A-Ha! Real Estate Exam Prep Podcast

Episode 065 - State Exam Questions 19 Going through state exam questions to help real estate students pass their state exam. 02:18 – Watch you sources for exam prep information. Not all information is correct or complete. 06:34 – What are the steps to using the cost approach? 09:15 – What is the purpose of a real estate appraisal? 10:58 – What must an appraiser do before using a comparable property? 13:25 – What is a life estate and how do they work? Pur autre vie – for the life of another. 17:02 – Who gets the earnest money when the parents of the buyer provides the earnest money? 21:08 – What type of agency exists when two different agents working for two different firms but are affliated with the same national franchise? 24:23 – What is the difference between a license and an encroachment? 27:29 – Calculating interest payments: $120,000 loan with a $2,700 quarterly interest payment, what is the annual interest rate? $2,700 / $120,000 = 2.25% (Quarterly); 2.25% x 4 = 9% annual interest rate.

Episode 064 - State Exam Questions 18 Going through state exam questions to help real estate students pass their state exam. 04:20 – What is equitable title? 08:17 – Can non-agents receive a referral fee? 11:02 – What type of lien takes priority or is superior to other liens? 14:08 – Which approach to value would one use to value a government property? 17:13 – When using the sales comparison approach to value, what is adjusted and how? 22:20 – When does the ownership transfer from seller to buyer? When does is the actual title transfer from grantor to grantee? 26:11 – What is subagency? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 063 - State Exam Questions 17 Going through more exam questions to help real estate students pass their state exam. 05:08 – What does a property manager do? 07:40 – What clause makes a mortgage unassumable? 12:20 – A broker owes a customer what? 15:55 – What is an 80-10-10 piggyback mortgage and how does it affect a borrower? 20:10 – What is the principal in the loan? 23:30 – What liability does an agent have when incorrectly completing a CMA (comparative market analysis)? 27:08 – What advise should an agent offer to a client regarding how to take title to a property? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 062 - State Exam Questions 16 Going through more exam questions to help real estate students pass their state exam. 03:58 – Two contracts have been accepted by a seller. What happens when the first buyer wants repairs? 08:28 – How should an agent advise a client regarding property insurance? 10:10 – What can an agent disclose regarding the seller's motivation? 12:35 – What is specific performance? 14:20 – Who is entitled to a commission in an open listing? 17:34 – What is the primary purpose of zoning laws? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 061 - State Exam Questions 15 Going through more exam questions to help real estate students pass their state exam. 03:10 – How can students get help with state specific questions? 05:40 – What duties does an agent have with a seller? Watch who is the selling agent. It is the buyer's agent. 08:55 – What to do when a promissory note is provided as earnest money? 011:25 – Who is responsible if an agent, who is working for a broker, is alleged of illegal conduct? 14:25 – What is required when a broker is also an owner of a title company? 16:08 – What happens with verbal commitments, even when involving a tenant occupied property? 19:20 – How to calculate discount points. $125,000 x 80% = $100,000 x 2% = $2,000. 23:20 – What is required when an existing home does not meet current building code? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 060 - State Exam Questions 14 Going through more exam questions to help real estate students pass their state exam. 02:05 – When is earnest money required and what is consideration? Watch the word "must". 05:35 – Water front property and what can a listing agent advertise? Watch the disclosure issues.. 08:25 – What time period must a person file a complaint for a fair housing issue? 09:25 – What happens to a listing contract when everyone in a corporation dies? 12:40 – What disclosures are required when a property is being sold "as-is". 15:30 – Email for study guides and math formula sheets. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 059 - State Exam Questions 13 Going through more exam questions to help real estate students pass their state exam. 01:10 – Congrats to Allie out of Arizona! 03:40 – How to make adjustments to value property. 07:05 – Fiduciary duties of an agent when listing a home. 10:25 – When is an adjustable rate mortgage (ARM) not a good idea for a borrower? 14:20 – What is the best means to eliminate a cloud on the title? 16:25 – What is a typial responsibility of a property manager? 18:20 – Calculating property taxes. 1 mill = 1/1,000; example: 30 mills / 1,000 = 3% tax rate. Use the assessed value. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 058 - State Exam Questions 12 Going through more exam questions to help real estate students pass their state exam. 01:45 – What is depreciation? 05:12 – How does a life estate work? Daughter owns a property pur autre vie with her mother. What happens when the daughter passes before the mother? 07:42 – Capital gains exclusion rule. $250,000/$500,000 capital gain exclusion for any owner occupant if they occupied the home as their personal residence for 2 of the past 5 years. 11:38 – What qualifies as a fixture? Are ceiling fans a trade fixture even if they were not in the contract to stay? 14:10 – Disclosure of property defects even if a report says something different. Does the seller have to disclose a defect, even if it doesn't present as an issue often? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 057 - Exam Questions 11 Going through more exam questions to help real estate students pass their state exam. 03:30 – Joint Tenancy with the right of survivorship. Avoid paying debt of decedent. 06:15 – Contract does not include appliances because the agent forgot to include it. Who is liable? Will the buyer get the appliances? 09:50 – What is required to receive a referall from an out-of-state agent? 12:05 – What type of deed will a buyer receive from the bank when the bank received the property due to foreclosure? 14:30 – Can lender change loan terms and force the buyer to sign the loan documents at the closing table so they can get the loan and buy the house? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 056 - Exam Questions 10 Going through more exam questions to help real estate students pass their state exam. 02:10 – Appliances were not included in the contract. Who is at fault when the appliances are not left? 04:58 – What is considered predatory lending? 09:30 – Offeree wants more time to respond to an offer from an offeror. What can be done? 13:10 – Seller is blind. How does the agent handle the seller's disclosure? 15:55 – $200,000 purchase price, $40,000 down payment, lender charges 4% in discount points. How much do the discount points cost the borrower? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 055 - Exam Questions 9 Going through more exam questions to help real estate students pass their state exam. 01:00 – Landlord vs. Tenant; Lessor vs. Lessee; Leased Fee Interest vs. Leasehold interest 06:50 – Can and how may an agent receive a bonus from a client? 09:55 – What responsiblities does an agent have for a client that is created by implied agency? Inspection due diligence. 15:20 – May you call a consumer that is on the Do Not Call List? 17:40 – How do you handle a client that owns the property in a trust on a property with noise and construction issues? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 054 - Exam Questions 8 Going through more exam questions to help real estate students pass their state exam. 01:55 – When is the best time to file a lien to delay closing? 07:00 – Dry cleaner and environmental disclosure. 10:25 – What change would cause a new 3 day disclosure from the lender? 13:10 – What is requirement for broker that works from home? 14:50 – Broker is out of town; broker must do what when an offer is received for client? A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 053 - Exam Questions 7 from Listener Racquel Listen Racquel chimed in with several topics that she saw on the exam. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 052 - Exam Questions 6 Breaking down exam questions to help real estate students pass the state exam. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 051 - Exam Questions 5 Breaking down exam questions to help real estate students pass the state exam. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 050 - Exam Questions 4 This is our "golden" episode number 50. Yay! Going through more exam questions to help real estate students pass their state exam. SHOW NOTES 04:30 – Question: broker guaranteeing profit. 08:35 – Question: client or customer. 11:20 – Question: statute of frauds. 13:30 – Question: easement by prescription. 16:35 – Question: disposition of earnest money. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 049 - Exam Questions 3 Round 3 of exam questions. If you have any questions or topics, make sure to let us know! A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 048 - Fair Housing Exemptions Owner Occupied 1 to 4 Unit Residence Not using a real estate professional Discriminatory advertising cannot be used A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 047 - Exam Topics 2 Round 2 of exam topics. If you have any questions or topics, make sure to let us know! A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 046 - 6 and 8 Answer Questions Those crazy questions with a ridiculous amount of possible answers can really help you. Don't freak out over them. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 045 - Exam Topics 1 Who is responsible for evicting the tenant? Electronic signatures Splitting up a parcel of land Unilateral contract Quitclaim deed elements A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 044 - OR vs. EE The OR has the right, title, or "thing". The EE receives the right, title, or "thing". Grantor and grantee question. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 043 - 5 Acronyms You Need to Know DEEP C MARIA PETE PITT VISE A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 042 - Interview with Lauren Newhouse Lauren Newhouse is a newly licensed agent and has some fantastic advice and suggestions that helped her to study and pass the exam. She talks about how she choose a broker and even throws in a plug or 10 about how much A-Ha! helped her knock out the state exam. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 041 - RESPA & Closings Loan Estimate Form Closing Disclosure Form Your Home Loan Toolkit 3 days to complete A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 040 - Other Lease Types Gross Net Percentage Variable: Graduated and Index A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 039 - Rectangular Survey System Principal Meridian Baseline Range line Township line Section A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 038 - Customer versus Client Client – the party the agent is working for Customer – a party the agent is not working for but is owed some duties. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 037 - Earnest Money and Contingencies What happens to earnest money when a deal goes bad? What if there is a contingency? Be sure to know how this works. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 036 - Calculating Real Estate Commissions Be sure to read and answer the question. Also, write down the information, don't do it in your head or just your calculator. Many questions are answered wrong because you are going too fast. Take your time and you will knock it out. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 035 - Terminating a Contract How do you make a contract go away or enforce it. You better know this for the exam along with the following terms: Cancellation Rescission Suit for Specific Performance Breach of Contract A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 034 - Creating a Contract Make sure to know how a contract is formed along with the following terms: Offeror Offeree Offer Acceptance Counteroffer Rejection Rescission A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 033 - Types of Listing Agreements Exclusive Right-To-Sell Exclusive Agency Open Listing Net Listing A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 032 - Antitrust Laws Brokerage firms cannot collude or conspire to take advantage of consumers. Be sure to know the practices that brokers are not permitted to engage. Price Fixing Group Boycotting Allocation of Markets Tie-In Agreements A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 031 - Recording and Notice What happens when a document is placed into public record? Your test will expect that you know. Constructive and Actual Notice. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 030 - Joint Tenancy Co-Ownership is complicated. Make sure to remember the definitions to "T". Joint Tenancy, Tenancy in Common, and Tenancy by the Entirety. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 029 - Legal Tests of a Fixture - MARIA Nothing tests you more on the exam or the real world than this topic. Know what a judge would consider when deciding whether property is real or personal. MARIA: Method, Adaptability, Relationship of parties, Intent of the parties, and Agreement of the parties. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 028 - Factors Affecting Supply and Demand What affects the supply of real estate and the demand for that real estate? You better know for the exam. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 027 - Environmental Legislation Brownfields CERCLA SARA ESA – Environmental Phase 1 and Phase 2 A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 026 - Types of Liens Acronym VISE Voluntary vs. Involuntary Statutory vs. Equitable General lien vs. Specific Lien A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 025 - Basics in Valuation of Property Highest and Best Use Increasing and Diminishing Returns Progression and Regression A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 024 - Interest Payment Calculations Interest Payment Formula: Loan Amount x Periodic Interest Rate = Periodic Interest Payment Make sure to use the LOAN amount (not necessarily the purchase price), and watch the interest rate time period and payment schedule. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 023 - Tax Benefits and Deductions Everyone loves to save money, almost as much as they love passing their real estate exam. Make sure you know about the various deductions and tax benefites available so you can answer those related test questions. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 022 - Mortgage Clauses No! It is not Christmas, but you do need to know about a few clauses other than Santa. Mortgage terms are plentiful and you need to know about some of the promises when borrowing money. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 021 - Property Management Not too deep of a dive on this topic, but worthy of a quick listen to make sure you can apply concepts surrounding managing property to your exam questions. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 020 - Fair Housing Definitions Make sure to memorize the years when various laws were adopted and the terms to watch for on the state exam. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 019 - Prorations Proration calculations always twists your mind. Don't let it. To tackle these questions, make sure you understand the basics of them first. Then you can go after the math. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 018 - Leasing Issues - Tenancy at Sufferance and Eviction No one likes to think about the bad side of leasing, but it happens. For the exam, make sure you know what happens when a tenants stays beyond their welcome, and what remedies the landlord and tenant have if the other is in breach of the lease contract. A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 017 - Types of Agency Relationships As a licensed agent, you will have the ability to take on many roles for various parties. What you are authorized to do will dictate some of that. Know the three types of agency relationships. Universal General Special A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A

Episode 016 - Creating Agency There is a smart way and a not-so-smart way to create agency. For your exam, know how agency is created, the parties involved, and what is required. Express agency Implied agency A-Ha LINKS Email [email protected] Web www.ahareep.com Facebook https://www.facebook.com/AHA.REEP YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A