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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