by admin | Dec 1, 2022 | Social Science
please respond to tanya with 150 words
Course: BRE 100, Real Estate Principles
Student Name: Tanya
Today’s Date: 11/23/2022
Textbook Author: Perez, J.
Chapters # 9-10
Overview
Chapter 9 discusses understanding the finance process. Financing is a significant part of home buying, and chapter 9 discusses the different aspects of financing. Finally, chapter 10 discusses Escrow, transaction coordinators, and title insurance. Completing an escrow involves full setup instructions.
Key Concept from Chapter 9
Those who buy real estate pay with cash sparingly. Instead, they use the property as leverage and borrow the funds to buy it. With borrowing money, comes interest fees. Interest fees in real estate is a simple interest charges for borrowing money. Another type of mortgage is fixed-rate because it is a duplicate monthly payment each month and includes the principal and the interest.
Key Concept from Chapter 10
According to Huber, “A transaction coordinator is a real estate professional who assists agents and brokers in the processing of a real estate transaction through escrow.” One can pay a transaction coordinator a specific listing fee to review the listing, order and review certain documents, prepare the packet of seller-signed disclosures, advisories, and reports, and enter the listing into the e-file system. Being in Escrow is a requirement in California because a third party has to hold funds until all agreements are met. The Financial Code has the Escrow listed in it. The Escrow is usually a written contract.
Key Concept
Purchaser Requirements (306)
According to Huber, “the FHA requires the purchaser to have some financial interest in the property on which a loan is to be insured.”Some FHA programs require down payments, while others allow an impound to be paid in cash. In addition, the borrower must meet FHA credit qualifications and have Mortgage Insurance.
Chapter 10 Key Concept: How escrows work (pg. 345)
Instructions for Escrow are on the CAR and Joint Escrow page. The terms can be modified by mutual agreement. Escrows usually have a checklist that needs to be followed, and once completed, the agent needs to take the receipt of acknowledgment. Once the escrow rules are set, they can only be changed if both parties agree.
Summary
Chapters 9 and 10 discuss important information from finances to escrows. Escrows are one of the essential parts of buying a home and, in California, are a must.
by admin | Dec 1, 2022 | Social Science
Please respond to Michelle with 150 words
Course: BRE 101, Real Estate Practice
Student Name: Michelle
Today’s Date: 11/16/2022
Textbook Author: Huber Walt.
Overview
Chapter 7 had a lot of information on completing a residential purchase agreement that included the need to specify close dates and that sometimes two loans are needed. Chapter 8, however, had information about marketing for free on social media platforms.
Key Concept From Chapter 7
In chapter 7, what stood out to me was that escrow was unable to close on weekends of legal holidays(pg 206). When you are going through the process of closing escrow, the date must be specific.
Key Concept From Chapter 8
The second key concept I learned in this chapter is that in order to market to the clients that you want, you need to be able to persuade the client that you will “cater to their needs”. (pg 265) This is great for agents because you don’t need to pay out of pocket to promote yourself on social media platforms.
Key Concept From Chapter 7
Lastly, in chapter 7, I learned that sometimes a buyer may need two loans. (pg 210) In the RPA, the loan can be found on paragraph 3D, and if the buyer puts a down, that amount should also be included.
Summary
Overall in these two chapters, I learned that in order to successfully market, you have to find a way to self promote. Also, escrow cannot close on legal holidays.
by admin | Dec 1, 2022 | Social Science
Abstract (10 pts)
An abstract is a brief statement (usually a paragraph or two) that is placed at the beginning of a
paper. Its purpose is to briefly explain what the paper is about; thus, it lets the reader know what will be
discussed (commonly so the reader can decide whether he wants to continue reading it). It also sets a
frame of reference for the reader if he or she decides to continue.
For this assignment, you are simply setting a frame of reference for the reader.
Approximately 100 words
PAGE THREE and BEYOND [For each section, please begin a new page.]
Observation and Models (20 pts)
In this section simply insert what you are supposed to do for the second homework assignment. If
what you did for that assignment is perfect, all you need do is include it here. If it is not perfect,
you need to fix any problems that exist.
Findings and Results (15 pts)
This section is asking how you would interpret certain results.
What is the data that you would collect and how does it relate to your research question? In the
previous section, you described critical experiments, but the description may have been somewhat
vague. In this section, you are being asked precisely how you would do these experiments.
In the above section, you described critical experiments, and you described the data you would
collect to do these experiments. You now need to describe how you would interpret the data.
This should have been touched on in the above section. If what you did in the previous section
was very complete, all you need to do is repeat it. For others it is another opportunity to get it
complete. To remind you of what you need to do, let’s revisit the example discussed in class: if
you find that people respect lawyers more than professors, that will mean something different
from finding that people respect professors more than lawyers.
For each model:
Describe what results you would need to find in order to support the model.
Describe what results would contradict or fail to support your model.
If the data failed to support your model, what other models might these data support?
References (15 Points)
Note: You are not being asked to write a literature review. This is a list of references. Because
this is not a true, complete research paper, you may not have actually used any references. Thus,
you need to find books, journal articles, electronic sources, etc. that are (at least slightly) related to
what your paper is about. The purpose of this section of the assignment is correctly using APA
format, not doing in-depth research.
Cite at least six sources (books, newspapers, internet, etc.). You will earn more points, if they
come from a wide variety of sources (e.g., one book, one journal, one newspaper, one website,
etc.) If the nature of your question makes it difficult to find a wide variety of sources, talk to you
TA about getting an exemption from this requirement.
The citations need to be in APA format and alphabetized. (See the syllabus for links to webpages
that can help with APA format.)
AT THIS POINT, YOUR PAPER IS FINISHED, BUT THERE ARE 10 ADDITIONAL POINTS
Well Written (10 points)
If the writing is clear and concise (following what we read in the Williams text), you will get 10
additional points.
Reminder: 20 points have already been assigned from the class assignments/homeworks. What is
being turned in now is worth 80 points. Thus, the total score for this assignment has been 100
points.
by admin | Dec 1, 2022 | Social Science
Please respond to emily with 150 words
Name: Emily
Date: 11/28/2022
Class: BRE 101 85363
OverviewChapter 11 discusses the different types of taxes involved in real estate. Chapter 12 discusses Investment in properties or businesses and other broker-related fields we may be interested in doing in the future.
Key Concept from Chapter 11 One of the key concepts I learned is that there are many different types of taxes. Some of the commonly known taxes are State and Federal income tax (Pages 386-388). There are also taxes that are not regularly known. For example, the Documentary transfer tax (384-385). This tax is applied to the consideration paid or money borrowed.
Key Concept from Chapter 12 One of the key concepts I learned from chapter 12 is about investment. The benefits (406-408) include cash income and tax benefits. I also learned some things to consider is stability and potential refinancing (408-409).
Key Concept from Chapter 11 or 12In chapter 11 it discusses the limitations of taxes. For example, on pages 374-375 it discusses proposition 13. This sets a limit of tax to be 1% of the selling price or market value. some other limitations may include property value, location, occupants, or client’s income or age. Some other examples of these are propositions 60 and 90 (374), special assessment tax(383), or capital gains(391).
Summary
These key concepts are helpful to me because I plan to invest in properties and I will know what to look for. I also believe it is important for an agent to have knowledge in taxes and some of their regulations that vary with each client and property.
by admin | Dec 1, 2022 | Social Science
Please respond to emilio with 150 words
Course: BRE 101, Real Estate Practices
Emilio
11/22/2022
Huber, Walt
Chapter # 9&10
OverviewThese two chapters talk all about the financial processes and how it can be one of if not the most important things about real estate transactions. These two chapters will talk about many key words needed to know if order to know what he proper purpose of an agent or broker or Transaction Coordinator. Also we will learn many different terms about escrow.
Key Concept from Chapter 9Chapter 9 talks about understanding the finance process and how financing is the key to most real estate transactions. i learned the key word “Leverage” and its definition is The practice of purchasing real estate using a small amount of your own money and a larger proportion of borrowed funds. (Pg 292). Also from (Pg 293) I learned a bit about Mortgage bankers and their jobs, Mortgage banking companies are direct lenders that underwrite for usually hundreds of investors, such as Bank of America, Chase Bank, and so on. They actually fund the loan themselves under one of their investor’s guidelines and then sell the loan to that investor. (Pg 294) Finally I learned that Mortgage brokers shop for a lender for the borrowers and earn a fee by putting lender and borrower together.
Key Concept from Chapter 10From chapter 10 I learned what a TRANSACTION COORDINATOR (TC) is and its a real estate professional who assists agents and brokers in the processing of a real estate transaction all the way through escrow. The amount of work he or she does is dictated by whether the TC works in-house or is hired on an ad hoc (as needed) basis. The TC job can depend on whether the agent wants “full service,” starting from the earliest stages of prospecting for listings. (Pg 252) Some uses of escrow that are required by law are Liquor license transfers, Security Sales and court order transfers and some that are highly recommended are Exchanging and some sales of real property. (Pg 257)
Key Concept from Chapter 9 or 10From chapter 10 I learned there are three ways to end an escrow. First one is fully complete it and it’s called a Complete Escrow and the second is called a Mutual Agreement and thats both parties ending off on good terms and finally the last one is called a Court Action “Interpleader” and thats when the court gets involved and ends it. Finally the Real Estate Settlement Procedures Act (RESPA) is a law for the sale or transfer of one- to four residential units requiring: 1) specific procedures and 2) forms for settlements (closing costs) (Pg 260)
Summary
These chapters were very informative because they taught me a-lot of key words and those words are very important because everyone must know what each job in this business is. Chapter 10 also teaches us what a RESPA is and thats probably the most important thing from this chapter because its the final laws for sales and transfers.
by admin | Dec 1, 2022 | Social Science
please respond to tanya with 150 words
Course: BRE 100, Real Estate Principles
Student Name: Tanya
Today’s Date: 11/23/2022
Textbook Author: Perez, J.
Chapters # 9-10
Overview
Chapter 9 discusses understanding the finance process. Financing is a significant part of home buying, and chapter 9 discusses the different aspects of financing. Finally, chapter 10 discusses Escrow, transaction coordinators, and title insurance. Completing an escrow involves full setup instructions.
Key Concept from Chapter 9
Those who buy real estate pay with cash sparingly. Instead, they use the property as leverage and borrow the funds to buy it. With borrowing money, comes interest fees. Interest fees in real estate is a simple interest charges for borrowing money. Another type of mortgage is fixed-rate because it is a duplicate monthly payment each month and includes the principal and the interest.
Key Concept from Chapter 10
According to Huber, “A transaction coordinator is a real estate professional who assists agents and brokers in the processing of a real estate transaction through escrow.” One can pay a transaction coordinator a specific listing fee to review the listing, order and review certain documents, prepare the packet of seller-signed disclosures, advisories, and reports, and enter the listing into the e-file system. Being in Escrow is a requirement in California because a third party has to hold funds until all agreements are met. The Financial Code has the Escrow listed in it. The Escrow is usually a written contract.
Key Concept
Purchaser Requirements (306)
According to Huber, “the FHA requires the purchaser to have some financial interest in the property on which a loan is to be insured.”Some FHA programs require down payments, while others allow an impound to be paid in cash. In addition, the borrower must meet FHA credit qualifications and have Mortgage Insurance.
Chapter 10 Key Concept: How escrows work (pg. 345)
Instructions for Escrow are on the CAR and Joint Escrow page. The terms can be modified by mutual agreement. Escrows usually have a checklist that needs to be followed, and once completed, the agent needs to take the receipt of acknowledgment. Once the escrow rules are set, they can only be changed if both parties agree.
Summary
Chapters 9 and 10 discuss important information from finances to escrows. Escrows are one of the essential parts of buying a home and, in California, are a must.
