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:

- The legal definition of assignment and why the assignor retains secondary liability.

- The mechanics of novation and how it substitutes a new contract for an old one.

- Why consent from all parties is mandatory for novation but usually optional for assignment.

- How to differentiate between assignment and novation in mortgage assumption exam questions.

- A memorable mnemonic to distinguish between being assigned to a debt and creating a new station.

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