CHAMPIONS SCHOOL OF REAL ESTATE COMPLETE COMPILATION BUNDLE|ALL GRADED A|GUARANTEED SUCCESS

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 00:00 01:28 personal property also called chattel or personalty; a right or interest in sm...

The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing ...

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 D.) Modification The supply of Real Estate is affe...

Buyer Representation Agreement An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency Agency as a result of customary, usual or typical conditions 00:11 01:28 Broker A properly licensed party who serves a principal in an agency relations...

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 ...

The principal is also known as client fiduciary relationship a relationship founded on trust and confidence 00:02 01:28 Agency Relationship Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal is the one who hi...

TREC has received an application for a Texas Real Estate Sales License from Mary. Mary has completed all her educational requirements, and passed the state exam. At this point TREC will begin the background check. What is FALSE? (a) TREC has no time limit for determining integrity (b) TR...

This person hires an agent The Principal The agent works on behalf of this person the client (principal) 00:22 01:28 This type of agency allows for the greatest range of authority Universal This is provided to the agent when there is written documentation that the a...

Appraisal an appraiser's opinion of value, used to determine market value property to secure the loan Loan to Value Ratio Percentage of value or sales price that a lender is willing to finance 00:35 01:28 Desk Review an appraisal that simply reviews a checklist of items a...

Which of the following has the authority to suspend or revoke a Texas real estate license? TREC Which of the following is an element of a listing agreement? the agreement to pay a stated commission, usually a percentage of the sales price 00:53 01:28 the IRS considers which...

Physical Characteristics Non-homogeneity, immobility, and indestructibility Economic Characteristics scarcity, improvements, permanence of investment, area preference 00:13 01:28 Scarcity A situation in which unlimited wants exceed the limited resources available to fulfil...

TREC has the power to order witnesses to appear and/or produce records of documents for its investigations and hearings. This is called subpoena power. If a license holder fails to respond to a subpoena, what can TREC do? (a) TREC can assess an administrative penalty against the license holder fo...

brokerage the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction. RMLOs Are also know as mortgage brokers 00:12 01:28 NAR The largest trade organization representing real estate professionals Value A...

Real Property Consists or land, improvements attached to the land, benefits, rights and ownership interests that go with the land. Appurtenance Used to describe rights, privileges or improvements that belong to and pass with the land. Personal Property a right or interest in things ...