4. local maps, indicating location of subject and comparables 2. based on the assessed value of the property and the existing tax rate. Conversely, increased competition tends to bring prices down, Demand,Utility, Scarcity, Transferability characteristics of value in a property, The most commonly misunderstood appraisal concept, Net/Gross Adjustments may not exceed what %, The actual age of the property in years. A break in this line would create a cloud on the title. any change in the ownership of relationship property. Champions Real Estate School Review - Investopedia Highly recommended and I will continue to use Champions! Photographs of comparables loss of desirability of the style, layout or function of an element of property over time, Losses of property value caused by forces or conditions beyond the borders of the property. borrowers provide basic information like income, debt, and credit history. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. ARMS that offer fixed rate period during 1st years of the loan. all consumers are given a equal chance to obtain credit. An appraiser must always be aware of these influences and possible changes in them that could affect market value. Financialaccounting8. Comprehensive Environmental Response, Compensation, and Liability Act CERCLA. TMARR is administered by the Texas Department of State Health Services (DSHS), and sets rules and regulations for the inspection, assessment and remedia- tion of mold. & \text{i. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. Change is constant; therefore, the forces acting on a parcel of land are always affecting the value of the land. Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. & \text{$\quad$productive and will help a business}\\ Appraiser's estimate of the age of the property based on its ongoing maintenance and upgrades. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). Liquiditycompanysmanagement4. The most probable price a property should bring in a competitive and open market. oral/ deathbed will. Principles of real estate II (Champions) Flashcards | Quizlet title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor.
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