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hey how is Joe with prep agent I'm here with my friends Matthew and Laura how you guys doing all right great ones you guys exam Sunday Sunday that's soon yeah um those guys don't know today's Friday for us we're talking two days so hopefully this is a review where I then teach you guys from scratch right right yep now I'm going to tell you something I tell a lot of people weren't coming really close to her exam what do you plan to do this weekend before your exam there's a way to get that class on we actually have class on Saturday still so we're still going to be learning some new information on Saturday but basically we've just been kind of doing everything we have flashcards and test questions we've been reading and we've been reading off your citing and watching your webinars and um we're I think we're planning to do a little bit math on Saturday night before the test on Sunday can I recommend something for you yeah please nail down the vocabulary okay when your exam is really soon time is of the essence correct right when you have word yeah vocabulary is super important I tell people the first introduced vocabulary it's also last thing you should do because if you think about it when you do a question a practice question how long does it take you to that question let's call you read the question you can know the answers you're talking what 30 seconds to do it yeah yeah I will take you to look at something and say real property a movable how long would that take like five second two seconds so the amount of ground you could cover by doing vocabulary will be a lot more if you do a question if you get a question over they understand you may spend 30 minutes on that question researching trying to figure out what it's all about well in that time you could have nailed down like 30 vocabulary things right yeah the other reason is when you do practice questions how do you go about doing them when you do the practice questions we usually go through them each of us can string and then in the end we correct them and then go back through and reread the question and what you know what do we get wrong what do we select what was the correct answer kind of discusses at that point okay here's what I'm nervous about when you do questions especially when it's right before your exam is you look at a question and you see four options you're mulling over the four options correct right you're taking in wrong information right and let me clear up yeah if it asks you what colors the best color the options are red blue green and yellow okay the answer may be blue but you're a sinner going red yellows great blue green I like green yeah blue it's blue and you got it right but then when you take your test and your thing it was the best color your senior thinking god I remember time like yellow I talk about yellow a whole lot was that the wrong one or the right one I just remember talking about your enjoy yo yeah yellow I'll go with yellow you understand what I mean it like sticks in your mind right yeah and when you do vocabulary you're only looking at correct information so to take that same example if you do vocabulary what's the best color blue all you learnt was blue you didn't take in anything else and that's a very simplified example but I hope you get the concept of what I mean yeah paranoia yeah you're not mulling over it struggling with bad information if that makes sense yeah so with your test come of that soon for you and for anybody listening to this please try and get down that vocabulary so you're only taking incorrect information you don't want to be mulling over and contemplating wrong information this close all right oh yeah yep that's my tip bit of the day so now that point of head you guys asked me a question you asked me a question what are the differences between FHA insured VA loans and conventional loans would you like me to start this party or do on a start you start okay okay so first off let me ask something really basic okay what's a loan uh move money borrow yeah yeah money borrowed I mean okay I'm looking for a word that starts than L and has won four letters rain lien alone is a lien okay you ever heard that word before yeah oh yeah yeah okay what do you know about that word there's voluntary liens involuntary liens um and I guess mortgages will mean and so it's a voluntary lien okay good so it's a very lean is it general or is it specific it is specific why because if you don't pay it they can come back and take your house and that's one specific thing that they can come take good you clearly been studying you're ready to go what would be happening yeah would be example the general lien um like a judgment liens where you go to court and you haven't you have some as a defendant you have you're required to pay some kind of restitution or something to somebody and they say well we're going to take everything until you're paid up okay so you got that general lien you guys specifically you said they could take your house right and specifically you get a loan correct yeah that sounds horrible for the bank right right what do they do to prevent that so they give you a loan they're like you know what we're letting this money and we want you to pay back we sure don't have to do this whole foreclosure thing that would be horrible but we're a little nerves we don't know you that well we know you well enough we want to lend you money we don't know you that well so what's the bank gonna do I'm like you put money down okay good other than that where some people might have to pay like mortgage insurance like primary mortgage insurance for people who are like maybe a risk factor good so if you guys know what kind of loan is that what kind of money what will your talking about where you have the 20% you guys put money down um um and there's no good convential oh good which maybe I should have phrased that better but you hit it perfectly where we're going with this first days conventional loan so what are Darren's an FHA insured VA loans conventional loans so that little blurb leads us to what you just mentioned a conventional loan okay okay these are things you not only stand for your tests but it's also important for you and you practice real estate you guys probably heard that thing where none of this you'll ever use you'll never use any of this you heard that before yeah no no nervous says that I hate that never talk to them again they're horrible people okay one in no way does that motivate you to study correct in no way does that help you want to learn and two they don't know you're talking about if you're gonna do real estate I'm going to hire as an agent I ask you is my agent what's this conventional loan thing and you go oh no I only need to know for my tests I don't really need to know now does that make you a really good real estate agent no no no I think so I mean I would like to know you don't have to be an expert on this stuff but you should know what it is an FHA loan a conventional loan all this kind of stuff so when people say this stuff's not relevant to your exam please don't listen to them just okay take it as it is because this is a great example of sumit it is relevant so you've got this conventional loan what is a conventional loan from a I mean it's like from a private institution uh not necessarily government back again how the 20% down scenario usually good so Laura read what I got on the board here a conventional mortgage refers to a loan that is not insured or guaranteed by the federal government good master that's essential we just set right right yeah so you got that down okay this means that unlike federally insured loans conventional loans carry no guarantees for the lender if you fail to repay the loan so what do they do to make it a little safer for them is that where they require the primary mortgage lender yep for this reason you can make it less than 20% so people hear this 20% down thing a lot okay that 20% is there for what um I guess they're like start with some equity okay that's a good word there's another word I was looking for that comes up on your exam the word leverage ah yeah okay what do you know about that word so I'm going to try and work in words what I want to do is you guys clearly have a good understanding of this I want to try and take your understanding and really make it specific to the exam sound good yeah right okay so you heard that word leverage before yeah oh yeah what do you know about that um it's kind of like here I don't want say collateral but it's like what you have to give you leverage um to kind of like um like to use the money that you borrowed yeah you're leveraging some you know and you're in math then yeah yeah you're leveraging somebody else's resources then doing that you're risking their money to do that they'll say we'll lend you some of the money but you got part or sit down and use the word I liked was that e word you used the equity equity oh heck yeah what's equity umm it's money that you have in that you I guess gained from the property either by paying down the loan or the value of the property rising right what I like to say is the equities the money to ask you sell your house you go go buy a cookie with it's the stuff that's physically going to be yours when the house sells okay okay all right so private mortgage insurance what do you guys know about it I know that you have to pay private mortgage insurance I think it's until you get 20% down right you have to stop paying at that point but I guess it's like basically to insure your loan right yes your massive once you read my got on the board here private mortgage insurance or PMI policies are designed to reimburse a mortgage lender up to a certain amount if you do vault default on your loan in your house isn't worth enough to the entirely repay the lender 3 foreclosure sale most lenders require PMI on loans for the borrower makes a down payment of less than 20% premiums are usually paid monthly and typically cost around one and a half percent one and a half of 1% of a mortgage loan you can normally cancel the PMI once your equity in the house reaches 20% right which is what you were saying just now right Laura yeah yeah keep it much nicer no make you say I mean I I mean that's not fair is I had chance to think about this I'm writing this on the board here for you guys before we get on the phone whereas I'm questioning you but you clearly have a good understanding of it okay we're trying out now you guys are nailing it I mean I almost feel like you should teach this not me I'm just walking it through and you're just reciting what you already know ok and so you're super nice hey that yeah yeah I guess I am you're right you guys really do know you know you're talking about ok so for this reason if you make less than 20% when you guys practice real estate this goes back to what I was saying about what you save with the exam is relevant you're going to practice you'll hear a lot of this 20% down thing all the time ok you'll hear about a lot and this is where they're talking about the PMI ok and not only for your exam but you're gonna have to recite this whole thing when you have your first buyer about 20% down I'm going to tell them if you put less than 20% down you grab a PMI so if you get 20% down that'd be great ok oh yeah can't actually kind of all the way around there yeah yeah alright so conventional loans must adhere to Fannie Mae okay so Freddie Mac and Fannie Mae oh did you two do you guys heard of them now we're getting a little more difficult yeah so what are they all about um they're people in the seconds are not people but in the second mortgage market that buy loan quasi government Institute's that purchase and Fannie Mae only purchases or can purchase FHA and VA correct yeah so you got so you want to stop you for a second he's you mentioning really important you said the word secondary market mm-hmm what's that about um it's I mean they body the loan say from the bank um and then there's investors who give them money for those long if I was ready for this if I was ten years old how would you explain that to me I would tell you that there is um so here's words that you can use to really make it easy and I want you guys to narrow down your knowledge you got a lot of knowledge so when we get off our call I want you to really practice take your information and narrow down to one or two words for example secondary market resale marketplace all right okay and this the way I'd explain it you guys have nailed down pretty well I would say I make I have ten bucks right I make you a loan okay Laura make you alone for five bucks math and make you alone for five bucks sounds great right yeah what's the problem I don't have any money and anybody else out yeah all right right so Fannie Mae will now buy that loan the secondary market excuse me will buy that loan and then I'll have money to lend somebody else okay you know it's that simple and I really want you guys try and simplify as much as possible these now you got nailed down but as you know when you take your exam you get a little nervous yeah and you want a simple as possible do you guys know the history of the secondary market Wow somewhat actually maybe pin some other down yesterday like listening to one of your other webinars oh actually I did a video about it do you want to go or I'll give you a quick history or do you want to try with after the Great Depression in the bank's collapse is that the other that Fannie Mae was created to basically kind of pump the bank's back up and that's where they kind of started low a lot of loaning kind of on low interest rate loans as well you know being able to put down a small amount of money our homeowners to be able to put down a small amount of money it was all federally back at that point instead of the banks taking all the risk there yeah and you guys in state you guys did great yeah so secondary market 1934 what was happened in 1934 Great Depression right 20s was what the roaring 20s Babe Ruth's hit and run swing dancing all that kind of stuff everything goes up must come down okay okay so 1934 Great Depression the only people good buy homes people really rich because need these massive down payments and you know they had these like seven-year at paintings back in seven years so you need a lot of money to put down you need to be able to pay back to crazy interest rates so became a country of renter's the poor got poorer and the rich got richer and eventually the government said we can't continue like this so they said hey you got to lend people money and the banks were like we're not lending money would never get it back and then up came the FHA the FHA was there to say hey we back you up here if these people qualify we'll make you don't lose any money do they start lending money but they ran out of money and then the secondary market came to purchase those loans and without getting more detailed full video on it which you reference just Google secondary market prep agent you'll see it but it sounds like how you guys got it nailed down pretty well yeah Fannie Mae and Freddie Mac are there to buy those loans on the secondary market ok ok but first we're tell by the conventional loan the conventional loan is that mortgage loan you get your average home buyer who doesn't get back which leads us to FHA what does the main person the FHA and this is big people get this wrong all the time I want to say that it would be insured that would be like those I guess the benefit of it but I don't so can I go down much yes would can I go get an FHA loan um yes does that mean that Vijay is making me alone no no no no you want to go directly to them the FHA I mean it's just uh it's insured by the FHA but it's a private lender excellent good perfect people make that mistake all the time because in everyday vernacular people say FHA loan where it's actually an FHA insured loan all right all right in everyday speech we will say FHA loan FHA loan and then what happens if you'll take their tests they'll go to FHA loan you're not going to FHA loan you're getting a loan insured by the FHA okay right right right we said FHA is created 1934 there's very few date you have to know for your exam one of them may be 1934 one you definitely definitely have to know a date show off right yeah 1960 date what happened in 1968 Oh a lot of stuff or what have you the Thirteenth Amendment of the anti-discriminatory okay well the 13th amendment didn't happen in 1968 that happen only but right right but they anti discriminatory act or mouthing yeah from the civil rights movement Oh what have you came right at so here's what I love that you did you're just like I don't know what you're talking about I just know 1968 and that's perfect because you'll get around an exam and you have to promise me no matter what it says in your exam I don't even care if it ask your birth and you're born whatever if you see the words 1968 you circle 1968 promise yeah you know it will always be 1968 I don't care why skies blue or or you know what your demand hit the moon just circle 1968 whatever the question is if you see 1968 circle it okay okay will do cuz that's a big night all right if 1934 and then six year and the same question will then make me a bad review but until that happens go with it cross your fingers and trust me okay now if so we do know what it is 1968 which you guys are alluding to was federal fair housing federal fair housing happened in 1968 there's a court case of Jones versus Mayer which is based upon the Thirteenth Amendment the Thirteenth Amendment was the one that abolished slavery right and this is what I go back to about you guys know a little cobbler you guys clearly know a lot of this stuff but I feel like you're one of those people have over studied a little bit okay and no there's no problem with that it's just it's time to narrow down to those key informations you got all this great information it's like let's focus it down a little bit okay all right then you could do that with that vocabulary so for housing 1968 was um you know and they bright it was a week after Martin Luther King was assassinated he was April 7th the federal her house was packed April 14th one week after it's not just for your exam 1968 a huge year in American history it's one of those you kind of should know yeah just for life it's probably one more important years in our country's history okay 1934 FHA okay can I get it FHA insured loan and go buy an office building no no yeah no so what can I go FHA loan wrap it in resins what's a residence family home yeah like a single-family dwelling and yeah like what you have here whatever 1 to 4 unit residential I mean that would be like a you know a quad flex or something along those lines they explained qualify for a FHA loan yeah 1 to 4 units and that's what I was getting at like it all sounds less a family basically the time but has 1 to 4 units okay okay now when you guys go to the FHA there's limits on what you could get all right can you get a multi-million dollar home with FHA loan no what's the limit I don't know the limit actually but I mean if this isn't like an FHA loan kind of basically for you know qualified powers to some degree so degree so basically when they ask you about limits the FHA loan as for your region you guys from North Carolina and I put the link on the board here so it says learn more about FHA loans you go to FHA comm you see this website down there right and you go to North Carolina it looks something like this here um let me see if I could show you guys what it looks like really quick what do you think and it would look something like you guys ready drumroll please yep all right it would look something like this you guys see that mmm so if you go to the eh-eh website type in North Carolina you'll get to a page that looks something like this and you see how it lists and one thing I notice you said is one to four units okay and by the way this is true for any state you go to okay we'll go in North Carolina but then it lists your County as well I know what county you guys are in but let's all them but you notice how this single duplex triplex and four flex right why does it say that I'm Quebec what it's up to you don't want to go two for one yeah one for units okay now the other interesting thing and by the way this is a screenshot off of the website just so everybody knows okay so this is nothing that you can't look up this is not special to me I literally took the screenshot while we're doing this right now so this is nothing that you know URI or anybody listen can't look up what do you see on the top bar of the image um at the private company it's not a government agency and does not make love it does not make loans yeah all right okay so once again this stuff's rel with what you're actually going to do right right right right yeah yeah and where others I showed you this is to take what you're learning and put it in very real terms and hopefully you guys didn't mind that I'll for you like that move right along VA loans what do you know about VA loans that they're for veterans or veterans out this too well here's what needs to qualify for it I remember a veteran National Guard or eligible surviving spouse okay which what you just referred to here's the big doozy that comes up with a VA loan can you get an FHA loan with no down payment um yes you know I uh hello down payment ah yeah you need a down payment for FHA whoa hey yeah you know yeah VA no money down that's a big one that comes up okay okay and there's no private mortgage insurance required well that's what the VA comes in and the FHA tenant private mortgage insurance either that was at MIP right okay okay all right okay you ask you quickly your frogs what a statue frogs about um the statute of fraud I think is kind of specific to North Carolina by its doubling them that's a Nationals if not yeah that everything we've been here today by the way this is all federal stuff FHA VA that's not specific to any state okay I guess I thought the statute of frauds had to do more with um with North Carolina because I thought it was um talking about like the contract law kind of um still the majority of the stuff that you learn applies to every state people talk about state specific but statute of frauds has to do with writing okay statute limitations has to do with time that doesn't change the things that gets a little changing from things days what is that time where sometimes what needs to be in writing that may change the state to state but the idea that you're frauds has to do with writing the pure definition of these things that doesn't change does that make sense yeah I think that the reason I thought it was North Carolina specific just because the things that I have missed on our in-class assessments at all then things where I'm like oh a North Carolina it's like this and so um I tend to be missing the contract law pieces I think that are from North Carolina specifically right that may be true but this isn't one of them okay this is a very federal type thing okay all right all right no ask you a lot of stuff that applies to every state but it applies but they'll put the word North Carolina in front of it right okay you wanna do some questions sure mm-hmm you nervous yes very okay you guys are a couple right yes you competitive with each other I am probably worth I definitely when it comes to this yeah all right come on here we go first question first here's well do um one of you read it out loud and then we'll see we could do this who wants to read this one out loud I'll go okay uh why would a lender be interested in making a government insured or government guaranteed loan a very traditional conventional loan Oh a faster repayment the lower risk see easier qualification D faster foreclosure be it would be a lower risk for the lender correct okay Laura yeah I was that same thought boom good okay so we have a lot of these we're going to go through those so if you know them really well I'm just gonna keep going okay okay perfect okay so lower risk use the governs back it up hey Laura your turn okay the primary activities of FNMA in the secondary market involves a FHA loans only be all types of real estate loans see government insured and guaranteed loans or D second mortgages and trustees paid up to 20 or up sorry up to $20,000 I say B C okay that would be Fannie Mae Oh winning Oh No yeah so math why'd you so war why'd you say Matthew why'd you say see what do you guys think so was your thinking so we can get by another it was more than more than just FHA loans that they because they also guarantee VA loans and so the only other one that make sense honestly see okay I took and it's not you know all types of real estate long because they don't do commercial or bit a you know yeah right digital one of the things I liked you did is you were very careful about what I like to call absolutes absolutes are words like always all never we prefer where it's like sometimes usually possibly right the am is there's always an exception so one thing you did here is you go to the question you saw the word all right and you were like I'm not comfortable with that right I mean there are things there's no exceptions but typically when talk about law there's an exception that's why we have lawyers they get paid a lot of money to essentially find the little exceptions and the rules okay so you did a good job there so Fannie Mae the primary to the Phantom and the secondary market involves government shirt and guaranteed loans okay mm-hmm Lori all right yeah I'm good okay all right whose turn okay mine under the statute of frauds in order to be legally enforceable all real estate contracts must be a on a government approved form be drafted by a lawyer see a unilateral agreement or D in writing I'm gonna go with be drafted by a lawyer um yeah I was hey what's that what do you think um I would say B as well I know that we can draft it I mean writing that's a whole say about statute of frauds standing up forth under a year right that's how it would be huh yeah I went with me just because I didn't think that uh you know brokers were allowed to draft a contract like that what have you I know that you could make changes to it they had to be drafted by a lawyer well let me ask you this it statue of frauds just about real estate no no yeah so you think of this this is a much more general term your gains specifics of how functions within the world of real estate of which you may or may not be right you know but that becomes irrelevant because when their time is a much more general thing here statute Frances must be in writing it's all means and that applies to things way above me on just real estate the specifics of how functional real estate is a different deal and that's what I meant by things may differ to state within that realm of what needs um writing how that works but the word statute of frauds itself just means writing okay does that make sense yeah and this is kind of what I was referring to when you went up why I said you might have over studied a little bit yeah because I mean this was a perfect example where you went into all these details so thank you through all this great information you learn where I said hey this is back up and learn the vocabulary and no statute of frauds writing boom done yeah okay it's helpful with your felling which of the following requires a CRV it is a yeah a VA impressive man good stuff guys okay certificate and reasonable values issue my Department of Veterans Affairs setting forth and properties current market value based on VA appraisal okay that was great didn't think you guys get that right you guys definitely been studying mmm are you guys gonna like sell real said together and be willows annoying teens with both your faces on the business card like smiling at each other like yeah with like glamour shots no yeah glossy 80s glamour shot with a poopy and the got some mustache you guys are all I happy together no no no that's not the plan I am yeah a bunch of cats and dogs around me there you go I mean that's such an ego trip and people do that as I say that if I have my face on every YouTube picture like I'm on the internet right I mean whatever could I am but you're here on our house the hero dad Wow that's about your house you mean you too yes you are definitely input like celeb status here thank you thank you I appreciate that um my mother would be proud okay good okay so get the pictures when you guys pass which don't do the glossy thing and don't do the bench Karkat okay yeah okay next question all right I think you guys are going to get this one you read this when I loud though for people listening though yep Oh which of the following would not require a down payment a qualified veteran telephone okay and alva be FHA CVA or the conventional seriously yeah okay va va lon next hint for your exam if you've never heard of it don't circle it okay okay yeah all right why is that it's probably about the answer if you haven't heard of it which is why when we started this I said do vocabulary and not the questions for exam it's usually don't close the practice questions because now you would have seen that it's not correct information and I've heard of it you've heard of bad information yeah yeah we were I take the little cab Larry the only thing you're learning is correct information yeah that's true so this kind of emphasizes that point of why I said no I please just in these precious hours for your exam stick to the vocabulary okay yeah very understandable yeah and hopefully that kind of explains that point a little bit because you saw like I've never heard of it well if you keep doing questions and going through every answer you would have heard of it and then it's a problem right okay okay well the following are characteristics of VA loans except a used for housing or farm property the lower interest rates than conventional loan C okay to use for the purchase of rental units or be guaranteed by the VA um I feel like see ya I think C as well because you're going to get one chance you want to get one card here what are they about what you were saying you're making a great point there yeah you only get one kind of you know you can only have one VA loan what have you I mean you can defer it at some point in time and take it out again but it's only one of the time so why would you do that for rental units only wall so you're not allowed to get a rental unit we have some yeah so Casey yeah the VH purpose is to say you served our country we're very proud of you and as a thank you we're going to make sure you could have a home it is not there to right here you could have a big business and start some multinational company it's there to ensure that the people who served our country when they come home they can get a loan so they have a place to live that's right right easier than for your average citizen so that's a big thing it's meant for them to have a home now what is a home you know one to four units right let's go this one sorry wasn't my turn yes for FHA purposes acquisition costs include non-recurring closing expenses which of the following would not be included so we're do certain ages ages count points the FHA appraisal see the credit report fee or the impounds for property taxes so this looks like a confusing question right yeah can I simplify this one for you is it's actually much easier than it looks how are you what does this word mean non-recurring it doesn't keep happening yeah one-time deal does this keep happening there's just one time now yet one time is this keep Habitat one time one time just keep happening ORS at one time one time time what about this one yeah that keeps happening every year okay so you see how kind of when you look at it it when I actually broke it down there like that you're like wow it's actually a lot easier than it looks yeah no I actually really appreciate that especially because whenever there's a thing where it says like which one is not or except like those questions trip me up I have such a hard time so that I instantly look for something that is and then I get stuck on that answer so I like when I like to be able to do that I'm glad that you pointed that out yes what I was trying to do there's look for the keywords a lot here about FHA points appraisal well what about our basic grass of the English language right not hearing okay well that's I encourage that reoccurs that regroup oh well actually that does not reoccur this does not recur this does not reoccur and this does vary so brain you know what honestly even if I went like this you could probably get the answer use except one of those kids are doing their own thing which ones way to have well this actually that's not fair if I went like this you know I said ready and this is what I mean I look for the key words you can do these questions if that's all you saw you'd see this then you say okay take out the not now right which one of these is different or I'd say which one's reoccurring right okay and and that's I want you to mentally see this question so if we look at it again and this is just test taking techniques if you could start to cross things out like I just did it'll be a lot better than you just trying to read the whole thing go through it so I said okay what word really sticks out to me here this one does oh but there's a not doing it um and here's another word which is very scary that I'm going to throw out at you okay they loved you on the exam you ever heard the term double negative yeah yeah what's a double negative negative negative yeah double negatives cancel each other out so when you take your exam this is all you should see yeah all right huge for me right and does that make it a lot easier yeah and yeah and I really like doing this question with use when you guys first looked at there's just feeling like who found Wow what's this all about but when I broke it down you're just like okay piece of cake right right right and there it is non-occurrence only paid one time there you got your property taxes boom okay okay we're good yeah this is good yeah all right um all of the following are considered advantages of FHA financing except a low downpayment long-term loans with lower payments easy to qualify for buyer is protected with FHA insurance all of the following are considered advantages of FHA financing except I think it'd be okay ma'am you think yeah be as well if the buyer isn't protected with the insurance oh yeah loan out acted that was a tricky one right yeah yeah and you kind of distribute a insurance and you're like yeah fha-insured loans that's right yeah right and so was tricky for you here okay is you guys know if H insurers lenders that's totally right it's protected by FHA insurance fa doesn't make loans insures loan so obviously that one's fine right that's what you're thinking correct yeah yeah so what you working up and you saw this and you're like that answer is great FHA insurance correct when you milk yeah sneaky part they sneaked in was here yep because the truth is the bar is not protected who's protected the bank the lender exactly of the lender yes that's all those sneaky ones right yes sneaky very sneaky I don't like it yeah okay so what might be responsible for paying the 1% origination fee on the FHA loan a escrow officer be the seller see the buyer or be the lender I believe it's the the seller pays the origination fee well you can see the buyer buyer the buyer yeah there's nothing to do with getting the loan the soldiers trying to sell our house how you pay for the house they don't care yeah that's true I guess anything can be negotiated yeah but but the buyers want to take a nap alone they're the one that's gonna have to exactly Oh bridge nation thing Yeah right and I say anything you negotiate going back to that thing of the rule about the absolutes always never I guess you can negotiate I'll get this but you got to pay my you know origination fee which I've never heard before but anything's possible okay Joe when you do the editing for this can you edit it so I got all the questions right yes totally that's my goal but obviously you never have to ask okay thank you right I mean come on I don't even edit every time I see a man in a little wall walk blame fail yeah yeah every time you answer like oh my god she's so smart I am truly a bit he remember no imagination I just got dumber thanks man I just got tougher yeah exactly you owe me edit all that we're looking for now totally yes Matthew our relationships great yeah there you go nah-ah yeah sirius fm's forgotten see okay here we go what do you guys have the answer this one okay a purchaser of a home five years ago is now interested in securing an FHA loan a salesperson would most likely introduce the homeowner to a a conventional bank or savings and loan the appraiser see the FHA or D the Federal Home Loan Bank I feel like it would be being you the appraiser like they have to pay all five years ago uh eight good why'd you say a when if they're going to get a mean if they're looking to you know obtain a loan they've got to go through a conventional bank I mean granted it might be an FHA insured loan but they still have to go through you know credited lender perfect so remember I said it says FHA loan but what's a really FHA insured loan appraised out do this do you go to the FHA no no you gotta go yeah were you saying yeah you got to go through a lender of some sort so there you go Matthew sorry Lori he got that one right yeah I know he's doing great okay here we go we would on I'd uh the practice of charging discount points on FHA insured loans is because the lender desires to equalize the yield on FHA loans to the yield on conventional loans create a competitive environment between FHA loans and conventional loans close the gap between FHA loans and conventional loans on the secondary market or D all of the above disconfirmed link they're all the same answer so I'm going to go D right okay so and see that was a tougher one that's a tough one okay it's all about their yield they're trying to close the gap to make things a little better for the secondary market yeah okay actually I could plead it so I'm at the end of my questions actually time is perfect as we've been doing this for an hour so kill it I'm pretty good pretty good I mean honestly the advice on studying vocabulary is I've taken at the heart you know because really we tend to get really in-depth really quick and we can get hung up on one question you know for easy 15-20 minutes discussing but again if you know the vocabulary you can kind of rule out other answers and make a if nothing I don't know like a better time and educated guesses something if you don't know it right that is true so and I think you guys are really well prepared now is Sunday your state examiner's at your class exam our class exam oh you guys are way over prepared um you guys are going to do great I don't know why you're nervous about that one when you take your stains in we have to UM I guess once we pass the class exam they'll get with information on how to go about taking updating them what's so great that you're so prepared for the class exam is that the state exams made a piece of cake for you I hope so movie movie and remember what I say just don't stress don't tell the world you're studying it's between you and Laura that you guys are studying nobody else needs to know and one day you'll pass and if you pass the first time proud of you great and they'll be happy but if you don't not the end of the world nobody's going to ask you how many times it took you to pass your test once you're selling real estate right it almost becomes a badge of honor if you don't pass the first time yeah yeah yeah I mean it's amongst you too you guys are working again you guys are motivate other sounds like you having a good time preparing and that's all that matters it just relax and do it eventually you'll you'll get there but I think you guys will get there sooner than later for sure we'll get there a lot of it is contributed to you and and prep agent seriously yeah thank you well thank you maybe I'll send you guys a hat after you pass pack plan nice yes my little hat I have in all the videos yeah I love it yeah the trademarks cuz I'm bald so there you go alright guys well good luck as for me to Joe from prep agent and if you have any comments my say anything wrong or didn't do anything right just let me know in the comments below okay thanks guys oh yeah Taji Jen back