CHAMPIONS OF REAL ESTATE

Texas Principles 1 Q & A - Champions School of Real Estate 1. How much is the largest fine for any single violation of the Fair Housing Act? $110,000 2. What is a point? 1% of the loan amount 3. If you believe you are a victim of discrimination under the Federal Fair Housing laws, how long do you have to file a complaint? 1 year 4. What is the sentence that is used to remember how many sq. ft. are in one acre? 4 nuns driving 35 in a 60 mph 5. How long does a consumer have to file a compla...

INTRODUCTION TO REAL ESTATE 2 2 PART I: LEGAL DESCRIPTIONS, METHODS OF ACQUIRING TITLE, AND DEEDS 20 PART II: ESTATES AND METHODS OF HOLDING TITLE 53 3 ENCUMBRANCES, LIENS, AND HOMESTEADS 70 4 REAL ESTATE AGENCY 94 5 REAL ESTATE CONTRACTS AND MANDATED DISCLOSURES 120 6 PRACTICAL REAL ESTATE MATHEMATICS 166 7 INTRODUCTION TO REAL ESTATE FINANCE 194 8 PART I: REAL ESTATE LENDERS 224 PART II: FHA, VA, AND CAL-VET LOANS AND THE SECONDARY MORTGAGE MARKET 241 9 REAL ESTATE APPRAISAL 262 1...

Origination - Answer The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - Answer Experian, Equifax, and TransUnion Not all creditors will report to all three, they will - Answer Each reporting agency will report a different credit score for the borrower Underwriting - Answer The detailed process of evaluating a borrower...

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

a freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of A.) scarcity B.) Fixity C.) Situs D.) Modification - Correct Answer-D.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these - Correct Answer-D.) All of these The least important factor affecting demand for real esta...

Contracts with a person who lacks mental capacity can be - Answer either void or voidable Community property is a concept of - Answer Spanish law, and marriage is regarded as a partnership. Intermediary Without Appointments. - Answer an agent will have the opportunity to sell their own listing. Oil and gas companies employ - Answer a large number of individuals with a real estate background. The NFIP - Answer offers flood insurance The NFIP offers flood insurance to - Answer homeowners,...

Leasehold Estates - Answer- possession and use of property without ownership Estate for years (tenancy for years) - Answer- any lease with a specific starting and ending date. Survives the death or sale of the property Periodic Tenancy/periodic estate - Answer- lease that automatically renews itself for like periods. example month to month. Requires notice to terminate Estate at Will - Answer- Very loose agreement, terminates on death or sale of the property Tenancy in Sufferance - A...

Multiple Choice -- (2½ points each) Determine the BEST answer to the following questions and blacken the appropriate space on the answer sheet. Be sure that the question number corresponds with the number on the answer sheet. 1. Real property, although often used interchangeably with the term "real estate", refers to a. legal interests associated with land b. movable property c. land and buildings d. tangible assets e. none of the above 2. Which of the following would NOT be con...

Property acquired by husband and wife after marriage with labor - Correct Answer-Which of the following is considered community property? Exclusive Right To Sell - Correct Answer-a listing that gives the broker the right to collect a commission no matter who sells the property during the listing period. Exclusive Agency - Correct Answer-The Seller agrees to list the property with only one broker during the listing term; with the provision that the Seller can sell the property himself or h...

Physical Characteristics of Land - ANSWER Indestructibility or durability Immobility Non homogeneity Mortgage Lending - ANSWER business of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for payment of a debt RMLO - ANSWER Residential Mortgage Lenders Originator Property Management - ANSWER Management of residential and commercial properties on behalf of owner/investor Apartment Locators - ANSWER Locates rentals of tenants...