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Real Estate Exam [National] 44, Assignment and Novation Explained
Real Estate Exam Prep · Ran Chen, EA, CFP®
February 19, 20263m 35s
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Show Notes
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