exam prep

Episode 099 - Real Estate Exam Questions: Leasing

Going through state exam questions to help real estate students pass their state exam.

01:35 – February: I feel your pain. A lot of new and intense information. Law school is just as much “fun”.

05:07 – List of recent grads: Andrew, Grace, Jacob, Tylea, Kayla, Erica, Denzel, Kyle, Anu, Sharika, Brandy, Jesika, Matias, Omayra, Kemberly, Denise, Wallace, Ingrid, Ryan, Jonathan, Kendall, Orchid, Len, Gail, Ashley, Joseph, Monica, Kay, Latoya, Cierra, Britney, Kiana, Stephanie, Asia, Thomas, Shelley, Krystyn, Madeleine, Kynia, Andrew, Kellie, and Sam.

06:55 – Messages from Jonathan and Ryan.

09:45 – Episode Focus: leasing; pay attention to the legal pieces and “forget” what you know about the real world of rental situations.

12:20 – Parties to the lease: lessor (landlord) and lessee (tenant). Bundle of legal rights and what rights do each party have? Leased fee vs. Leasehold. Reversionary rights. Statute of frauds – lease for less than 12 months.

20:00 – Types of leasehold estates: Estate for years, Estate from period to period (Periodic tenancy), and estate at will. Estate at sufferance, holdover tenant at sufferance.

34:10 – Leasing consideration: possession of premises (quiet enjoyment); use of premises; security deposit (possession vs. ownership); Assignment versus Sublease; Nondisturbance clause.

44:00 – Types of leases: gross, net, and percentage leases; variable leases (graduated lease and index lease); ground lease.

51:10 – Breach in a lease: if tenant breaches, landlord remedy is to evict tenant; if landlord breaches, tenant remedy is constructive eviction.

52:25 – Leasing of real estate law exam questions.

1:04:10 – Calculation rental price per square foot: $18/square foot for 2,400 square feet of space: $18 x 2,400 =- $43,200 / 12 = $3,600.

1:07:50 – March’s episode will be about Closing a real estate transaction (also known as close of escrow). I will get into the mechanics of a closing, the federal oversight including RESPA, TRID, and Truth in lending, and finish with an in-depth explanation of proration including debits, credits, accrued and prepaid items, and the math behind the glory of proration.

Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.

Go to www.indianarealestateinstitute.com for Indiana real estate classes.

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Episode 093 - Real Estate Exam Questions: Deeds & Transfer of Title

Going through state exam questions to help real estate students pass their state exam.

01:50 – Acronym study guide to help memorize terms needed to pass the exam.

03:40 – Be careful of Quizlet and the questions that are on the site.

06:20 – “Free” stuff to help you pass the exam.

10:00 – List of recent grads: Samual, Laurie, Kelly, Whitney, Evan, Cole, Dhawan, Kathy, Kaylee, Anji, Bik, Heidi, Lori, Christina, Julia, Julie, Autumn, Watson, Shakur, Jacy, Miranda, Jannette, Irene, Amanda, Belinda, Brooke, Stephen, Destiny, Stacey, Ali, Lauren, Luna, Amber, KC, and Charles.

11:10 – Message from Samual: Keep your confidence.

12:55 – Episode Focus: Deeds and transfer of title

14:15 – Deed, grantor, and grantee

16:30 – Grantor must sign the deed; grantee does not sign the deed; acknowledgement of the deed by a notary public.

18:30 – Title transfers when the deed is delivered and accepted, not when it is recorded.

21:20 – Deed types: general warranty deed (includes the covenants of seisin, against encumbrances, further assurance, quite enjoyment, and warranty forever); special warranty deed (two covenants: seisin and encumbrances with a limitation); quit claim deed (no warranties); cloud on title.

32:00 – Involuntary alienation: operation of law, natural disasters, and adverse possession.

35:55 – Test questions about forms of ownership

48:30 – September’s episode will be about recording and title records including constructive and actual notice, chain of title, and more.

Go to www.ahareep.com , sign up for the program for only $35, use discount code: legend15 to save 15% off.

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Episode 092 - Real Estate Exam Questions: Forms of Ownership

Going through state exam questions to help real estate students pass their state exam.

01:40 – Give your feedback on our new monthly format.

02:15 – Happy July 4^th, Independence Day!

02:55 – Is it worth buying the PSI or Pearson Vue exam on their site?

07:40 – Is it a good idea to get a tutor?

10:25 – Ask for accommodations on your test if you have a disability.

11:50 – List of recent grads: Emily, Carl, Elena, Danae, Jodi, Christian, Sabrina, Diana, Courtney, Jacqueline, Paul, Kennedy, Jackie, Mariah, Doreen, Bonnie, Janet, Bella, Unisha, Dominika, Steff, Cameron, Brooke, Kelsey, Morgan, Kim, Shara, Randy, Gary, Elaine, Mitchell, Riah, Dana, Martin, Veronica, Jennifer, Mary, and Cassidy.

13:00 – Message from Whitni: Carrying out her legacy.

14:45 – Episode Focus: Forms of Ownership

15:45 – Severalty ownership

16:25 – Tenants in common; Tenancy in common

19:10 – Joint tenancy and right of survivorship

21:10 – Four unities required for joint tenancy: Possession, Interest, Time, and Title (PITT or TTIP)

22:35 – Terminating joint tenancy

23:00 – Tenancy by the entirety

25:10 – Test questions about forms of ownership

50:35 – August’s episode will be about deeds and transfer of ownership, as well as constructive and actual notice.

Go to www.ahareep.com , sign up for the program for only $35, use discount code: legend15 to save 15% off.

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Episode 091 - Real Estate Exam Questions: Easements and Other Encumbrances

Going through state exam questions to help real estate students pass their state exam.

01:30 – Stick with it. Do not give up on your dream.

03:10 – What to do when you pass the state exam?

05:15 – List of recent grads: Audrey, Brittney, Brooke, Olivia, Val, Nay, Paul, Dani, Scott, Vanessa, Carol, Kassey, Leigh, Amy, Kendall, Erica, Stephanie, Emily, Erika, Elaine, Hannah, Whitney, April, Sarah, Fatima, Lynn, Keri, Clark, Corey, Cameron, Lori, and Dotty.

06:25 – Message from Lisa: Even “old” people can knock out the exam.

08:10 – Episode Focus: Easements and other encumbrances

08:25 – Encumbrances: liens, restrictions, easements, licenses, and encroachments.

11:50 – Easements; voluntary (appurtenant and gross easements) and involuntary (necessity and prescriptive easements); dominant and servient tenement.

19:55 – How can an easement go away? Surrender by dominant tenement, abandonment, and when one owner owns both parcels.

23:35 – Licenses: temporary; usually short periods of time; can be cancelled by the property owner.

25:50 – Encroachment; an improvement of one owner extends beyond the property line to another property owner’s land.

28:35 – Sample questions about easements and other encumbrances

45:10 – July’s episode will be about forms of ownership: severalty, tenants in common, joint tenancy, and tenancy by the entirety.

Go to www.ahareep.com , sign up for the program for only $35, use discount code: legend15 to save 15% off.

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Episode 088 - Real Estate Exam Questions 42

Going through state exam questions to help real estate students pass their state exam.

01:26 – Our website messaging is not clear. Free stuff versus paid stuff.

03:57 – Are test questions different than real estate class questions? Yes. Instructors are not teaching an exam.

7:18 – Do you need to have prior relationships to be a successful real estate agent? No.

10:10 – List of recent grads: Valerie, Terrell, Shayla, Christina, Justin, Ann, Scott, Stephanie, Erin, Quelin, Kathy, Christopher, Eric, Jennifer, Jean, Krist, Diana, Moira, Michaela, Hayden, Sally, Belinda, Alexis, Gavin, Cole, Lori, Leslie, Roxy, Randy, Julie, Abbey, Leticia, Jessica, Taylor, and Shayla.

11:28 – Messages from Terrell & Shayla about what they did to pass the exam.

14:30 – Difference in terms: broker, principal broker, managing, broker, licensee, and associate agent. Listing agent versus selling agent.

19:43 – Difference between accretion and reliction. Accretion is more land is deposited. Reliction is water is less, so it exposes more land.

22:24 – Is it misrepresentation if a photo is digitally altered? Maybe.

24:18 – Listing agent knows of defects such as asbestos on the property. What should they do? Disclose to all potential buyers.

27:36 – What does the lead-based paint addendum require? Does not require removal of lead paint.

30:25 – What Federal act ensures a borrower is knowledgeable of all closing costs? RESPA, Real Estate Settlement Procedures Act.

32:03 – What should a listing agent do when pricing a listing? Complete a CMA, comparable market analysis.

34:07 – Rental rates are best determined by what? Supply and demand.

36:12 – An advantage of PMI (Private Mortgage Insurance)? The buyer can purchase a higher priced home.

39:16 – What is blockbusting and are “hippies” a protected class in Federal Fair Housing rules?

43:15 – Favor, please give us shout outs and spread the word about us on other social media sites.

44:50 – Go to www.ahareep.com , sign up for the program for only $35, use discount code: legend15 to save 15% off.

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Episode 086 - Real Estate Exam Questions 40

Going through state exam questions to help real estate students pass their state exam.

 01:20 – Changing careers: is real estate for you?

 05:35 – Do not give out your information to people that offer test questions or having knowledge of the state exam. They don’t and/or they are putting your license in jeopardy.

 07:35 List of recent grads: Caryn, Zach, Jory, Tyce, Jenna, Jaala, Ashley, Amiee, Robyn, Amanda, Katelyn, Sierra, Leslie, Zoe, Lisa, Delanie, Mark, Sabrian, Beau, Rocky, Kiesha, Kimberly, Jess, Shirley, Celia, Mona, Autumn, Andrea, Tricia, Mary, Kristina, Kristi, Sally, Bob, Brent, Elle, Kristin, Sophia, and Amber.

 09:15 – Message from Rocky

 12:20 – Difference between leasehold estate and estate for years.

 16:05 – Struggling with life estates? Stick with a few main principles: life estate holder aka life estate tenant they own the property based upon a life. Life estate is set on the tenant’s life. Pur autre vie is based upon someone other than the tenant holder. Remainderman and reversionary.

 22:10 – Free standing cabinet is a fixture by the MARIA definition of a fixture.

 25:45 – Are sellers required to disclose psychologically affected property such as murder, death, and sex offenders.

 28:34 – What happens to an agent’s license when their broker loses their license? It is suspended.

 30:45 – Is stating proximity to a religious center breaking fair housing? Yes, it is considered discriminatory advertising.

 32:00 – Is an agent required to disclose family interest in a property they are selling? Yes, for immediate family members.

 33:52 – Mortgage factor chart (mortgage payment) calculation: $220,000 loan at 15year 5 1/2 interest or 30 year 6-1/2 interest. What is the difference? 220 x 8.17 (15 year, 5.5% factor) = $1,797.40; 220 x 6.32 (30 year, 6.5% factor) = $1,390.40; Difference: $1,797.40 - $1,390.40 = $407

 38:05 – What are the essential elements of a valid contract? Offer, acceptance, consideration, legality, and capacity.

 40:25 – What is the alienation clause? Due on sale clause. Mortgage must be paid off when the property is sold.

 42:18 – Listing agreement has an extension component? Is this legal and what is required?

 45:03 – What is required of an agent when the customer has questionable financial status? Relay the reservations to the agent’s client.

 48:10 – Go to www.ahareep.com , sign up for the program for only $35, use discount code: legend15 to save 15% off.

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Episode 085 - Real Estate Exam Questions 39

Going through state exam questions to help real estate students pass their state exam.

01:40 – The school you choose is likely the contributing factor to you not passing the exam. That is not on you.

04:45 – Join study group on the A-Ha! Facebook page.

05:55 – Watch for scammers on our pages.

07:30 – List of recent grads: Bill, Jolly, Mary, Lauren, Kelly, Julie, Courtney, John, Michelle, Suzy, Amber, Sandy, Tracey, Kristin, Emanuel, Carmen, Nate, Rebecca, Tricia, Amber, Nick, Ken, Kelsey, Amanda, Daniela, Crystal, Unisha, Cody, Melinda, Tanya, Ericka, David, and Lilly.

08:55 – Email from Taryn.

10:20 – How important are legal descriptions on the state exam? Metes and bounds, rectangular survey method, and lot and block. Don’t worry about them at all.

13:35 – Is a land contract a unilateral or bilateral contract? It is bilateral contract.

16:57 – An easy way to remember a dominant and servient tenement in an easement? Dominant dominates another owner’s property. Servient tenement serves the use of another owner.

19:13 – Difference of selling agent and listing agent? Listing agent represents a seller. Selling agent represents the buyer.

21:55 – Does a small house cost more, less, or the same as a large home on a cost per unit basis? Small house costs more to build on a cost per unit basis.

26:28 – What is title theory versus lien theory state? Title theory states the lender takes legal title to the property during the payment period.

28:15 – RESPA applies to residential property only. Not personal property or commercial property.

30:47 – When does the right of recission kick in with Truth in Lending? When the borrower signs the loan documents.

32:57 – How should a broker handle a seller that wants to discriminate based upon race? No exceptions for race per Civil Rights Act of 1866.

35:45 – How can a co-owner transfer property in will when they pass away? Become a tenant in common.

38:47 – What action returns a party to their original position as if the contract never happened? Rescission, not cancellation, substitution, or subordination.

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Episode 083 - Real Estate Exam Questions 37

Going through state exam questions to help real estate students pass their state exam.

01:55 – Congratulations to the recent test graduates: Heather, Maxine, Matthew, Tina, Sean, Dan, Lisa, Nikki, Lewis, Myra, Steven, Stephanie, Jahel, Russel, Cindy, Pete, Kristie, Dillon, Kelly, Paige, Kyle, Nun, Sarah, Chris, Cori, Stephanie, Amy, Kate, Kim, Bianca, and Tonya.

 03:15 – Message from Teena.

05:20 – How to find episodes on multiple devices? Go to the website www.ahareep.com and it includes links to the different platforms we use.

06:43 – Things to think about if considering joining a real estate team.

11:30 – Beating a dead horse, do NOT memorize test questions and answers. Several people have used them and are not passing the exam.

15:20 – Jason asks about RESPA. Is it legal to offer discounts if someone has a one stop shop offering title, closing, and mortgages? Yes.

17:32 – Natalie asks about Do Not Call Registry. Consumer or customer we can contact for 3 months. Client, someone we worked with, we can contact for up to 18 months.

20:45 – What happens to a verbal conversation when commission is in question? Is it a contract, is the agent entitled to a commission, and is the contract enforceable. Statute of frauds would apply.

26:00 – How to apply depreciation to improvements on a parcel of land? Do not include the land in the depreciation calculation. $185,000 x 60% = $111,000 + $47,000 = $158,000.

29:27 – Agency duties of care, obedience and loyalty.

31:44 – A house with outdated plumbing suffers from what type of depreciation? Functional obsolescence. Curable versus incurable.

35:00 – When an HOA applies rules inconsistently, when could they be held liable for violating Fair Housing? Disability. Not citzenship, immigration status, or marital status. Marital status is under ECOA, Equal Credit Opportunity Act.

37:37 – If a person owns an easement, what type of easement do they have? Easement in gross..

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Episode 082 - Real Estate Exam Questions 36

Going through state exam questions to help real estate students pass their state exam.

01:30 – Congratulations to the recent test graduates: Kimberly, Kristen, Mandy, Tracey, Lisa, Renee, Matt, Dea, Hannah, Susan, Murphy, Krystal, Paul, Kelsey, Gabriel, Pat, Amy, Tracey, Lori, Collen, Anita, Jackie, Brandon, Zee, Emman, Tori, Nick, and Aliyah.

02:12 – Message from Kimberly.

3:43 – Our website is fully functional now. Visit us at www.ahareep.com and use discount code legendary15 for 15% off membership.

07:45 – What is the nominal rate in a loan? It is the rate of interest specified in the promissory note.

10:43 – A salesperson wants to buy a home from an owner that is not represented by an agent. What is required of the salesperson? Verify what the office policy will allow.

13:28 – What is needed in an offer to purchase to ensure the buyer can cancel the contract if they are denied a loan? A contingency.

15:55 – What type of estate does an owner receive when they buy a parcel of land  with the promise that the buyer does not tear down the building that is present on the land? Determinable fee estate or Fee Simple Defeasible.

18:48 – What is true of a contract when the seller cannot honor a closing date with the buyer? The contract is voidable by the buyer.

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Episode 080 - Real Estate Exam Questions 34

Going through state exam questions to help real estate students pass their state exam.

02:00 – Message from Maria; share your cooking recipes; go back to old episodes and YouTube channel for specific topics and subjects.

04:20 – Study buddies from all over. Let me know how I can help facilitate.

05:15 – Watch sharing test questions and cheating. States are watching, so don’t lose your license for cheating.

07:50 – Question about downpayment, loan to value (LTV), and purchase contract. For LTV choose the lower of purchase price or appraised value. Don’t forget purchase contract for difference between appraisal and purchase price.

12:48 – Is farm equipment personal property if its a trade fixture when a lease is involved?

17:18 – What type of lease would be appropriate for a tenant that wants a fixed rent amount? Gross lease.

19:50 – When may a salesperson open his own real estate business without a supervising broker (e.g. managing broker or principal broker)? When the salesperson is a supervising broker.

22:10 – What approach to value would an appraiser use to value a property if they have cost amounts? Cost approach. When would you use the different approaches to value? Sales comparison approach, income approach, and cost approach.

25:25 – Can a landlord enter their rentals without consent from the tenant? No due to tenant’s right of quiet enjoyment.

28:03 – Which agencies purchase loans in the secondary mortgage market? Fannie Mae (FNMA), Ginnie Mae (GNMA), and Freddie Mac (FHLMC), not FHA. FHA insures a loan.

30:45 – When compared to a 30-year payment period, taking out a loan with a 20-year payment period results in what? Higher monthly payments, lower interest rates, and higher equity build-up.

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Episode 079 - Real Estate Exam Questions 33

Going through state exam questions to help real estate students pass their state exam.

00:55 – It is Valentine’s Day and I love teaching real estate.

02:00 – Shout to all of the graduates, Hannah, Sean, Justin, Ann, Rich, Jeff, Kathy, Isaac, Kevin, Molly, Michelle, Stacey, Lisa, Lori, and Michael.

03:30 – Stephanie: “Shut your face, I passed”.

05:20 – Please send me your state specific study materials. I will go through it and make study guides for you.

08:45 – Do NOT cheat to pass the test. Do NOT study test questions.

14:18 – If broker represents a seller and presents an offer from the broker’s best friend. Who does the broker represent and act in their best interest? Answer: the seller, not the best friend.

19:00 – What is Time is of the essence?

22:50 – What type of lease automatically renews? Periodic tenancy, periodic estate, estate from period to period.

27:05 – Zoning designations: residential, commercial, and industrial. Differences between public and private controls. Who are the participants?

31:20 – What percentage share is assumed when co-owners take ownership as tenants in common? Answer: assumed to be equal, but is not required to be equal.

35:48 – Fannie Mae, Freddie Mac, and Ginnie Mae – they do not provide loans, they buy loans from banks; conforming and non-conforming; FHA insured and VA guaranteed.

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Episode 078 - Real Estate Exam Questions 32

Going through state exam questions to help real estate students pass their state exam.

01:30 – Pause the podcast and go watch Groundhog Day.

03:00 – Shout out to everyone that is passing the exam and some tips from Chris.

07:45 – Suggestions on doing math on the real estate exam.

12:05 – Proration of rent. 3 apartments rent for $995, close on November 14; what is prorated rent? Answer $1,592.

18:25 – Are seller concessions based upon the loan amount or the purchase price? For loan qualification purposes it is the based upon the purchase price.

22:45 – What is the difference between abstract of title and chain of title?

25:45 – What clause allows a lender to demand full payment when the borrower is in default? Acceleration clause, not alienation clause or prepayment clause.

28:45 – What type of ownership do two joint tenants have after a third owner sells their interest? They remain joint tenants. Combination of tenancies.

34:10 – What form of ownership does a joint tenant have when the other joint tenant passes? Answer: severalty.

37:40 – Explain the differences with examples of a unilateral and a bilateral contract, and express versus implied contract.

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Episode 077 - Real Estate Exam Questions 31

Going through state exam questions to help real estate students pass their state exam.

03:35 – Be care of scammers on our FaceBook page.

06:12 – Prorations: 360 day year; bankers year. Check our class videos on our YouTube channel.

13:20 – What can and cannot terminate an offer to purchase real estate?

18:17 – What type of lease includes a fixed or base rent and a percentage of the cost to maintain the building? Answer: Net lease.

22:47 – How should a buyer take ownership if they want to ensure their spouse receives the property upon the first party’s death? What should the broker suggest?

26:15 – A contract is terminated if what happens? Answer: impossible to perform.

29:15 – What are private land use controls? Answer: deed restrictions.

31:33 – What is required when an owner lists their property for sale “as is”? Answer: seller must disclose defects.

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Episode 076 - Real Estate Exam Questions 30

Going through state exam questions to help real estate students pass their state exam.

01:17 – Message from Wendi; how to study for the test.

05:20 – Is it worth buying test prep material?

10:35 – Difference between tenancy in common and joint tenancy, right of survivorship.

15:30 – Culpable negligence, negligent misrepresentation, and fraud. What is an agent’s responsiblity?

21:30 – Trade fixture, fixture, and appurtenance issues with a commercial tenant.

27:22 – What does a home warranty cover for a previously owned home?

29:55 – What type of lease would be suited with tenants that have growing income? Percentage lease, not gross lease.

34:00 – Is a commission due to a listing agent when an offer arrives that meets the terms of the listing agreement? Watch suit for specific performance.

40:18 – What valuation approach to use for a mixed use property with commercial and living space? Income and sales comparison approach.

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Episode 074 - Exam Questions 28

Going through state exam questions to help real estate students pass their state exam.

01:20 – Never a bad time to get into the real estate industry.

03:45 – One year anniversary of the A-Ha! Podcast. Thank you!!

06:10 – Email from Lauren. Email brian@ahareep.com for the PSI exam outline.

08:55 – Messenger message: what can a student do if they don’t pass the exam in time and have to retake the real estate class?

14:50 – Difference between net and gross leases.

18:05 – What is the right of first refusal? Is the seller required to sell their property?

20:00 – Calculating closing costs and how it works with down payment, appraised value, and discount points. The lender bases their lending criteria on the lower of the purchase price or appraised value.

22:37 – Cost of discount points: $325,000 purchase price, $340,000 appraised value, 20% down payment, and 1.5 discount points paid. $325,000 x 80% = $260,000 x 1.5% = $3,900.

27:22 – What should an agent do if they notice the water heater is not operable?

31:18 – What rule is broken when a lender changes the loan terms at the closing table and pressures the borrower to sign the loan documents? Equal Credit Opportunity Act (ECOA), TRID, and RESPA.

37:00 – How to remember blockbusting, steering, and redlining. Blockbusting: busting up (breaking up) the neighborhood; Steering: steering (guiding) clients to or away from certain areas based upon protected class; Redling: illegal lending practice where lenders draw a “red line” around areas they do not want to lend in based upon a protected class

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