACEMENT COST - DEPRECIATION
BROKER MUST OFFERMAINTAIN WRITTEN POLICIES, REQUIRE ADEQUATE
TRAINING, ADVISE IN WRITING THE SCOPE OF
AUTHORIZED ACTIVITIES.
EMINENT DOMAINTHE RIGHT TO TAKE PRIVATE LAND FOR PUBLIC USE.
INVERSE CONDEMNATION OCCURS WHEN
GOVERNMENT IS FORCED TO BUY PRIVATE LAND.
DUSTDEMAND, UTILITY, SCARCITY AND TRANSFERABILITY
SECONDARY MARKETFUNDED BY INVESTORS
ESCHEATTHE RIGHT TO TRANSFER PRIVATE LAND TO THE
GOVERNMENT WHEN SOMEONE DIES INTESTATE
AND WITHOUT HEIRS.
TAXATIONTHE RIGHT TO TAX LAND (CAN BE EXPRESSED IN
MILLS OR PER THOUSAND DOLLARS OF VALUE)
SALES COMPARISON APPROACHUSED AS THE BEST INDICATOR FOR EXISTING
PROPERTY VALUE
FNMA- THE MOST INFLUENTIAL IN BRINGING
STABILITY TO THE US HOUSING MARKET
ADDRESSING MORTGAGE CREDIT IMBALANCES
AMONG REGIONS OF THE U.S, ALLOWS LENDERS TO
ORIGINATE LOANS FOR SALE, ATTRACTS INVESTORS
WHO HAVE NOT TRADITIONALLY INVESTED INTO
PRIMARY MARKET.
EASEMENTMAY BE RESERVED FOR DEED
CONSTRUCTIVE NOTICE OCCURS WHENDEED IS RECORDED IN PUBLIC RECORDS.
POLICE POWERTHE RIGHT TO REGULATE AND CONTROL THE WAY
LAND IS USED.
BUDGET MORTGAGEMONTHLY HOUSE PAYMENT INCLUDING PRINCIPAL,
INTEREST, TAXES AND INSURANCE KNOWN AS PITI.
LISPENDENSPENDING LAWSUIT AFFECTING PROPERTY.
TAX BENEFITS TO INVESTINGTAX SHELTERED INCOME, FAVORABLE CAPITAL
GAINS TAX TREATMENT, DEFERRED TAXATION.
CLOSING DISCLOSURE (CD)MUST BE PROVIDED NO LATER THAN 3 BUSINESS
DAYS BEFORE CLOSING.
WHEN GRANTEE TAKES POSSESSION OF PROPERTY TYPES OF DEEDS INCLUDE GENERAL WARRANTY,
SPECIAL WARRANTY, BARGAIN AND SALE DEED,
QUITCLAIM DEED- NO OFFERS OF GUARANTEES.
ONE MILE =5280 FT.
BLANKET MORTGAGECONTAINS A RELEASE CLAUSE ALLOWING
BORROWERS A PARTIAL RELEASE OF SPECIFIC
LOTS BY MAKING REQUIRED LUMP SUM PAYMENTS.
REMICS (Real Estate Mortgage Investment Conduits) TWO ISSUERS OF Freddie Mac AND Fannie Mae
OPERATING COSTSINCLUDES MAINTENANCE LIKE PAINT AND CLEANING
SUPPLIES.
CCIM (Certified Commercial Investment Member) GOLD STANDARD COMMERCIAL DESIGNATIONS.
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