Real Estate Licensing Exams

Real Estate Licensing Exams

by Raymond D. Modglin

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Product Details

ISBN-13: 9781465462749
Publisher: DK
Publication date: 07/11/2017
Series: Idiot's Guides Series
Pages: 384
Sales rank: 512,477
Product dimensions: 7.60(w) x 9.10(h) x 0.60(d)

About the Author

Raymond D. Modglin is the director of REAL University, a real estate pre-licensing and continuing education real estate school, a keynote speaker, and host of his own podcast "Real Estate with Raymond" where he gets to speak to and educate thousands of newly licensed and veteran real estate agents throughout Indiana, as well as other states. Raymond has written several books including, Introduction Into Commercial Real Estate Brokerage, Starting Your Real Estate Brokerage, The Hand Guide to Dumping your Debt, and The Modglin Mindset.

With over $100 Million in sales and 15 years in the business, Raymond has been able to help many clients buy, sell, and trade their residential owner-occupied and investment real estate along with commercial properties, including the largest short-sale in the Indiana in 2010 at a value of $11.4 Million in one deal.

Table of Contents

Part 1 Introduction to the Real Estate Business 1

1 Why Real Estate as a Career? 3

Career Benefits 4

Career Responsibilities 5

Who Becomes Real Estate Professionals? 6

Other Real Estate Positions 7

Financial Expectations 8

Outlook for the Future 9

2 Taking the Real Estate Exam 11

Registration Requirements 12

Registering for the Exam 13

The Pass/Fail Method of Licensing 14

State Agencies and Getting Licensed 15

Local Board Membership 15

What Happens After You Pass? 16

What Happens If You Fail Your Exam? 18

3 Successful Exam Strategies 21

Successful Studying Strategies 22

Practice Test and Quizzes 24

How to Read the Questions 26

Solving Math Problems 27

Part 2 The Job Basics 29

4 The Realtor Job 31

REALTOR 101 32

Licensing Levels 35

Which Brokerage Is Right for You? 36

Understanding the Commission Structure 38

The Sherman Antitrust Issues in Real Estate 40

5 Agency Law 43

Understanding Agency 44

The Fiduciary Responsibilities of Agency 46

How Is an Agency Created? 48

How to Terminate an Agency 51

The Relationship Between Salesperson and Broker 52

Calculating Your Commission 52

Avoiding Common Issues 53

6 Contract Law 56

What Makes a Contract? 57

Types of Contracts in Real Estate 59

Real Estate Risk Management 64

7 Fair Housing 68

What Is Fair Housing? 69

State Versus Federal Fair Housing Requirements 71

Understanding the Federal Protected Classes 71

Exceptions to the Fair Housing Act 74

Violations of Fair Housing 74

Fair Housing Enforcement Procedures 77

What Fair Housing Means to Real Estate Licensees 79

8 Ethics 80

What Is Ethics? 81

The Role of Ethics in Heal Estate 82

The Difference Between Ethical and Legal 83

License Law and Code of Ethics 83

Reporting Ethics Violations 84

Part 3 Ownership and Transference 88

9 Estates and Interests 90

What Is Real Property? 91

What Is an Estate, in Land? 93

Surface, Subsurface, Air, and Water Rights 95

10 Forms of Ownership 98

Governmental Powers in Real Estate 99

Taking Ownership in Real Estate 101

11 Encumbrances 107

What Is an Encumbrance? 108

Types of Encumbrances 108

Creating Easements 111

Removing Easements 112

Understanding Zoning 112

12 Deeds and Titles 116

What Is a Title? 117

What Is a Deed? 117

Transfer Tax and Calculations 123

Closing the Transaction 123

13 Transferring Property 127

Transfer by Conveyance 128

Transfer by Operation of Law 131

Probate 134

Part 4 Legal Ramifications 135

14 Contracts 101 137

What Is a Contract? 138

Terms Within Contract Law 140

Formation and Discharge of Contracts 142

Termination and Breach of Contract 143

Common Contracts Used in Real Estate 144

15 Leasing Versus Renting 148

The Differences Between Leasing and Renting in Real Estate 149

Leasehold Versus Freehold Estate 149

Common Lease Clauses 151

Residential Versus Commercial Leases 154

Evictions 158

16 Land Use Regulations 162

Government Rules and Regulations 163

Environmental Rules in Real Estate 164

Homeowner Associations (HOAs) 169

Part 5 Evaluation and Financing 171

17 Appraisals 173

The Importance of Real Estate Appraisals 174

Who Do Appraisers Work For? 176

Determining Value 176

Understanding Market Value 177

Appraisal Methods 179

Making Comparisons with Comps 184

Some Appraisals Math 184

Reconciliation 186

18 Financing and Mortgages 188

Promissory Notes 189

Mortgages and Deeds of Trust 191

The Lien Theory Versus Title Theory System 191

The Primary Mortgage Market 193

Common Financing Types 194

Other Financing Types 195

Governmental Loans 197

Financing Legislation 198

Foreclosures 200

19 Taxes and Assessments 202

Taxes and Real Estate 203

Exemptions for Real Estate Owners 205

Tax Lien Sales 207

20 Real Estate Investing 210

Getting Started Investing 211

The Pros and Cons of Investing 212

Working with Real Estate Investors 214

Types of Investing Structures 215

Technology Helpful with Real Estate Investing 216

Taxes for the Investor 217

IRS Code Section 1031: Tax-Deferred Exchanges 220

21 Mathematics in Real Estate 222

General Math Concepts 223

Unit Analysis for Real Estate 223

Real Estate Math 224

Part 6 Practice Exams and Solutions 234

Test 1 Rights, Interest and Estates, Ownership 236

Test 2 Encumbrances, Liens, Title Transfers, Leasing 245

Test 3 Land Use, Legal Land Descriptions, Contract Law 254

Test 4 Agency and Listing Agreements 262

Test 5 Sales Contracts, Brokerages Business, Fair Housing 272

Test 6 Economics, Appraisals 282

Test 7 Finance 291

Test 8 Investments, Taxes, Ethics 300

Test 9 Closings, Risk, and Property Management 308

Test 10 Real Estate Math 316

Appendixes 326

A Glossary 326

B National Sample Test and Answers 333

C Sample Real Estate Documents 353

Index 371

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