Champions Real Estate Exam Bundle (Graded A) updated 2024

mortgage Broker - correct answer-Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - correct answer-Provide their own funds for the purpose of providing mortgage financing Correspondent Lende...

if you are holding undeveloped land, your goal as an investment is: - correct answer-appreciation land is referred to as _____ because it can be seen touched - correct answer-tangible Formaldehyde gas is: - correct answer-Colorless Local governments can use which of the following to enforce...

Loan-to-Value Ratio (LTV) - correct answer-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. Packag...

_____ 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. - correct answer-Closing The primary determinants of real estate values are supply and _____. - correct answer-Demand __...

Prescription - answer-Continous use of the land over a Brokerage - answer-is the aspect of the real estate business that pertain to overseeing the needs of the parties and completing a transaction Real Estate Development - answer-most often involves the acquisition of land for development into...

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 - correct answer-D.) Modification The supply of Real ...

Functional obsolescence - correct answer-Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - correct answer-best indicator of value for existing properties highest and best use - correct answer-the legal use for property ...

Mortgage Loans - correct answer-Most common choice for financing real property. Can be conventional or non-conventional Conventional Loan - correct answer-Neither federally insured nor guaranteed Non-conventional Loan - correct answer-Federally insured/guaranteed mortgage loans to encourage ow...

A property owner has decided to do some landscaping work on his yard. he has planted a tree surrounded by some flowering shrubs. The tree and shrubs are an example of: a) encroachments b) improvements c) surface rights d) emblements - correct answer-b) improvements A property owner has a wate...

Wrongful or criminal deception intended to result in financial or personal gain is called: - correct answer-fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - correct answer-90 days __________ extend above the surface without limitation...

Real Property - correct answer-consists of land, improvements, attached to the land, benefits, rights, and ownership interests that go with the land. Appurtenance - correct answer-is often used to describe rights, privileges, and improvements that belong to and pass with the land Improvements ...

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

Trec Commision Membership - ANSWER-___________________ has 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee - ANSWER-________________ has 13 Members (6 brokers, 6 lawyers, 1 public) Licensed by TREC - ANSWER--18 ...

Contracts with a person who lacks mental capacity can be - ANSWER-either void or voidable Community property is a concept of - ANSWER-Spanish law, and marriage is regarded as a partnership. Intermediary Without Appointments. - ANSWER-an agent will have the opportunity to sell their own listing...