Real Estate License Exams For Dummies

Name: Real Estate License Exams For Dummies | Book + 4 Practice Exams + 525 Flashcards Online
Brand: Wiley
Price: 19.99 EUR
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Book + 4 Practice Exams + 525 Flashcards Online

John A. Yoegel(Autor*in)

Wiley (Verlag)

5. Auflage

Erschienen am 4. Oktober 2023

496 Seiten

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Inhalt

Intro
Title Page
Copyright Page
Table of Contents
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond This Book
Where to Go from Here
Part 1 Putting Real Estate License Exams into Perspective
Chapter 1 Sold! Taking a Glance at Real Estate License Exams
Checking Out Licensing and Exam Basics
Figuring out licensing procedures
Knowing the difference between salesperson and broker licensing and exams
Looking at the format and other exam details
Sign Me Up: Registering for the Exam
Knowing What to Take to the Exam . . . and What to Leave at Home
Scoring High: Figuring Out How Scores Are Determined
Take Two: Retaking the Exam
Chapter 2 Using Successful Study and Test-Taking Techniques
One Word to Get You Through: PREPARE
Provide
Review
Vocabulary and terms
State license law
State-specific items
Evaluate
Practice
Arrive
Relax
Enjoy
Trying Terrific Test-Taking Strategies
It's all in the timing
Reading everything carefully
Avoiding too much analyzing
Guessing
Second-guessing
Number crunching: Tackling math questions
Part 2 So You Want to Sell Real Estate: The Job and Basic Laws
Chapter 3 The Job: It Isn't Just Driving People Around
Recognizing Those in the Real Estate Business and How They Got There
The buck stops here: Brokers
Movin' on up: Salespeople
In between: Associate brokers
Making it legal: Looking at license law
Knowing What a Real Estate Broker/ Salesperson Does
Perusing a list of common activities
Checking out a typical real estate transaction
In the beginning, there was a house to sell
Eureka, a buyer!
All's well that closes well
Understanding How a Real Estate Broker/ Salesperson Gets Paid
Working Hard: Career Opportunities
Considering independent brokerages and national franchises
Checking out corporations (in and out of the real estate world)
Building business with builders
Going into government
Appreciating appraising
Homing in on home inspections
Property Management: A Special Kind of Career Opportunity
Taking care of business: The duties of a property manager
Financial responsibilities
Physical responsibilities
Rental responsibilities
Insurance responsibilities
Saying yes: The property management agreement
Managing a Real Estate Office: You're the Boss
Keeping an eye out: Supervision
Teach me! Training
Setting office policy: Rules are rules
Working As an Independent Contractor
Focusing on Job-Related Laws That You Need to Understand
The price isn't right: Price fixing
Bad break: Market allocation
Feeling shunned: Group boycotts
What's your condition? Tie-in arrangements
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 4 Understanding Agency Law
Becoming Someone's Real Estate Agent: You're Hired
Picking sides: Representation in agency relationships
Getting to know you: Agents, principals, and customers
One or the other: Single agency with sellers or buyers
A neat trick: Representing both sides in dual agency
The man (or woman) in the middle: Transactional brokerage
Letting everyone know: Agency disclosure requirements
Establishing the agency relationship (and doing it in writing)
Looking at listing agreements
Examining buyer agency agreements
Keeping the Faith: The Relationship between an Agent and a Principal
Who has the money? Accounting
Better be careful: Care
Shhhhh! It's a secret: Confidentiality
You'd better tell: Disclosure
A friend to the end: Loyalty
Yes ma'am: Obedience
Meeting Obligations: The Relationship between an Agent and a Customer
Discovering defects
Looking at stigmatized properties
Respecting Megan's Law
Finding out about fraud and negligent misrepresentation
Making Money (No, Not at the Copy Machine)
Pay up! Deciding who needs to pay an agent
Ready to go: Knowing when an agent should be paid
Parting Is Such Sweet Sorrow: Ending an Agency Relationship
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 5 Knowing the Fair Housing Laws for Selling Real Estate
Practicing Fair Housing: The Basics
Understanding federal fair housing laws
The 1866 Civil Rights Act
The 1968 Fair Housing Act
Researching state and local laws
Displaying the fair housing poster
Don't Do It: Avoiding Discriminatory Actions
No way: Refusing to sell or rent
On one condition . . . or a few: Changing terms for rental, sale, or services
You need not apply: Discriminatory advertising
All lies: Telling someone that property isn't available (when it really is)
Scaring people into selling: Blockbusting
Telling people where to live: Steering
No money for you: Changing loan conditions
Put away that crayon: Redlining
You can't join: Denying membership in real estate organizations
Feeling Safe: Identifying Who's Protected
Knowing the federal protected classes
Recognizing state and local protected classes
Bending the Rules: Understanding Exceptions to the Law
Extra Coverage: Protecting the Disabled from Discrimination
Staying Strong: Enforcing the Law
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Part 3 It's All Mine: Owning and Transferring Real Estate
Chapter 6 Owning It: Estates and Interests
What Do You Own? Understanding Ownership Terms
Looking at land
Recognizing real estate
Defining real property
Checking out personal property
Focusing on Estates (Even without the Castles)
Pick and choose: The bundle of rights
Figuring out freehold estates
Fee estates
Life estates
Understanding leasehold estates
Eyeing Different Ownership Rights
Going for a swim: Water rights
Littoral rights
Riparian rights
Watering rights
Don't forget to look up and down: Other rights
Up there: Air rights
Down there: Surface rights
Way down there: Subsurface and mineral rights
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 7 Understanding Forms of Real Estate Ownership
Real Estate Ownership: A Solo or Group Activity
One is the loneliest number: Owning real estate by yourself
Join the crowd: Owning real estate with other people
Tenancy in common
Joint tenancy
Getting hitched: Owning real estate when you're married
Tenancy by the entirety
Community property
Who do you trust? Ownership in trust
All business: Ownership by a business
Corporations
Partnerships
Limited liability corporations
Joint ventures
Eyeing Special Types of Ownership: Cooperatives, Condominiums, and More
Share and share alike: Cooperative ownership
More individuality: Condominium ownership
Mix it up: Planned unit developments
Check your watch: Time shares
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 8 Knowing the Limitations on Real Estate Ownership
Carrying a Not-So-Heavy Encumbrance: Private Limitations on Property Use
Looking at liens
Abracadabra: Creating and removing liens
Who gets paid first? Priority of liens
It's all in the name: Liens' distinguishing traits
One size doesn't fit all: Types of liens
Easing into easements
Running with it: Appurtenant easements
So gross! Easements in gross
In need: Easements by necessity
The doctor didn't give you this: Easements by prescription
Share and share alike: Party walls
It was fun while it lasted: Ending easements
It won't let you drive, but it's still a license
No, you can't paint your house purple: Deed restrictions
What is it I can't do?
Who says I can't do it?
I thought I owned it: Encroachments and adverse possession
Crossing into the neutral zone: Encroachment
Staking a claim: Adverse possession
Land-Use Regulation: A Major Public Limitation
To the drawing board: Making master plans
You're in the zone: Understanding zoning ordinances
But I really want to build a skyscraper: Variances in zoning
On one condition: Special-permit use
I was here first: Nonconforming uses
Parking the car . . . and your family, too: Accessory buildings and uses
Many from one: Subdivisions
Knowing the main players and plans in subdivisions
Following the rules: Subdivisions and zoning laws
Crossing state lines for real estate purposes
Building a house out of paper: Regulations for construction
Getting that house built
Now a few words on construction regulations from your state
The Government Has Its Say: Other Public Limitations on Property Use
The city wants to build a library: Eminent domain
You didn't know the government was part of your family: Escheat
Pay or lose: Taxation
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 9 Transferring Ownership: Deeds and Title Closing
Doing the Deed: Delving into Deed Basics
Making it right: Requirements for a valid deed
The deeds of the many: Examining various kinds of deeds
General warranty deed
Special warranty deed
Grant deed
Bargain and sale deed
Quitclaim deed
Trust and reconveyance deeds
Trustee's deed
Court-ordered deeds
Painting the right picture: Property descriptions in deeds
Meeting your boundaries: The metes and bounds system
You're so square . . . more or less: The rectangular survey system
Block party: The lot and block system
Taking it up (or down) a notch: Measuring elevations
Don't do that! Not acceptable ways to describe property
Getting Closure: Title Closing
Nearing the finish line: Before the closing
Proving marketable title
Removing liens
Examining encumbrances
Meeting the conditions of the sales contract
The big day: At the closing
RESPA and TILA
Allocating expenses with proration
Passing title
Closing in escrow
State specific
A little paperwork: After the closing
Preparing the final closing statement
Recording the right documents
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 10 Giving Up or Losing Property
Fine by Me: Giving Up Property Voluntarily
All for the government: Dedication
From me to you: Gifts
A treat from Uncle Sam: Public grants
The usual way: Sales
By Force: Losing Property Involuntarily
It's really mine: Adverse possession
You can't fight nature: Avulsion and erosion
We need that, please: Eminent domain
Deep in debt: Foreclosures
Ignoring the rules: Forfeiture
Making the split: Partitioning
Losing Property Very Involuntarily: Passing Title After Passing Away
Where there's a will, there are heirs and relatives
Where there's no will, there still may be heirs and relatives: Laws of descent
The court has its say: Probate
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Part 4 A House Is Made of Lots of Paper: Legal and Physical Issues
Chapter 11 Contracts 101
Agreeing to Do Something: The Basics of Making a Contract
Exploring how a contract is created
What makes a contract valid?
So Many Choices: Examining Types of Real Estate Contracts
Finding out about agency agreements
Listing agreements
Buyer agency agreements
Examining sales contracts
Making a sales contract valid (and knowing who prepares it)
Adding extras to sales contracts
Going back and forth with offer and acceptance
Discovering options
Looking at land contracts
Checking out leases
The End of the Line: Discharging a Contract
Breaching a Real Estate Contract
When the buyer refuses to go ahead with the contract
When the seller refuses to go ahead with the contract
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 12 Leasing Property
Identifying Who's Who and What's What
Owning property: Leased fee estates
Renting property: Leasehold estates
Estate for years
Periodic estate
Estate at will
Estate at sufferance
The Usual Suspects: Preparing a Typical Lease
Looking at laws governing leases
Examining typical provisions of a lease
Distinguishing among Various Types of Leases
Gross lease
Ground or land lease
Lease for oil or gas rights
Net lease
Percentage lease
Proprietary lease
Variable lease
Breaking a Lease: Types of Eviction
Getting What You Paid For
Nonresidential building layouts
Rentable space
Useable space
Adding on and taking away
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 13 Dealing with Environmental Government Regulations and Issues
Deciphering the Federal Government Alphabet Soup
CERCLA
EPA
HMTA
HUD
LUST (It's not what you think)
OSHA
SARA
SDWA
Assessing the Environmental Effects of Building Developments
Making a statement: Environmental impact statements
Having suspicions: Environmental assessments
This Stuff Can Make You Sick: Examining Environmental Pollutants and Situations
Asbestos
Brownfields
Building-related illness
Electromagnetic fields
Lead
Radon
Sick building syndrome
Solid waste (radioactive and otherwise)
Underground tanks
A few more quick definitions to keep in mind
Go with the Flow: Water and Waste Issues
Water pollution
Sanitary waste disposal
Storm water disposal
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Part 5 You Want How Much? Valuation and Financing of Real Estate
Chapter 14 Appraising Property
Figuring Out Appraisal Basics
Knowing what an appraisal is
Seeking an appraisal: Why you need one
Understanding the Importance of Location!
You can't move it
You're not on Gilligan's Island
You can't make any more of it
Arriving at Different Types of Value
Going to market . . . value, that is
Value in use
Investment value
Assessed value
Creating, Changing, and Affecting Values: Some Economic Factors
Anticipation
Balance
Change
Competition
Conformity
Contribution
Externalities
Highest and best use
Increasing and decreasing returns
Opportunity cost
Plottage
Regression and progression
Substitution
Supply and demand
Surplus productivity
Finding Value by Analyzing Comparable Sales
Understanding the basics
Adjusting the sales price
It isn't old, it's mature: Making age adjustments
Having time to adjust for time
Figuring adjustment values
Finding Value by Analyzing Replacement Cost and Depreciation
A journey begins with the first step . . . or a formula
Estimating replacement and reproduction costs
Estimating depreciation
Over the hill: Physical deterioration (curable and incurable)
Functional obsolescence
External obsolescence
Don't be a square: The straight-line method of calculating depreciation
Dirt costs money, too: Estimating land value
Finding Value by Analyzing a Property's Income
Grossing out the rent
Capitalizing the income
Estimating net operating income
Determining the capitalization rate
Applying the formula to estimate value
Calculating income
Reconciling a Property's Value
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 15 Finding the Money: Mortgages
Understanding Mortgage Basics
The nuts and bolts of the mortgage process
Liens, notes, and a mistake most people make
I have a theory . . . on mortgage loans
Common conditions of a mortgage loan
A job (or a few) to do: Duties of the borrower
You didn't do your duty: The acceleration clause
Point taken: Points on mortgage loans
A long account: Escrow
Examining Sources of (and Insurance for) Funding
Number one: The primary mortgage market
Number two: The secondary mortgage market
See your uncle . . . Sam, that is: Federal loan insurance programs
The Federal Housing Administration
The Department of Veterans Affairs
The Farm Service Agency (FSA)
A private matter: Private mortgage insurance
Considerations for Lenders Accepting Mortgages
Checking out the property value
Examining the borrower's ability to pay
Grasping the Different Types of Mortgages
Blanket mortgage
Construction loan
Home equity loan
Open mortgage
Open-end mortgage
Package mortgage
Purchase money mortgage
Reverse mortgage
Sale leaseback
Shared equity mortgage
Temporary loan
Wraparound mortgage
Comprehending Mortgage Repayment Plans
It's in your interest: Fixed and adjustable rates
Fixed-rate mortgages
Adjustable-rate mortgages
Doing the math: Amortized loan
Finding the monthly payment when you're given a mortgage factor
Seeing how much the first month's interest is
Finding the principal balance owed after the first payment
Finding the total interest on the loan
On the straight and narrow: Straight loan
A good mix: Partially amortized loan
Fast times: Growing equity mortgage
Endings You Didn't Anticipate: Foreclosures, Assumptions, and Assignments
Shut down: Foreclosures
Who owes whom? Assumption and assignment
Being Fair: Consumer Protection Laws
The Community Reinvestment Act
The Equal Credit Opportunity Act
The National Affordable Housing Act
The Truth in Lending Act
Review Exam Questions
Answers and Explanations
Practice to Reinforce These Concepts
Chapter 16 It's So Taxing: Real Estate Assessment and Taxes
Who Wants Your Money, and What Do They Want with It? Collecting Taxes
Recognizing What's So Special about Assessments
Go Figure! Calculating Taxes Step by Step
Oh so valuable: Assessing property for taxes
The numbers game: Understanding tax rates
Doing the decimal diddle: Calculating the taxes due
When the tax rate is expressed in mills
When the tax rate is expressed in dollars per hundred
When the tax rate is expressed in dollars per thousand
A nice balance: Using equalization rates
Home Free (Sort of): Eyeing Property Tax Exemptions
A free ride: Fully tax-exempt properties
Just a small piece: Partial tax exemptions
That's Not Right: Protesting Assessments
Pay or Lose: Tax Liens and Sales
Review Exam Questions
Review Exam Answers
Practice to Reinforce These Concepts
Chapter 17 Investing in Real Estate
Focusing on Property Investment
So many choices: Examining different investment properties
In charge: Looking at management issues
Ask the experts: Knowing when to get help
Oh no: Some not-so-good news about investing in real estate
Partnering Up: Real Estate Investment Organization Structures
Real estate investment syndicates
Real estate investment trusts
Real estate mortgage investment conduits
Spending Spree: Acquiring and Building Investments
Getting more for less: The joys of leverage
Pyramiding: Not just for the pharaohs
Empty promise: Considering vacant land
Making Money by Investing in Real Estate
Up and down: Buying low and selling high - capital appreciation
Plenty of room: Rentals on property
Letting someone else pay off the mortgage: Equity buildup
Getting Uncle Sam's Help: The Government's Role in Investing
More than your money's worth: Capital gains
Feeling worn-out: Depreciation
On the way down: Tax deductions and tax credits
Real estate exchanges
By the Numbers: Analyzing Investment Properties
Review Exam Questions
Answers and Explanations
Questions to Reinforce These Concepts
Chapter 18 All in the Numbers: Real Estate Mathematics
Don't Lose the Faith, but You May Have to Convert
Land and Buildings: Measuring Area and Volume
Calculating the area of a square or a rectangle
Figuring out the area of a triangle
Calculating the area of a circle
Figuring out the area of an irregular shape
Determining the volume of almost anything
Percentages: Pinpointing What You Really Need to Know
Commissions: Tracking Your Moolah
Figuring out how much you and everyone else earns
Figuring your commission
Figuring out your commission rate
Sharing the rewards: Commission splits
Determining how much a house should sell for based on a commission rate
Making Mortgage Calculations without a Fancy Calculator
Calculating interest
Annual and monthly interest
Total interest
Figuring out monthly payments
Oh, the Pain: Calculating Taxes
Calculating the assessed value of a property
Calculating taxes due
Mills
Taxes per hundred
Taxes per thousand
Putting Proration into Perspective
Appreciating Appreciation and Depreciation
Getting more or less: Appreciation and depreciation of a property's value
Depreciation: The government kind
Estimating Appraised Value
The capitalization method
The gross rent multiplier method
Review Exam Questions
Answers and Explanations
Part 6 You're Ready: Taking Practice Exams
Chapter 19 Practice Exam One
Chapter 20 Answers and Explanations to Practice Exam One
Chapter 21 Practice Exam Two
Chapter 22 Answers and Explanations to Practice Exam Two
Chapter 23 Practice Exam Three
Chapter 24 Answers and Explanations to Practice Exam Three
Chapter 25 Practice Exam Four
Chapter 26 Answers and Explanations to Practice Exam Four
Part 7 The Part of Tens
Chapter 27 Ten Things to Find Out from Your State's Real Estate Law
Agency Law
Fair Housing
License Law
Limitations on Land Use
Money Stuff
Ownership Rights, Forms, and Theories
Property Disclosure
Tenants' Rights and Rent Control
Transferring Ownership Involuntarily
Transferring Ownership Voluntarily
Chapter 28 Ten Tips to Help You Succeed on the Exam
Taking the Exam as Soon as You Can
Knowing the Rules (and Following Them)
Studying Your State License Law
Remembering Important Vocabulary
Focusing on Key Concepts
Eating Something
Staying Cool, Calm, and Collected
Paying Attention (without Overthinking)
Going with Your Initial Instinct
Finishing the Job
Appendix: Glossary
Index
EULA

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