Champion School Of Real Estate
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Latest notes & summaries Champion School Of Real Estate
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-Four Family Residential Contract (Resale) 
 
- New Home Contract (Completed Construction) 
 
- Residential Condo Contract (Resale) 
 
- New Home Contract (Incomplete Construction) 
 
- Unimproved Propert...
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 mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk 
 
 
 
Origination 
The process of creating a new mortgage loan 
 
 
 
Underwriting 
Detaile...
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 monetary loss due to illegal acts of license holders 
 
 
 
unlawful practice of law 
license holder is not qualified to add provisions to contracts that go beyond factual business details. 
 
 
 
Pr...
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 authority to the agent 
 
 
 
Texas Real Estate License Act TRELA 
Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. 
 
 
 
Texas Real Estate Commission TREC...
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 Housing Finance Agency (FHFA) 
 
 
 
The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. 
Gov't. National Mortgage Association - Ginnie Mae 
 
 
 
...
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 blanket loan allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. 
Release Clause 
 
 
 
One percent of a loan that is a loan processing fee 
Originatio...
Principles of Real Estate 2 Champions School of Real Estate test |258 questions with 100% correct answers
Loan processing 
The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision 
 
 
 
Underwriting 
The process of evaluating a borrowers loan application to determine the risk involved for the lender 
 
 
 
Funding 
The process of transferring funds to a title or escrow company for disbursement 
 
 
 
Servicing 
Sending monthly payment statements and collecting monthly payments maintaining payment records and following up...
if you are holding undeveloped land, your goal as an investment is: 
appreciation 
 
 
 
land is referred to as _____ because it can be seen touched 
tangible 
 
 
 
Formaldehyde gas is: 
Colorless 
 
 
 
Local governments can use which of the following to enforce subdivision requirements? 
Police Power 
 
 
 
The time limitation on deed restrictions is typically __________ due to changes that render the original 
restriction irrelevant. 
25-35 years 
 
 
 
Which of the following is a rating use...
The _____ is required to ascertain that Brokers are aware of all of their responsibilities. 
Texas Real Estate Commission 
 
 
 
The _____ course is to address the regulatory aspects of the management, operation and supervision of a real estate brokerage firm in Texas. The course provides an understanding and working knowledge of a broker's responsibilities and obligations under 22 TAC §535.2. 
Broker Responsibility MCE 
 
 
 
Who Must Take The Broker Responsibility MCE Course? 
A broker who s...