Episode 086 - Real Estate Exam Questions 40

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

01:20 – Changing careers: is real estate for you?

05:35 – Do not give out your information to people that offer test questions or having knowledge of the state exam. They don't and/or they are putting your license in jeopardy.

07:35 List of recent grads: Caryn, Zach, Jory, Tyce, Jenna, Jaala, Ashley, Amiee, Robyn, Amanda, Katelyn, Sierra, Leslie, Zoe, Lisa, Delanie, Mark, Sabrian, Beau, Rocky, Kiesha, Kimberly, Jess, Shirley, Celia, Mona, Autumn, Andrea, Tricia, Mary, Kristina, Kristi, Sally, Bob, Brent, Elle, Kristin, Sophia, and Amber.

09:15 – Message from Rocky

12:20 – Difference between leasehold estate and estate for years.

16:05 – Struggling with life estates? Stick with a few main principles: life estate holder aka life estate tenant they own the property based upon a life. Life estate is set on the tenant's life. Pur autre vie is based upon someone other than the tenant holder. Remainderman and reversionary.

22:10 – Free standing cabinet is a fixture by the MARIA definition of a fixture.

25:45 – Are sellers required to disclose psychologically affected property such as murder, death, and sex offenders.

28:34 – What happens to an agent's license when their broker loses their license? It is suspended.

30:45 – Is stating proximity to a religious center breaking fair housing? Yes, it is considered discriminatory advertising.

32:00 – Is an agent required to disclose family interest in a property they are selling? Yes, for immediate family members.

33:52 – Mortgage factor chart (mortgage payment) calculation: $220,000 loan at 15year 5 1/2 interest or 30 year 6-1/2 interest. What is the difference? 220 x 8.17 (15 year, 5.5% factor) = $1,797.40; 220 x 6.32 (30 year, 6.5% factor) = $1,390.40; Difference: $1,797.40 - $1,390.40 = $407

38:05 – What are the essential elements of a valid contract? Offer, acceptance, consideration, legality, and capacity.

40:25 – What is the alienation clause? Due on sale clause. Mortgage must be paid off when the property is sold.

42:18 – Listing agreement has an extension component? Is this legal and what is required?

45:03 – What is required of an agent when the customer has questionable financial status? Relay the reservations to the agent's client.

48:10 – Go to www.ahareep.com , sign up for the program for only $35, use discount code: legend15 to save 15% off.

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