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 084 - Real Estate Exam Questions 38

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

01:00 – March Madness and taking the state exam. Go Hoosiers!!

 04:00 – Share www.indianarealestateinstitute.com for real estate and workshops to help new and existing real estate agents.

 05:08 – Congratulations to the recent test graduates: Kate, Lindsay, Abby, Chase, Lou, Ashley Hannah, Faisal, Matt, Lexi, Gary, Ericka, Candy, Lori, Laura, Loren, Kelsey, Tonya, Randy, Jessica, Stephanie, Orr, Abraham, Shea, Justin, Amanda, Carmen, Kesha, Charlotte, and Tony.

 06:06 – Message from Heather.

10:35 – Alluvium, Accretion, Alluvial, and Avulsion. What is the difference? Shout out to Debbie in Boston. Go Red Sox!

15:45 – What type of contract happens when an intoxicated buyer has an accepted contract with the seller. Voidable.

19:43 – A minor enters into a contract but can complete it when they are no longer a minor. What type of contract is this? Voidable.

22:45 – What happens to the original offer when a counter is rejected? A counter is a rejection of the original offer.

24:40 – Calculating commissions. $800,000 sale with a 3% commission, split 50-50 with a co-broker, and split 40% with the managing broker. What amount does the managing broker earn? 800,000 x 3% = $24,000; Divide that by 2 since he has a co-referral agreement of 50-50. $24,000 / 2 = $12,000; then take the $12,000 x 40% = $4,800.

 29:00 – What may a seller do if buyer 1 wants to negotiate for repairs when they have a buyer 2 as a back up offer?

33:05 – Does death of the offeror or offeree terminate an offer? No

34:50 – What would be the most inappropriate thing for a broker to offer when a buyer asks how to take title?.

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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 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.

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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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