Champion School Of Real Estate

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 viewpoint. Preference people have based on location. Location Location Location.... Ad Valorem Taxes Taxes on real properties (according to value) TRELA Texas Real Estate License Act The p...

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 Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage Covers more than one piece of property. Wraparound Mortgage Method of financing which preserves 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 value that can be pledged as security for repayment of a loan. Collateral Servicing includes which of the following activities? Maintaining records of payment The monetary policies of the ...

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 The relationship based on trust-the relationship governed by the law of the agency between a broker and a principal Principal A party represented by a broker in an agency relationship-also calle...

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 of eligibility (COE). Origination The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower, Mortgage Broker Typically funct...

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-Four Family Residential Contract (Resale) - New Home Contract (Completed Construction) - Residential Condo Contract (Resale) - New Home Contract (Incomplete Construction) - Unimproved Propert...

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 mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination The process of creating a new mortgage loan Underwriting Detaile...

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 monetary loss due to illegal acts of license holders unlawful practice of law license holder is not qualified to add provisions to contracts that go beyond factual business details. Pr...

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 authority to the agent Texas Real Estate License Act TRELA Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC...

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 Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. Gov't. National Mortgage Association - Ginnie Mae ...