Champions School of Real Estate

Deficiency A ________, in the reasonable judgment of the inspector, is a condition that adversely and materially affects the performance of a system, or component. Inspection Process of examining accessible items, and reporting their condition RESPA Prohibits abusive practices like undisclosed referral fees and kickbacks. Designed to help consumers become more knowledgeable of settlement services costs. Departure Provision The inspector may not inspect an item if the ...

CERCLA Liability Rules Hazardous Substance Liability 1. Owner 2. Prop Manager 3. Cleaner of the Facility Fair Credit Reporting Act A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used. Truth in Lending Act An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit. Equal Credit Opportunity Act (ECOA) The federal...

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 Broker A properly licensed party who serves a principal in an agency relationship- also called an agent Client A party represented by a broker in an agency relationship - also called a principal Duties of an Agent An agent owes his client obedience, loyalty, disclosure, confidentiali...

An opinion of value The appraised value of a property is: assessed value the amount that your local government determines your property to be worth for tax purposes subject property The property that is being appraised. ad valorem according to value Principle of Conformity Maximum value is found when there is a reasonable degree of similarity or homogeneity USPAP (Uniform Standards of Professional Appraisal Practice) Standards that have been established b...

Price The most common reason a property fails to sell is __________. Marketing Matching human needs with goods or services to meet those needs is the process of ____ agent Problem solving is a key personality trait of a successful ___ D in AIDA stand for Desire Four P's of Marketing Product, Price, Place, Promotion A-I-D-A The four psychological steps of a sale, attention, interest, desire, and action To be an effective problem solver, it is benef...

Principles 1 Real Estate Champion school| 60 questions and answers 2023.

Champions Principles of Real Estate 2| 91 questions with 100% correct answers

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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...