Champion School Bundled exams with complete solution

Conventional loan - Answer-a loan that is neither federally insured nor guaranteed Non-conventional loan - Answer-mortgage loans through three agencies: The federal housing Admin. The US dept of Veteran Affairs US Dep. of Agriculture contract for deed (installment contract) - Answer-seller fina...

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. - Answer-Loan-to-Value Ratio (LTV) Includes both rea...

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

appraisal - value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - The percentage of value or sales price that a lender is willing to finance. limited appraisal report - exterior only/drive by inspection. deemed as low risk loan hig...

Brokerage - Answer-The aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction Property Managers are generally responsible for the following - Answer-Day to Day operations, Maintenance and Tenant Relations RMLO - Answer-Mortgage Broker...

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

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 NAR - The largest trade organization representing real estate professionals Value - A fair return or equivalent in goods...

This person hires an agent - Answer-The Principal The agent works on behalf of this person - Answer-the client (principal) This type of agency allows for the greatest range of authority - Answer-Universal This is provided to the agent when there is written documentation that the agency relationsh...

brokerage - the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships The role of a property manager - Generally responsible for the day to day operations of the pr...

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 the IRS considers which of the following a violation o...

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 - Answer-B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - Answer-A ...

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 - Answer-D.) Modification The supply of Real Estate is a...

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 Cl...