Champion School Of Real Estate

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 blanket loan allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. Release Clause One percent of a loan that is a loan processing fee Originatio...

Principles of Real Estate 2 Champions School of Real Estate test |258 questions with 100% correct answers

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 process of transferring funds to a title or escrow company for disbursement Servicing Sending monthly payment statements and collecting monthly payments maintaining payment records and following up...

if you are holding undeveloped land, your goal as an investment is: appreciation land is referred to as _____ because it can be seen touched tangible Formaldehyde gas is: Colorless Local governments can use which of the following to enforce subdivision requirements? Police Power The time limitation on deed restrictions is typically __________ due to changes that render the original restriction irrelevant. 25-35 years Which of the following is a rating use...

The _____ is required to ascertain that Brokers are aware of all of their responsibilities. Texas Real Estate Commission The _____ course is to address the regulatory aspects of the management, operation and supervision of a real estate brokerage firm in Texas. The course provides an understanding and working knowledge of a broker's responsibilities and obligations under 22 TAC §535.2. Broker Responsibility MCE Who Must Take The Broker Responsibility MCE Course? A broker who s...

An area of neighborhoods or subdivisons that is serviced by your firm. Geographic Farm A plan by which you develop to gain name recognition Marketing Plan Becoming different in your approach through growth and development differentiate All the properties in a particular price range, in the area your firm services economic farm Words or content by which top producers are using to be successful. hot buttons Building _____________________________ comes f...

appurtenance term used to describe rights, privileges or improvements that belong to and pass with the land improvements man's additions to the land such as building and landscaping personal property also called chattel or personalty; a right or interest in smiting of a temporary or movable nature and includes anything not classed as real property. Real property becomes personal property through severance. bill of sale ownership of chattel or personalty is transferred v...

Diplomacy the ability to handle clients and situations in a sensitive and effective way - is critical in commercial real estate, and a lack of it can expose you immediately as a beginner. Deceptive Trade Practices Act (DTPA) Texas law that was passed in 1973. It allows an aggrieved consumer to sue a seller of goods for damages. The act by the seller of the goods has to be deceptive or unfair for the consumer to successfully sue for monetary damages. CCIM (Certified Commercial Inv...

With a customer wants In virtually all cases, agents are responsible for delivering... Form utility Describes how property is made available when and where the customer wants it Place strategy When considering the best media to reach the target market, the agent is addressing? Place utility Properties must be at a convenient location for the customers, is what kind of utility? Possession utility Credit must be available, buyer must be able to buy, in the property...

CoStar Commercial real estate website similar to a residential MLS Augmented Reality Enhances the user's current perception and experience of reality Artificial Intelligence intelligence exhibited by machines Analytics Collect and track digital data from websites, apps and offline repositories MLS The long-standing gold standard in data collection for real estate agents Virtual Reality following trends in real estate brokerage gives buyers the opportun...