Episode 085 - Real Estate Exam Questions 39

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

 

01:40 – The school you choose is likely the contributing factor to you not passing the exam. That is not on you.

 

04:45 – Join study group on the A-Ha! Facebook page.

 

05:55 – Watch for scammers on our pages.

 

07:30 – List of recent grads: Bill, Jolly, Mary, Lauren, Kelly, Julie, Courtney, John, Michelle, Suzy, Amber, Sandy, Tracey, Kristin, Emanuel, Carmen, Nate, Rebecca, Tricia, Amber, Nick, Ken, Kelsey, Amanda, Daniela, Crystal, Unisha, Cody, Melinda, Tanya, Ericka, David, and Lilly.

 

08:55 – Email from Taryn.

 

10:20 – How important are legal descriptions on the state exam? Metes and bounds, rectangular survey method, and lot and block. Don’t worry about them at all.

 

13:35 – Is a land contract a unilateral or bilateral contract? It is bilateral contract.

 

16:57 – An easy way to remember a dominant and servient tenement in an easement? Dominant dominates another owner’s property. Servient tenement serves the use of another owner.

 

19:13 – Difference of selling agent and listing agent? Listing agent represents a seller. Selling agent represents the buyer.

 

21:55 – Does a small house cost more, less, or the same as a large home on a cost per unit basis? Small house costs more to build on a cost per unit basis.

 

26:28 – What is title theory versus lien theory state? Title theory states the lender takes legal title to the property during the payment period.

 

28:15 – RESPA applies to residential property only. Not personal property or commercial property.

 

30:47 – When does the right of recission kick in with Truth in Lending? When the borrower signs the loan documents.

 

32:57 – How should a broker handle a seller that wants to discriminate based upon race? No exceptions for race per Civil Rights Act of 1866.

 

35:45 – How can a co-owner transfer property in will when they pass away? Become a tenant in common.

 

38:47 – What action returns a party to their original position as if the contract never happened? Rescission, not cancellation, substitution, or subordination.

 

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