Champion School Of Real Estate
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Latest notes & summaries Champion School Of Real Estate
Principles 1 Real Estate Champion school| 60 questions and answers 2023.
Champions Principles of Real Estate 2| 91 questions with 100% correct answers
Principles of Real Estate 1- Champions School of Real Estate |102 questions and answers
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...