CHAMPIONS SCHOOL OF REAL ESTATE PACKAGE DEAL

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

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 bla...

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 Hou...

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 authorit...

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...

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...

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-Fou...

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...

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 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 valu...

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 ...

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 view...

Principles of Real Estate 1- Champions School of Real Estate |102 questions and answers

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