pass the test

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 081 - Real Estate Exam Questions 35

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

 

00:00 – 100,000 downloads!!! What an incredible accomplishment and it is thanks to all of you! You rock!!!

03:10 – Recent state grads: Kate, Mapnr, Grant, Kristy, Ashley, Michelle, Essence, Allie, Vaughn, Karen, Matt (IN), Anita, Anne, Kim, Courtney, Lynn, Gail, Maggie, Alecia, Tina, and Susan.

03:45 – Email from Susan. Stick with it. You WILL pass.

07:35 – Watch the discount schools. You get what you pay for.

09:30 – What should a broker do when an agent wants to leave them? What about real estate leads and pending transactions? What if the broker suspects unethical behavior?

18:13 – What do PITI payments include? Principal, Interest, Taxes, and Insurance. It does not include PMI, MIP, or HOA dues.

22:02 – Real property is defined as what? It does not include mobile homes or cemetery lots, which are personal property.

24:55 – What is ingress and egress? Simply it means in and out.

26:45 – Are oral/verbal agreements enforceable? Difference of enforceable and unenforceable contract versus a valid and void/illegal contract. Statute of frauds.

30:55 – Who can you call when a person is on the Do Not Call List/Registry.

33:10 – What does a zoning map show and what does the comprehensive plan include?

35:55 – What rule must an owner follow if one conflicts with another: building codes, zoning, and deed restrictions?

39:40 – Servient versus dominant tenement in an easement. Servient serves another property owner. Dominant dominates another property owner.

 

A-Ha LINKS

 

Email

info@ahareep.com

 

Web

www.ahareep.com

 

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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.

 

A-Ha LINKS

 

Email

info@ahareep.com

 

Web

www.ahareep.com

 

Facebook

https://www.facebook.com/AHA.REEP

 

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https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

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.

 

A-Ha LINKS

 

Email

info@ahareep.com

 

Web

www.ahareep.com

 

Facebook

https://www.facebook.com/AHA.REEP

 

YouTube

https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

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

 

A-Ha LINKS

 

Email

info@ahareep.com

 

Web

www.ahareep.com

 

Facebook

https://www.facebook.com/AHA.REEP

 

YouTube

https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A