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# TX Princ. of RE Il

### 2/6 Real estate classes

Profit Percentage Formula Percentage of profit = Profit ÷ Original cost
Profit Margin Formula Profit margin = Profit ÷ Selling price
interest the amount paid in return for the use of money
What do Landlords base their rents on? the rental market of a particular property in a particular area
simple interest money that is paid only for the amount of principal the borrower still owes. When the money is repaid to the lender, the payments stop
Simple interest formula Interest = principal x rate x time
most real estate loans use what type of interest? Simple
T or F Add-on interest almost doubles the simple interest rate? True
Add on interest formula Add-on interest = loan amount x contracted interest rate x number of payments
compute the add-on interest APR APR = 2 x number of payment periods in one year x total financing charges ÷ (principal, or amount borrowed x (number of scheduled payments +1)
at a discount If the nominal rate on a security is below the market interest rates, the security will be sold for less than its face value
Yield effective interest rate
sold for a premium the nominal rate is higher than the market rate
Compound interest formula Compound amount = Initial deposit (1 + Interest rate)n *n = number of periods
2 types of points on a real estate loan Origination points Discount points
When are points paid and how much are they usually/ at closing and 1% of the loan
Origination Points Lenders charge origination points to recover some costs of the loan origination process.
Discount Points designed to offset any losses the lender might suffer when selling the loan to the secondary mortgage market; means of raising the effective interest rate of the loan
How much does a point raise the interest rate 4 points x 1/8 percent = 4/8 = .50 percent; ex: 7.25 + .50 = 7.75 percent
What effect do orig points have on effective rate of interest? Origination points do not change the effective rate of the interest.
What effect do discount points have on effective rate of interest? discount points change rate by 4 points=1/8%
loan-to-value ratio expresses the relationship between a property's purchase price and its loan amount; Lenders use the LTV as an underwriting standard in qualifying borrowers for loans.
LTV ratio = Loan amount ÷ Value
How do you calculate monthly interest and principal pmts? Month 1 \$145,000 x .0875 = \$12,687.50 yearly interest due \$12,687.50 ÷ 12 = \$1,057.29 first month's interest (mo Pmt)\$1,140.72 – 1,057.29 = \$83.43 first month's principal Month 2 start with new principal
income ratio - Divide total house payment by gross monthly income establishes the borrower's capacity to pay the loan by limiting the percent of gross income he or she may spend on housing costs.
Housing costs inc principal, interest, taxes, homeowner's ins, may incl some monthly assessments for mortgage insurance and utilities. Conventional loans typically require this ratio to be under 28%. FHA guidelines require the income ratio to be no more than 31%
debt ratio - Divide total monthly debt by gross monthly income mo. obligations borrower has, could be such items as car payments and revolving charge accounts. Conventional loans usually require the debt ratio be 36 percent or lower, but FHA guidelines state the debt ratio may not be greater than 43 percent.
Area of a triangle: Area = ½ base x height
perimeter the sum of the length of all its sides.
acre is how many feet? 43, 560 sq ft
hectare a metric measurement. It is equal to 10,000 square meters or approximately 2.47 acres. To convert acres to hectares, divide the total acres by 2.47.
prorated divided proportionately between the buyer and the seller. The most common items that fall into this category include: Taxes, Insurance, Mortgage interest, Utilities
paid in arrears items are those expenses that the seller incurred but have not yet been billed for at the time of closing like taxes
two methods for calculating Proration the 12- month/360 day method and the 365 day method
What ratio is calculated based on all of the monthly obligations the borrower has outstanding? debt ratio
Common closing items such as taxes, utilities, mortgage interest, and insurance are divided equally at closing between the buyer and seller. These items are being: PRORATED
appraisal unbiased estimate of the nature, quality, value or utility of an interest in or aspect of identified real estate and related personalty as of a certain date.
What are the steps in appraisal process? 1. Define problem & SOW, 2. Collect, record, & verify data, 3. Determine property’s best use, 4. Estimate land value, 5. Use ALL THREE approaches to estimate value 6. Reconcile values to determine final value estimate 7. Communicate final value estimate
specific appraisal data details about the subject property, as well as data (used for comparison) about comparable properties’ costs, income and expenses, sales and other relevant information
general appraisal data information about the property’s location – its country, region, city, and, most importantly, its neighborhood.
definition of highest and best use Legally permissible, Physically possible, Financially feasible, Maximally productive
T or F - improvements are subject to depreciation, while land is not True
T or F - A separate opinion of land value is necessary in the cost approach? True
What techniques are used to value land? Direct sales comparison, Allocation, Extraction, subdivision development analysis, land residual, Ground rent capitalization
Direct sales comparison sales of comparable vacant parcels are analyzed and adjusted to indicate a value for the subject land
Allocation Typical ratio of land value to total value is derived from comparable properties and applied to the subject.
Extraction land value is estimated by deducting the depreciated cost of improvements on a property from the total sale price of the property
subdivision development analysis costs and profit are deducted from estimated gross sale prices of subdivided and finished lots, and net sales proceeds are discounted to present value
Land Residual net operating income attributable to the land is capitalized at market rates to obtain land value
Ground rent capitalization Ground rent of the subject is capitalized at market rates.
What is the most reliable method for estimating land value? Direct Sales Comparison
Appraisal Cost approach the appraiser estimates a property's value by adding the land value to the depreciated value of any improvements to the property
replacement cost (updated to current time) the cost associated with buying a replacement copy of the item
reproduction cost (same time as it was built) the expense of reproducing an exact copy of the item.
The cost approach is good for what type of appraisals? special-use properties such as public or governmental structures, marinas and unique properties, or on newer structures which have not yet suffered any significant depreciation, but is not considered as reliable for older structures
income or income capitalization approach to appraisals value commercial and investment properties, B/C the value of these properties lies in the income they produce, the income approach capitalizes a single year's income or discounts a projected income stream to derive an indication of the property's value.
sales comparison approach to appraisals appraiser examines the price (or price per unit area) of similar properties recently sold or currently being sold in the marketplace to come up with comparable value assessments - considered the most reliable if adequate comparable sales exist
What appraisal approach is considered the most reliable? Sales comparison if adequate comparisons are available.
What happens in the reconciliation step of the appraisal? the appraiser looks at each approach to value and all the data used to determine: applicability of each approach, reliability of the data, accuracy of all calculations and logic, quantity of relevant evidence,consistency of the estimates produced
T or F It is okay for appraiser to simply average the values reached by the three approaches to value property? False - this would give equal weight to all the approaches and not allow the appraiser any flexibility of judgment.
What type of appraisal reports are there? short or long form Narrative report, Form Report, and Letter or Oral Reports
Narrative Appraisal Report Gives narrative to provide explanation to prove his findings are sound.
Form Appraisal Report the majority of today's single-family appraisals are made on the Uniform Residential Appraisal Report (URAR),
Letter or Oral Appraisal Reports If dictated, the appraiser's responsibility to keep and maintain all related notes, records of fact, and all information regarding each value analysis, opinion and conclusion he reached and expressed within that letter or report
List three techniques used to value a land component direct sales, allocation and extraction
How does the income approach work? The income approach capitalizes a single year's income or discounts a projected income stream to derive an indication of the property's value.
Valuation process of estimating the value of an identified interest in specific property as of a given date. The purpose of valuation is largely to determine a property's market value.
Name different types of valueq Market, Investment, Insured, Use and mortgage value
Investment value is the amount of the return on an investment that an income-producing property will produce
Insured value is the face amount a casualty or hazard insurance policy will pay in case a property is deemed unusable
Use value (also known as value-in-use) value the property holds for the owner
What factors contribute to the use value/value-in-use Income, appreciation, use and tax benefits
Mortgage value value the lender places on a property as collateral for the loan, especially in the event of a foreclosure when the lender must recover the debt through the sale of the property
Exchange value value that results from comparing the property to other similar properties on the open market. This is the type of value that real estate agents are concerned with
Reproduction value value based on the cost of constructing a precise duplicate of the subject property's improvements, assuming current construction costs
Replacement value value based on the cost of constructing a functional equivalent of the subject property's improvements, assuming current construction costs
Salvage value nominal value of a property that has reached the end of its economic life. Salvage value is also an estimate of the price at which a structure will sell if it is dismantled and moved.
Assessed value The value of a property as estimated by a taxing authority as the basis for ad valorem taxation.
Condemned value The value set by a county or municipal authority for a property which may be taken by eminent domain
Depreciated value A value established by subtracting accumulated depreciation from the purchase price of a property
Rental value An estimate of the rental rate a property can command for a specific period of time
Evaluation study of the nature, quality, or utility of certain property interests in which a value estimate is not necessarily required. looks at a number of economic principles that influence the value of a property
Anticipation benefits a buyer expects to receive over the period of time he or she has the property influences the decision to purchase it
Assemblage When two adjacent pieces of property are joined together, the value of the one larger parcel may be greater than the value of the two separately.
Conformity principle says that a property is at its highest value when it conforms with and fits into its surroundings
principle says that a property is at its highest value when it conforms with and fits into its surroundings principle holds that when several businesses of a similar type are close to one another, together they may make more money than they would have individually
Contribution what the market recognizes as change in value an improvement makes to a property, rather than what that improvement actually cost. A remodeled kitchen might add \$50,000 to the value of a home, while the actual cost could have been \$25,000
Diminishing Return Is a result of continuing to add improvements to a property when those improvements will have no effect on increasing the value of the property.
The property's best use must be what? Legally permissible, Physically possible, Financially feasible, Maximally productive
Progression principle holds that a property is affected by the surrounding properties. The value of the "smallest house on the block" will tend to increase if the other homes on the street have more value – progression.
Regression the value of the "largest home on the block" may decrease if the other homes on the street are much lower in value – regression.
Substitution a buyer will not pay more for a home than what he or she would pay for another home that is equally attractive and available
Supply and Demand principle says that the value of a property depends on How many properties are available in an area, Property prices, Number of prospective buyers, Price buyers are willing to pay
Market value the highest price a buyer is willing to pay and the lowest price the seller will accept, under these conditions
two types of costs direct and indirect
Indirect costs costs that support a given project: Administration costs, Appraisal fees, Architectural and engineering fees, Attorneys' fees, Filing fees, Financing costs, Interest, Leasing costs, Recording fees, Surveyor fees, Taxes during construction
Direct Costs also called hard costs. This includes the cost of labor and materials
Transaction Characteristics The appraiser must consider financing terms, such as the mortgage loan terms or owner financing
Sale Conditions If the sale was a foreclosure or a sale between family members, the appraiser must make adjustments for those conditions as well
How many homes do most appraisers use for comps? 3-6 but only include 3 in the report.
What is replacement cost normally used for? most popular when appraising older buildings with outdated features
5 steps to cost approach 1. value of the land, 2. cost of improvements, 3. accrued depreciation, 4. Subtract depreciation total from estimated cost of improvements, 5. Add the land value to the depreciated cost to get the total estimated value of the property
How does an appraiser Estimate Land Value? usually done using sales comparison, appraiser compares location and site improvements such as utilities and sewer lines of the subject property with those of similar nearby sites. The appraiser will then make adjustments for any significant differences.
Unit Comparison Method (Square-Foot Method) examines at least one newly-constructed building that is similar to the subject property and computes the cost by multiplying the cost per unit by the number of units, use square feet, - easiest method
Unit-In-Place Method estimates the cost of individual components, such as materials, labor, overhead and profit. He then adds together the individual estimates to arrive at the overall cost.
Quantity Survey Method detailed estimate of all materials, labor, supplies, overhead and profit. It is more thorough than the unit-in-place method, but is also very time-consuming-more used my contractors and more experienced appraisers
Index Method appraiser applies a percentage increase factor to the original cost of construction to account for the increases in costs over time.
depreciation refers to a loss in value of a property due to any cause. Depreciation can be curable (economically feasible to repair) or incurable (not economically feasible to repair)
What are the three classes appraisal are divided into ? Physical Deterioration, Functional Obsolescence, External Obsolescence
Functional Obsolescence outdated plumbing, electrical or heating, outmoded lighting fixtures or architecture
External Obsolescence Outside the property lines, population changes, neighborhood changes that decrease value, legislative changes
breakdown method used by appraisers to determine depreciation. breaks the depreciation down into the three classes and gives estimates for the curable and incurable factors of each class
straight-line method used to estimate accrued depreciation because it is easier than the breakdown method, but it's also less precise. also called the economic age-life method and assumes that depreciation occurs at a steady rate over the economic life of the property
What method is primarily useful when estimating depreciation from physical deterioration? Straight line method
economic life that time period that a building is expected to remain useful for its originally-intended purpose. The cost of the building is divided by the number of years of its economic life and the result is the annual depreciation amount
What is the annual depreciation for a building that cost \$150,000 with a economic life of 50 yrs? \$2,200 (\$110,000 ÷ 50 years)
income approach APPRAISAL (also called the income capitalization approach) to estimate the value of properties that produce income, usually from rent paid on leases
What is the downside to the income approach appraisal? often difficult to determine an appropriate capitalization rate and the needed information about income and expenses can be hard to find
5 steps to income approach appraisal? 1. Estimate potential gross income 2.Estimate effective gross income 3.Estimate the net operating income 4. Select a capitalization rate 5. Apply the capitalization rate.
Estimate the effective gross income subtracting vacancy and credit losses from potential gross income, Credit losses are the result of tenants not paying the rent.
Estimate the net operating income deducting annual operating expenses from effective gross income. Operating expenses can be both fixed and variable
Fixed expenses taxes and insurance – those items that are not affected by the presence or absence of renters
Variable expenses actual operating expenses, such as utilities and repairs
T or F - mortgage is related to the debt on the property, so mortgage payments are not operating expenses? True
capitalization rate appraiser arrives at cap rate by comparing the relationship of net operating income to the sales price of similar properties that have recently sold, rate of return an investor will require on his or her investment of capital in this kind of property
Cap Rate Formula Income ÷ Value = Capitalization rate
Property Value formula using cap rate Net Operating Income ÷ Capitalization Rate = Value
The income approach is based on which two principles of value? Anticipation and substitution
gross rent multiplier (GRM) and the gross income multiplier (GIM) appraisers use these approaches to estimate the value of properties such as single-family homes and duplexes that could produce income but are not primarily income-producing properties like apartment buildings and office space.
formula for determining the gross RENT multiplier Sales Price ÷ Gross mo Rent
formula for determining the gross INCOME multiplier Sales Price ÷ Gross Annual Income
Estimated property Value formula using GRM Monthly Rent x GRM
Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) This was in response to the savings and loan crisis. This act incl provisions to regulate appraisal, XI of FIRREA requires competent professionals conduct is properly supervised perform all appraisals used in federally-related transactions.
Appraiser Qualifications Board of the Appraisal Foundation. as of 1993 criteria for certification as a minimum must follow those emstablished by t
USPAP set of standards, guidelines and provisions for the appraisal industry. It resulted from the cooperation of nine national appraisal organizations in 1985
Appraiser "departure" provision permits appraisers to perform an appraisal that does not meet all the USPAP guidelines, provided they have informed the client of the limitations of the incomplete appraisal and if the partial appraisal will not be misleading
What do appraisal standards concern? Recog. app.l methods, Def. of due diligence, How appr. results are reported, Disclosures & assumptions, Appr. review, Real estate analysis, Mass appr., Personal property appr., Business appr., Compliance with USPAP, Compliance with code of prof Ethics
Tim and Sue have the smallest home in a sought-after neighborhood. The value of their home is increased because of the higher value of the other homes in the neighborhood. This is an example of what principle? Progression
The income capitalization approach, or income approach, is more specifically used for appraising what type of properties? income and rental properties
two common methods that can help determine a reasonable asking price 1. Appraisal 2. Comparative market analysis (CMA)
T or F - A CMA is less reliable than an appraisal True
property's fair market value which is the most probable price a property should bring in an open and competitive market.
three approaches appraisers use to estimating the value of property. Cost Approach, Income Capitalization Approach, Sales Comparison Approach
sales comparison approach is based on what? the principle of substitution, which says that a buyer will not pay more for the subject property than he or she would pay for a property that is similar in characteristics and amenities
Which appraisal approach is said to be the most reliable? sales comparison
why do agents use the CMA? Because of its relative simplicity and reliability, the real estate industry has modified the sales comparison method into the competitive market analysis
what factors determine property value?three-quarter bath location, condition, improvements, supply and demand, financing trends
What should Listing Agent look for in the neighborhood? Ownership makeup - owner occupied or rentals, and vacancies - If there are several, it could mean that people are not interested in moving into this neighborhood, Consistency, Current land use, Land contour , Streets, Utilities, Irritants, Commty status
what is one of the most significant factors affecting price? home size
when counting total number rooms in a home, which rooms are not counted? bathrooms and basement rooms
three-quarter bath has a sink, toilet, and shower, with no bathtub
What are the four steps in the CMA process? Analyze information about seller's property, Choose comparable properties in the area, Compare seller's property to comps and make adjusting to the value of the comparables, Estimate a reasonable and realistic selling price for the seller's property.
What should a licensee focus on when collecting information about the seller's property for analysis?n The neighborhood, The home site, Existing property improvements
How do you choose comparable properties? sold recently, sales are pending, currently active, listings have expired
how far back should your sold comps go? within the past three to six months
How many sold comps do you include? at least 3. if there is not enough, then go back farther
T or F - agent cannot give out the actual final price prior to closing. True - this would violate his/her fiduciary responsibility to the seller.
What do active listings show us? active listings show the level and intensity of the competition for homes that are comparable to the seller's home
Why do properties fail to sell most often? overpricing
What data does agent need to look at when choosing comps Market data, including the listing and selling prices of the homes in the neighborhood, Financing terms of the sold transactions, Physical aspects of the properties. (data found on MLS)
Where other than the MLS might an agent find data on comps? Company records from the licensee's own firm, Other brokers, Local Board of REALTORS®, County records, Appraisers, Title companies, Licensee's own experience over time
cash equivalent sale buyer uses conventional loan
cash equiv sale when a buyer purchases home with conventional loan
arm's-length transactions both parties have = bargaining positions, conducting transaction in a formal manner w/o trusting each other's integrity and without being under the control of one another, reflects a property that has been exposed to open market for a reasonable time.
A licensee should avoid using non-arm's-length transaction sales as comparables why? because making a sale to family or under duress do not accurately reflect the market
licensee makes the comparison based on what? location, physical characteristics, sale date, and financing terms
Explain the difference between market value and market price. Market value is an opinion of the value of a property based on analyzing data collected about the property. The market price of a property is the actual sales price and can in some circumstances be greater or lesser than market value.
race and Paul spent \$75,000 on a complete remodel of their kitchen. What does this mean to the value of their home? It depends on what the market recognizes as the change in value the improved kitchen makes. A remodeled kitchen might add \$50,000, \$75,000 or even \$100,000 to the value of a home.
The sales comparison approach is thought to be the most reliable appraisal approach for what kind of property? single-family homes
The income approach is based on which two principles of value? Anticipation and substitution
Jim is using the cost approach to appraise Greg's property. John has the following figures: land value \$25,000, building value \$137,000, total depreciation, \$33,000. Using these figures, what will John estimate as the total value of the property? \$129,000 (\$137,000 - \$33,000 + \$25,000)
The formula for determining the gross rent multiplier is: Sales Price ÷ Gross Rent = Gross Rent Multiplier
Who may perform appraisals in Texas? Only persons who are licensed or certified appraisers or who are approved as appraiser trainees
What are the five levels of real property appraisal classification? Appraiser Trainee, Provisional Licensed Real Estate Appraiser, Licensed Real Estate Appraiser, Certified Residential Real Estate Appraiser, Certified General Real Estate Appraiser
Change Both market conditions and a property's physical condition change constantly over time. These changes affect the benefits of the property.
Competition This principle holds that when several businesses of a similar type are close to one another, together they may make more money than they would have individually.
market value Vs. market price. The market value of a property is an opinion of the value of a property based on analyzing data collected about the property. The market price of a property is the actual sales price.
Texas Appraiser Licensing and Certification Board (TALCB) Established by Texas to license, certify, and regulate real estate appraisals in this state.
What appraisal method is generally most appropriate to use in appraising residential properties? Sales comparison approach
What should a licensee focus on when collecting information about the seller's property for analysis? The neighborhood The home site, Existing property improvements
What kinds of site data would a licensee collect regarding a property? Property width, Frontage, Depth, Area of the lot, Shape of the lot, Landscape, Position and orientation, Evidence of easements or encroachments
What important information can a licensee glean from sales price, original price and number of days on the market when looking at sold properties? This date gives information about how competitive the home was in the marketplace at the time.
What do the current active listings show a seller? The level and intensity of the competition for homes that are comparable to the seller's home
Of what value are expired listings to a CMA and what would be a particularly good example of one? 1. show the seller that the asking prices of these homes were significantly higher 2.good example to share with a seller would be that of an expired listing that had been re-listed and is now on the sold properties list
Where can a licensee find most of the information he or she needs to do a good analysis? From a multiple listing service
What are the two most important areas for a licensee to focus on when choosing comparables for every category -active, sold, pending and expired listings? Location and physical characteristics
When choosing sold properties as comparables, within what time frame should they have sold? They should have sold within the last three to six months. Any sale older than one year should not be used.
How do you make adjustments for features that a comparable property either has (and the seller's property doesn't have) or lacks? If a comparable has a feature that seller's property does not, subtract value of that feature from the price of the comparable. If a comparable lacks a feature that the seller's property has, add the value of the feature to the price of the comparable.
After choosing comparable properties and making your adjustments, what will be your next steps to complete the CMA? Estimate a price range. Present the data to the seller.
What is listing agent's responsibility as far as listing price for a property? provide the seller with advice and information to help the seller arrive at the best figure. A listing agent helps the sellers set a realistic selling price by considering the: Sellers wishes, Market Conditions via a CMA, Timing of the sale
two common methods that can help determine a reasonable asking price: Appraisal, Comparative Market Analysis (CMA)
CMA information about the sales prices of similar homes so the seller can decide how much to ask for the property.
factors that determine the value of a home Location, Property condition, Improvements, Supply and demand, Financing terms
to do a CMA, a licensee will: analyze information about: neighborhood, home site, existing property improvements,Choose comparable properties in the area, Compare the seller’s property to the comparables and adjust, Estimate a reasonable and realistic selling price
Neighborhood consider: wnership makeup, vacancies, consistency, current land use, lad contour, streets, utilities, irritants, and community status, access, schools, public services, and government issues
Site data property dimensions, frontage, landscape and title considerations.
Existing property improvements quality of construction, home size, basement condition, number of bed and bath rooms, air conditioning, energy efficiency, parking, and interior design
When examining the comparables what should agent consider? recent sales, pending sales, current active listings, listings that have expired, financing terms and physical aspects of sold properties.
To what home features do extra insulation, double- or triple-paned windows or hot water heaters refer? energy efficiency
How do schools in the vicinity of a potential property influence the marketability of that property? Frequently, schools are the most important aspect in selecting a home for families with children
What is the difference between CMA and an appraisal? A CMA is less reliable than an appraisal
The income capitalization approach, or income approach, is more specifically used for appraising: income or rental properties
Tim and Sue have the smallest home in a sought-after neighborhood. The value of their home is increased because of the higher value of the other homes in the neighborhood. This is an example of what principle? Progression
- The cost approach would be most reliable for which of these properties? County court houses
Who makes up the primary mortgage market? Savings Associations, Commercial Banks, Credit Unions, Insurance Companies, Investment Groups, Mortgage Bankers, Mortgage Brokers
What is a mortgage? A mortgage is a financing instrument that creates a lien against a property.
What is a promissory note and what does it do? document that describes the amount of money borrowed, the terms under which it will be repaid, and any conditions that relate to either the borrowing of the money, or the consequences in event of default, legal evidence of the debt incurred.
What is the clause that requires the borrower to pay off the entire mortgage debt when the property is sold? Due-on-sale or alienation clause
What is the major difference between prequalification and preapproval? Prequalification is an informal process that a lender or an agent can do. Preapproval is a formal process that only a lender can do and it involves an actual loan application.
What risks do lenders face when making a mortgage loan? The borrower will not be able to repay the loan. If the borrower defaults on the loan, the property will be worth less than what is still owed on the loan.
What kind of problem can result from a straight loan? A straight loan is an interest-only loan. If the property doesn't appreciate in value over time, the borrower could end up with less in proceeds on the sale than what he needs to pay off the loan.
What kinds of limits are placed on the interest rate in an adjustable rate mortgage? Interest rate caps limit the amount of interest the borrower can be charged. Periodic caps limit the amount the rate can change at any one time. Overall (or aggregate) caps limit the amount the interest can increase over the life of the loan.
List two advantages of conventional loans over government-backed loans. usually takes less time, usually no legal limit on loan amounts with conventional loans
Most conventional loans require the borrower to make how much of a down payment? Most conventional loans require the borrower to make a down payment of 20% or more, making the loan 80% or less of the property's sale price.
What are the two distinct features of fixed-rate fully amortized loans? The interest rate remains fixed for the life of the loan. The payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term.
What does federal law say about the termination of private mortgage insurance? Federal law requires that loans originated after July 1999 must have PMI terminated after the borrower has accumulated 22% of equity in the property (loan-to-value ratio is 78%) and is current = 20% of purchase price may request lender cancel the PMI
Greg and Joyce purchased a home from the builder who offered to pay \$5,000 at closing as an incentive to get them to buy. What kind of mortgage will they get? A buydown mortgage
What is a release clause and in what type of mortgage would you find this clause? found in a blanket mortgage, allows borrower to obtain a release of any indiv lot from lien by repaying a certain part loan. Lender will issue the partial release for the one lot, with the provision that the mortgage will continue to cover remaining lots.
Define a purchase money mortgage. buyer borrows from the seller in addition to the lender. This is sometimes done when a buyer cannot qualify for a bank loan for the full amount, so the seller "takes back" a portion of the purchase price as a second mortgage.
escribe a reverse annuity mortgage. lender makes payments to the borrower. This system allows older property owners to receive regular monthly payments from the equity in their paid-off property without having to sell.
savings and loan association (aka “savings banks” or “thrifts) a financial institution whose primary function is to promote thrift and home ownership. These institutions often offer their depositors a higher rate of interest on their deposits than commercial banks offer.
commercial bank designed to act as a depository for funds and as a lender for commercial activities – usually short-term loans-including construction loans, home improvement loans, and manufactured housing loans.
Credit unions nonprofit who has mbrs. Credit unions pay no income tax, so they can pay higher interest rates on deposits than other savings institutions. offer a wide variety of loans at far lower interest rates than their competitors.
Life insurance companies hold a major portion of the savings of the American public, major source of credit for shopping centers, office buildings, hotels and motels, industrial buildings and large apartment complexes.
Real Estate Investment Trust (REIT) helps small investors combine \$\$ to raise venture capital for real estate trans, focus on income-producing properties. Prefer land development, condominiums, high rises, warehouses, office complexes, single-family subdivisions and other major projects.
mortgage bankers retained by a borrower to help obtain financing for a specific commercial property.
T OR F rarely invest any of their own capital in a loan, so they are taking no risk of loss. TRUE
secondary mortgage market holding warehouse agencies that purchase a number of mortgage loans and assemble them into one or more packages of loans for resale to investors.
mortgage Financing instrument that creates a lien against a property
lende gives the money is the mortgagee
What does the borrower give to the mortgagor gives the mortgage is the mortgagor
provisions that should be included in a mortgage document.: Identification of participants, Property description, Attachment of note, Property taxes, Insurance, Preservation and maintenance of property, Defeasance clause, Acceleration clause, Signatures and acknowledgement, Prepayment penalty, Due-on-sale clause
monthly mortgage payment is generally made up of four parts Principal, Interest, taxes, Insurance
What taxes are generally covered under a mortgage pmt? public services, such as schools, police, fire and ambulance services
What could the insurance cover under a mortgage pmt? homeowner’s insurance, flood insurance and/or mortgage insurance.
foreclosure the process that leads up to selling the property that was pledged to secure the debt.
Judicial foreclosure sale of the mortgaged property under the supervision of the court
Non-judicial foreclosure lender gives the borrower a notice of default (NOD) and the intent to sell the property in a form prescribed by that state’s statute
deed in lieu of foreclosure A defaulting borrower who faces foreclosure may avoid court actions and costs by voluntarily deeding the property to the mortgagee - does not terminate any existing liens on the property.
right of redemption (equity of redemption) the right to reclaim a property that has been foreclosed by paying off amounts owed to creditors, including interest and costs
deficiency judgment the sale does not yield sufficient funds to cover the amounts owed, the mortgagee; This enables the lender to attach and foreclose a judgment lien on other real or personal property the borrower owns.
In order to increase their investment, lenders often charge other fees when the borrower gets the loan, including: Loan origination fee, Points or Discount points
borrower (mortgagor) has several responsibilities during the mortgage term, including: Keeping the property in good repair. Pay all the property taxes and any assessments in a timely manner. Protect the property from loss due to fire or other untimely disaster by purchasing or maintaining the appropriate insurance.
qualifying standards or loan underwriting standards - 4 Critical procedures: 1. borrower's ability to repay the loan. 2. Estimate value of property that is collateral for the loan. 3. Research and analyze the marketability of the title. 4. Prepare the documents necessary to approve the loan and close the transaction
underwriting The evaluation process used to determine the borrower's ability to repay a loan and estimating the value of the property being used as collateral
To qualify for a mortgage loan, a borrower must meet the lender's qualifications in what terms? income, debt, cash, and net worth
Types of mortgage repayment plans: Straight, Amortized, Balloon, Adjustable
Straight (interest-only) mortgage payment monthly payments allocated to interest. At the end of the term, the borrower must be able to pay off the entire principle or get another loan
Amortized mortgage payment fixed-interest, long-term loans of 15 or 30 years. At the end of the loan term, the full amount of the principal and all of the interest is totally paid off and the balance is zero.
Balloon mortgage payment loan that has one large final payment due when the loan matures.
Adjustable-rate mortgage payment good option for short-term borrowers, A.R.M., are made up of: index, margin, calculated rate or note rate, initial rate, adjustment period, mortgage payment adjustment period, interest rate caps, payment cap, and negative amortization ca
Advantages of conventional loans over government-backed loans: faster, fewer forms, no legal limit on loan amount, seek out other lenders in case of refusal, more flexible
Disadvantages of conventional loans include: Higher down payments. Loans carry prepayment penalties.
conventional mortgage most common type of loan, most secure. down payment of 20% or more, making the loan 80% or less of the property's sale price. typically uninsured. The mortgage itself provides the only security for the loan.
Fixed rate mortgages have two distinct features: 1. The interest rate remains fixed for the life of the loan. 2. The payments remain level for the life of the loan and are structure to repay the loan at the end of the term.
private mortgage insurance program (PMI) insures the top 30% of a loan, protecting the lender in case the borrower defaults on the loan.
graduated payment mortgage (GPM) monthly payment for principal and interest gradually increases by a certain percentage each year for a certain number of years and then it levels off for the remaining term of the mortgage.
pledged account mortgage (PAM) graduated pmt mtg under letting borrower contribute a sum of \$\$ into account that is pledged to lender. Acct is drawn on during first three to five years of loan to supplement the mtg pmts, thus reducing the borrower's monthly payments in the initial yrs
buydown lump sum payment that is made to the lender at closing usually comes from a builder as an incentive to the buyer or from a family member trying to help out, At the end of that time, the rate rises
open-end loan expandable loan which gives a borrower a limit up to which he or she may borrow. Each incremental advance must be secured by the same mortgage and any advances may not exceed the original borrowing limit.
blanket mortgage loan covers more than one piece of property. Land developers commonly use blanket mortgages when they buy a plot of land and divide it into many separate lots
Wraparound mortgage Allows borrower with existing loan to get 2nd lender without paying off 1st loan. 2nd lender issues larger loan at higher rate. New loan is a combination of1st loan & the 2nd. Borrower makes new higher pmts to 2nd lender, 2nd lender pays 1st.
bridge loan short-term loan that covers the period between the end of one loan and the beginning of another - typically used to cover the time period between the end of a construction loan and the issue of a permanent loan
purchase money mortgage most commonly a technique in which the buyer borrows from the seller in addition to the lender. buyer cannot qualify for a bank loan for the full amount, so the seller "takes back" a portion of the purchase price as a second mortgage
construction mortgages finance the construction of improvements to property, such as homes, apartments and office buildings. Lender disburses payments over the life of the construction project.
Home Equity Loans owners borrow against the equity they have built up in their home.
package mortgage includes all the personal property and appliances that are installed on the property. This type of loan has been used extensively in the sale of furnished condominiums.
reverse annuity mortgage lender is making pmts to borrower. Allows older property owners to receive regular monthly pmts from equity in their paid-off property w/o selling. Borrower pays a fixed rate of interest and then repays loan after sale or from estate upon death.
shared equity mortgage Lender shares in appreciation of a mortgaged property when property sells. The borrower agrees to the lender's participation in the income, inducing lender to make the loan. This is more common with commercial properties, but can be done with residen mtg.
sale and leaseback arrangement typically used by commercial enterprises to free up money that has been tied up in the real estate to use as working capital in the business. Owner sells the property and then leases it back from the buyer
Most conventional loans require a borrower to make a down payment of: 20% or more
An underwriter must evaluate a borrower's: Ability to repay the loan
Pre-approval differs from prequalification in that: It involves the completion of an actual loan application.
FHA and VA loans differ from conventional loans in what important way? FHA and VA do not loan funds directly. FHA insures loans and VA guarantees loans, but the loans themselves are made by approved, qualified lenders.
What kind of insurance does FHA require borrowers to pay? two insurance premiums. The first is the "upfront" Mortgage Insurance Premium (MIP) and Mutual Mortgage Insurance (MMI) is a monthly premium that is paid with the monthly principal, interest, taxes and insurance payment.
Mortgage Insurance Premium (MIP) a percentage of the loan amount. The borrower can pay this one-time premium at closing or the charge could be financed with the loan
Mutual Mortgage Insurance (MMI) monthly premium that is paid with the monthly principal, interest, taxes and insurance payment. FHA insurance can be terminated by the servicer or holder if the mortgage is paid in full before maturity date.
What is a Certificate of Reasonable Value and what is it used for? shows the value of a property in relation to its sales price. It is issued by an approved VA appraiser when a veteran is seeking a DVA loan
How much money can a veteran get through the Texas Veterans Home Improvement Program? Veterans may get up to \$25,000 for a 20-year loan or up to \$10,000 for a 10-year loan.
What is the basic purpose of Truth in Lending- Regulation Z? Give buyers information about the true cost of obtaining credit, so that borrowers can compare the costs of various lenders.
What is the right to rescind and what is not covered by this rule? right to cancel the transaction by notifying the lender within three days. This does not apply to residential first mortgage loans.
What does ECOA prohibit? Discrimination against applicants on the basis of race, color, religion, national origin, sex, marital status, age or dependency on public assistance
Why was the Community Reinvestment Act passed? To prevent redlining
Define the term predatory lender. one that literally preys on the customers who may fall into the below "A paper" lending categories, particularly those who do not speak English, are poorly educated or are elderly.
Why is a balloon loan a particularly bad idea for a low-income borrower? the borrower has to come up with a large sum of money at the end of the term.
What is loan flipping? Encouraging a borrower to refinance a loan so that the lender can charge high points and fees for the new loan.
What is the penalty for knowingly making a false statement to obtain a loan? Imprisonment for a term of 2 years to 99 years and fine not to exceed \$10,000
Conventional loans most common loan type available and most homes are financed through uninsured or insured conventional loans
Government-backed loans The Federal Housing Administration (FHA), The Department of Veterans Affairs (DVA), Rural Housing Service (RHS), Texas Veterans Land Board (VLB), Texas Department of Housing and Community Affairs (TDHCA)
Federal Housing Administration (FHA) provides low-down payment, fixed rate 10 to 30 year loans or one-year adjustable loans via lending institutions
Department of Veterans Affairs (DVA) provides loans to veterans in which the VA agrees to guarantee the top portion of the loan. The amount is calculated as 25% of the home loan amount up to \$104,250.
Rural Housing Service (RHS) numerous programs available to aid low- to moderate-income rural residents to purchase, construct, repair or relocate a dwelling and related facilities. Qualified homebuyers can get loans with minimal closing costs and no down payment.
Texas Veterans Land Board (VLB) special assistance programs for home and land purchases to assist Texas veterans in purchasing a home with a low interest rate loan with little or no money down. Veterans may get up to \$417,000 for the home purchase.
Texas Department of Housing and Community Affairs (TDHCA) off loans and down payment assistance to eligible first-time homebuyers. Eligible homebuyers are offered mortgage loans at more competitive, fixed, low rates with down payment and closing cost assistance of 5% of the mortgage loan
secondary mortgage market holding warehouse agencies that purchase a number of mortgage loans and assemble them into one or more packages of loans for resale to investors.
Important players in the secondary mortgage market are: Ginnie Mae , Fannie Mae, Freddie Mac, Farmer Mac
Ginnie Mae corporation within the Department of Housing and Urban Development to create and operate a mortgage-backed security program for the Federal Housing Administration and Veterans Administration mortgages
Fannie Mae shareholder-owned company that works to make sure mortgage money is available for people across the country. It does not lend money directly to home buyers, rather it works with lenders to make sure the lenders don’t run out of mortgage funds.
Freddie Mac mortgage-backed security for conventional loans. , buys conventional lns, from savings , commer banks and mtg co, assembles lns into a mtg pool & issues a security backed by mortgages called a Participating Certificate or Guaranteed Mortgage Certificate
Farmer Mac reated to establish a secondary market for agricultural real estate and rural housing mortgage loans to increase the availability of long-term credit at steady interest rates to American farmers, ranchers and rural homeowners
The Truth in Lending Act help buyers make comparisons between loan fees and other charges. requires lenders to disclose to buyers the true cost of obtaining credit so that borrowers can compare the costs of various lenders.
Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against applicants on the basis of: race, color, religion, national origin, sex, marital status, age, dependency on public assistance.
ECOA expects a lender to base lending decisions on what? individual's income, net worth, job stability and credit rating. only
Community Reinvestment Act passed by Congress in 1977 to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods.
home Mortgage Disclosure Act requires that lenders report statistical information each year to insure that lenders are not restricting loans to certain individuals or neighborhoods to exclude them from obtaining a mortgage (called "redlining"). End of Page
Fair Credit Reporting Act, or Title VI of the Consumer Credit Protection Act requires that lenders, keep all credit information confidential, obtain authorization from a consumer in order to seek the customer's credit information, reveal the sources of the credit information to the consumer.
A" paper qualified borrower is approved for a mortgage loan, the loan is referred to as "A" paper.
"B" paper. A less qualified borrower, perhaps one with credit problems, may have to take a loan at a higher rate of interest, referred to as "B" paper.
"C" Paper serious credit problems might lead to "C" paper
"D" Paper for those with overwhelming credit problems
sub-prime borrowers. Borrowers who fall into the "below A" category
predatory lender one that literally "preys" on the customers who may fall into the "B," "C" or "D" lending categories, particularly those who do not speak English, are poorly educated or are elderly.
sub-prime loans. lenders provide loans to unqualified homebuyers – those who have poor credit and whose ability to repay the loan is risky because of their income,
sub-prime loans include: higher interest rate and higher closing costs, fees in excess of 5%, Additional insurance and other unnecessary products to the loan amount., higher down payment, Abusive prepayment penalties
Mortgage fraud crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth
In an effort to make it possible for veterans returning from World War II to purchase a home, the Veterans Administration offered the opportunity for veterans to purchase a home with: no down payment.
T or F Ginnie Mae is in conservatorship with the Federal Housing Finance Agency (FHFA). False
The Truth in Lending Act exists so lenders disclose to buyers the true cost of obtaining credit.
Define "as of right zoning." This term refers to those uses that are automatically allowed by the zoning code. They are allowed "as a matter of right."
What do deed restrictions do? Deed restrictions place limits on how the property may be used.
What are restrictive covenants? Restrictive covenants are limitations placed on the use of land by the developer of a residential subdivision.
What is the Doctrine of Laches? This doctrine states that if a property owner is lax in protecting his or her rights, the property owner may lose those rights.
What is cluster zoning and what is its benefit? type of zoning in which density is determined for an entire area, rather than on a lot-by-lot basis. Within the cluster zone, the developer has greater flexibility in designing and placing structures so long as the overall density requirement is met.
What is a moratorium? A moratorium is a temporary suspension of the development of a property.
Give an example of a legal and illegal nonconforming use. Legal: motel on a resid area no longer allows commercial activity. Zoning board rules motel may continue to operate until sold, destroyed or used for any other commercial purpose. Illegal: Same motel is sold, new owner continues to operate as a motel.
What is the difference between a use variance and an area variance? use variance gives permission to use land for purpose not allowed by current zoning; area variance permits variance of one or more dimensional or physical requirements of the applicable zoning law in connection with some proposed construction
What does the Interstate Land Sales Full Disclosure Act say that developers must give to potential buyers and lessees? Developers must provide a buyer or lessee with a printed property report, which gives specific information about the property, before the buyer or lessee signs a purchase contract or lease.
What does Texas require of any home that has been cleaned of mold? Texas law requires that any home that has been cleaned from mold must provide that information in a disclosure for the next five years after the remediation.
What is meant by CERCLA's innocent landowner defense? This was based on the idea that in some cases a landowner in the chain of ownership could have been innocent of any wrongdoing and should not be held liable.
What does the TREC promulgated contract addendum for environmental inspections allow a buyer to do? To obtain an environmental inspection of the property and to terminate a contract if there has been a discovery indicating an environmental hazard that would affect the use of the property.
bundle of rights. When someone owns a parcel of real estate, he or she also has a set of legal rights that are attached to the ownership of that parcel. These rights, which have value and can be sold, are known as the bundle of rights.
control of land use has come to focus on certain core purposes. These are: Perseveration of property values, Promotion of the highest and best use of property, Balance between individual property rights and the public good, Control of growth to remain within infrastructure capabilities
"covenants, conditions and restrictions" or CCRs. Individual deed restrictions place limits on how the property may be used.
Restrictive covenants limitations placed on the use of land by the developer of a residential subdivision.to preserve and protect the quality of land
injunction property owners can enforce the covenants by taking a court action, prevents the owner or owners from using a property in a way that is contrary to the recorded restrictions. It can also order the removal of a use that has already been implemented.
Restrictive covenants may be terminated in any of these ways: time period Expires, property owners vote to end the restrictions, character of the subdivision changes, property owners choose not to follow the original plan by violation their own restrictions
Public land use controls Police power, Taxation, Escheat
ublic ownership government ownership of lands, streets, public buildings, utilities, and other business enterprises.
eminent domain state has ultimate control over lands and buildings within its borders, allows a government entity to purchase a fee, leasehold, or easement interest in privately owned real property for the public good and for public use, regardless of the owner's desire
taking "taking clause" of the Fifth Amendment which says, in part, that private property cannot be taken for public use without just compensation.
Building codes Allows county and municipality to protect the public against the hazards of unregulated construction.
building permit gives permission for the construction or renovation of a building or improvement. Building permits are required for both residential and commercial properties.
certificate of occupancy (CO) After construction completion, building inspectors inspect a new development or improvement for code compliance. If the work complies, the municipality or county issues
zoning ordinance specify land usage for every parcel within the jurisdiction
What do specify land usage for every parcel within the jurisdiction? nature of land use, Size and configuration of a building site, Site development procedures, Construction and design methods and materials, Signage
wHAT ARE Common types of zone classifications? Residential, Commercial, Industrial, Vacant, Agricultural, Public open space, Parklands, Recreational, Institutional
Incentive zoning Can help to advance a community's physical, cultural and social goals by allowing land developers to provide specific amenities and benefits in exchange for zoning incentives
Cluster zoning type of zoning in which density is determined for an entire area, rather than on a lot-by-lot basis. Within the cluster zone, the developer has greater flexibility in designing and placing structures so long as the overall density requirement is met.
Sunshine laws open meeting law, mandate that meetings of governmental agencies and departments be open to the public.
The Freedom of Information Act requires agencies to share information they have obtained with the public
Transfer of development rights (TDR) method for protecting land by transferring the "rights to develop" from one area and giving them to another.allows for financial compensation to property owners while society imposes land-use regulations to control growth and development.
planning board manages the master plan and enforces it by exercising its power to establish zones, control building permits, and create building codes.
moratoriums temporary suspension of the development of a property
Spot zoning occurs when a small area of land or section in an existing neighborhood is singled out and placed in a different zone from that of neighboring property
FHA (Federal Housing Authority) requirements FHA sets standards similar to local ordinances to ensure an adequate level of construction quality, aesthetics, and infrastructure services.
plat approval A developer must also submit a plat of subdivision containing surveyed plat maps and comprehensive building specifications to achieve plat approval
The plat as a minimum, shows that the plan complies with local zoning and building ordinances. The project can commence only after the relevant authority has approved the plat.
planned unit development (PUD) housing concept that produces a high density of residential housing units, a maximum use of open spaces and greater development flexibility, which results in lower-priced homes and minimum maintenance costs
right to review site plans. ocal planning boards often have the right to review site plans. This review gives the board the opportunity to assess the impact the plan will have on the community
zoning board of adjustment or zoning appeals board The board rules on interpretations of zoning ordinances as they apply to specific land use cases presented by property owners in the jurisdiction.
zoning board of adjustment or zoning appeals board handle what types of issues? nonconforming use, Variance, Special exception or conditional use permit, Zoning amendment
nonconforming use clearly differs from current zoning. Usually, nonconforming uses result when a zoning change leaves existing properties in violation of the new ordinance.
special use permit or exception grant authorizes a use that is not consistent with the zoning ordinance in a literal sense, yet is clearly beneficial or essential to the public welfare and does not materially impair other uses in the zone.
Rezoning ccurs when a current or potential property owner may petition the zoning board for an outright change in the zoning of a particular property
variance allows a use that differs from the applicable ordinance for a variety of justifiable reasons.
Where does a land owner apply for a zoning variance? local zoning board of appeals.
two types of variances: Use variance, Area variance
Who enforces land uses? Building departments, Civil and environmental engineers, Surveyors, Land use planners, The Board of Health, Local courts
Interstate Land Sales Full Disclosure Act (Title XIV of the Housing and Urban Development Act of 1968) authorizes a nationwide program of registration of subdivisions marketed in interstate commerce.makes relevant information available to them when they are considering purchasing land, prevents fraud
In recent years, federal and state legislatures have enacted laws to conserve and protect the environment against the hazards of growth and development. What areas does it cover? air, water, and soil quality
Threats to Air Quality: asbestos, carbon monoxide, formaldehyde, lead, mold and radon.
Threats to Water and soil: leaking landfills; improper waste disposal; agricultural runoff; industrial dumping in waterways; highway and rail spills; industrial emissions; internal combustion emissions; and underground tanks leaking fuels and chemicals
Important to land control use, the Supreme Court upheld the validity of zoning ordinances in what year? 1926
The property owners of a subdivision can enforce the covenants by taking a court action known as a/n injunction.
Texas law requires a homeowner that has cleaned their home of mold disclose this for a period of 5 years.
Define Lease Agreement. legal document outlining terms one party agrees to rent property from another party. Guarantees the lessee (the renter) use of an asset and guarantees the lessor (the property owner) regular pmts from the lessee for a specified number of months or years
Name three types of land real estate licensees must have knowledge in to specialize in land brokerage? Farms, ranches, recreational, timberland, and other specialty land properties, Undeveloped tracts of land, Transitional and development land
What are two reasons investor clients are different from regular customer/clients? They do most of the research on their own. They make offers on many different properties.
What are a property manager's four main areas of responsibility? Financial and Marketing, Facility, Administration and Risk Management, Tenant and Occupancy
REO or Real Estate Owned properties are generally a good deal for what two types of real estate buyers? First Time Homebuyer, Investors
What is the main reason a seller would be seek a short sale? The seller is attempting to negotiate a deal with the lender and avoid foreclosure.
What are the three types of real estate auctions? Absolute Auction, Minimum Bid Auction, Reserve Auction
What is foreclosure? lien holder takes ownership in a property due to a variety of possible reasons, but most commonly for the lack of payment on a loan
Does the “as is” clause in the seller’s disclosure form minimize risk concerns for the sellers? Minimizes, but does not eliminate risk concerns.
leasing consultant works on behalf of landlords and property management companies to collect rent and provide customer service for renters and tenants.They also market the rental properties.
property manager owner's partner in maximizing the return on investment of the property., acts in the best interests of the owner
property manager four major areas of responsibility: Financial and marketing, Tenant and occupancy, Facility, Administration and risk management
Specializing in resort properties means having greater for area information specific to real estate, market areas, local government, and building codes.
To specialize in land brokerage, real estate specialists should have advanced knowledge in: Farms, ranches, rec, timberland & spec. prop, Undeveloped tracts, Transit & devel land, Sub & lot wholesaling, Site selection & assem of parcels, Apprs, Auctions, CMA, Plan & zoning, Enviro issues, h20 rights, Gov regs, title defects, Vacant lnd ctcs
Created by: delorya