Episode 065 - State Exam Questions 19

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

02:18 – Watch you sources for exam prep information. Not all information is correct or complete.

06:34 – What are the steps to using the cost approach?

09:15 – What is the purpose of a real estate appraisal?

10:58 – What must an appraiser do before using a comparable property?

13:25 – What is a life estate and how do they work? Pur autre vie – for the life of another.

17:02 – Who gets the earnest money when the parents of the buyer provides the earnest money?

21:08 – What type of agency exists when two different agents working for two different firms but are affliated with the same national franchise?

24:23 – What is the difference between a license and an encroachment?

27:29 – Calculating interest payments: $120,000 loan with a $2,700 quarterly interest payment, what is the annual interest rate?  $2,700 / $120,000 = 2.25% (Quarterly); 2.25% x 4 = 9% annual interest rate.

Episode 064 - State Exam Questions 18

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

04:20 – What is equitable title?

08:17 – Can non-agents receive a referral fee?

11:02 – What type of lien takes priority or is superior to other liens?

14:08 – Which approach to value would one use to value a government property?

17:13 – When using the sales comparison approach to value, what is adjusted and how?

22:20 – When does the ownership transfer from seller to buyer? When does is the actual title transfer from grantor to grantee?

26:11 – What is subagency?

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Episode 063 - State Exam Questions 17

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

05:08 – What does a property manager do?

07:40 – What clause makes a mortgage unassumable?

12:20 – A broker owes a customer what?

15:55 – What is an 80-10-10 piggyback mortgage and how does it affect a borrower?

20:10 – What is the principal in the loan?

23:30 – What liability does an agent have when incorrectly completing a CMA (comparative market analysis)?

27:08 – What advise should an agent offer to a client regarding how to take title to a property?

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Episode 062 - State Exam Questions 16

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

03:58 – Two contracts have been accepted by a seller. What happens when the first buyer wants repairs?

08:28 – How should an agent advise a client regarding property insurance?

10:10 – What can an agent disclose regarding the seller’s motivation?

12:35 – What is specific performance?

14:20 – Who is entitled to a commission in an open listing?

17:34 – What is the primary purpose of zoning laws?

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Episode 061 - State Exam Questions 15

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

03:10 – How can students get help with state specific questions?

05:40 – What duties does an agent have with a seller? Watch who is the selling agent. It is the buyer’s agent.

08:55 – What to do when a promissory note is provided as earnest money?

011:25 – Who is responsible if an agent, who is working for a broker, is alleged of illegal conduct?

14:25 – What is required when a broker is also an owner of a title company?

16:08 – What happens with verbal commitments, even when involving a tenant occupied property?

19:20 – How to calculate discount points. $125,000 x 80% = $100,000 x 2% = $2,000.

23:20 – What is required when an existing home does not meet current building code?

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Episode 059 - State Exam Questions 13

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

01:10 – Congrats to Allie out of Arizona!

03:40 – How to make adjustments to value property.

07:05 – Fiduciary duties of an agent when listing a home.

10:25 – When is an adjustable rate mortgage (ARM) not a good idea for a borrower?

14:20 – What is the best means to eliminate a cloud on the title?

16:25 – What is a typial responsibility of a property manager?

18:20 – Calculating property taxes. 1 mill = 1/1,000; example: 30 mills / 1,000 = 3% tax rate. Use the assessed value.

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Episode 058 - State Exam Questions 12

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

01:45 – What is depreciation?

05:12 – How does a life estate work? Daughter owns a property pur autre vie with her mother. What happens when the daughter passes before the mother?

07:42 – Capital gains exclusion rule. $250,000/$500,000 capital gain exclusion for any owner occupant if they occupied the home as their personal residence for 2 of the past 5 years.

11:38 – What qualifies as a fixture? Are ceiling fans a trade fixture even if they were not in the contract to stay?

14:10 – Disclosure of property defects even if a report says something different. Does the seller have to disclose a defect, even if it doesn’t present as an issue often?

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Episode 057 - Exam Questions 11

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

03:30 – Joint Tenancy with the right of survivorship. Avoid paying debt of decedent.

06:15 – Contract does not include appliances because the agent forgot to include it. Who is liable? Will the buyer get the appliances?

09:50 – What is required to receive a referall from an out-of-state agent?

12:05 – What type of deed will a buyer receive from the bank when the bank received the property due to foreclosure?

14:30 – Can lender change loan terms and force the buyer to sign the loan documents at the closing table so they can get the loan and buy the house?

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Episode 056 - Exam Questions 10

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

02:10 – Appliances were not included in the contract. Who is at fault when the appliances are not left?

04:58 – What is considered predatory lending?

09:30 – Offeree wants more time to respond to an offer from an offeror. What can be done?

13:10 – Seller is blind. How does the agent handle the seller’s disclosure?

15:55 – $200,000 purchase price, $40,000 down payment, lender charges 4% in discount points. How much do the discount points cost the borrower?

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Episode 055 - Exam Questions 9

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

01:00 – Landlord vs. Tenant; Lessor vs. Lessee; Leased Fee Interest vs. Leasehold interest

06:50 – Can and how may an agent receive a bonus from a client?

09:55 – What responsiblities does an agent have for a client that is created by implied agency? Inspection due diligence.

15:20 – May you call a consumer that is on the Do Not Call List?

17:40 – How do you handle a client that owns the property in a trust on a property with noise and construction issues?

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