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31:44 – A house with outdated plumbing suffers from what type of depreciation?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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