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 defining characteristics of a Special Agent and their limited scope in transactions.

- Why property management is the primary example of a General Agency relationship.

- The distinction between a broker and sales associate as a form of general agency.

- The high level of authority granted to a Universal Agent through Power of Attorney.

- The S.G.U. mnemonic to quickly categorize agency types during the exam.

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

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 primary differences between Express and Implied agency creation methods

• How Agency by Ratification validates unauthorized actions after they occur

• The legal implications of Estoppel and how it prevents denial of agency

• Why written express agreements are vital for commission protection under the Statute of Frauds

• Common exam traps involving apparent authority and unintended dual agency

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

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 distinction between lawful and unlawful obedience in agency relationships

- Why the duty of loyalty requires placing client interests above personal commissions

- How to handle material facts and latent defects regardless of as-is clauses

- The unique nature of confidentiality and why it survives the closing of a deal

- Critical differences between commingling and conversion of client funds

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

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 distinction between a client and a customer in agency law.

• The four ways an agency relationship is created including express and implied methods.

• How to apply the OLD CAR mnemonic to fiduciary duty exam scenarios.

• The critical differences between the duties of loyalty and disclosure to a principal.

• Why the source of commission payment does not establish an agency relationship.

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

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:

• Rescission acts as a total contract nullification that returns all parties to their original financial positions.

• Liquidated damages are predetermined sums, usually the earnest money, that serve as the total penalty for a breach.

• Specific performance is a unique legal remedy used to force a sale because real property is considered one of a kind.

• Compensatory damages are court-ordered payments designed to cover the actual proven financial losses of the injured party.

• A suit for specific performance is significantly more common and successful when brought by a buyer against a seller.

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

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 definition of the Mirror Image Rule and why exact matches are required for a valid contract.

• How a counteroffer serves a dual purpose as a legal rejection of the original offer and the creation of a new one.

• Why a seller cannot "go back" and accept an original offer after they have issued a counteroffer.

• The critical importance of communicating acceptance to make a contract legally binding and prevent revocation.

• How to distinguish between a casual inquiry and a formal counteroffer in exam scenarios.

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

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 earnest money is considered a good faith deposit rather than a legal requirement for contract validity.

• The critical differences between commingling and conversion and how they impact a broker's license.

• How contingency clauses protect a buyer's deposit and when those funds must be returned.

• The role of earnest money as liquidated damages in the event of a buyer's breach of contract.

• The proper procedure for handling disputed funds and the neutral role of the escrow agent.

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

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:

- How contingencies function as conditions that make a real estate contract voidable.

- The specific role of financing and appraisal contingencies in protecting a buyer's earnest money.

- Why the inspection contingency requires strict adherence to notice timeframes.

- The impact of a sale of other property contingency on the strength of a buyer's offer.

- A simple mnemonic to recall the five major contingencies tested on the national exam.

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

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

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 real estate exam.

In this episode you will learn:

• The critical distinction between the vendor as the legal title holder and the vendee as the equitable title holder.

• Why the deed is not delivered to the buyer until the very last installment payment is made.

• The risks associated with forfeiture clauses where a buyer might lose all equity upon default.

• How to identify land contracts by their alternative names such as installment contracts or contracts for deed.

• Why equitable title provides the right to future legal ownership but lacks the immediate status of being the owner of record.

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