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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