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.