This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam.

In this episode you will learn:

• Why land is never depreciated while improvements lose value over time.

• The economic difference between curable and incurable physical deterioration.

• How to identify functional obsolescence through outdated design or super adequacies.

• Why external obsolescence is the only type of depreciation that is always incurable.

• How to use the PFE mnemonic to distinguish between physical, functional, and external factors.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep