Unlock the Power of Online Signature Lawfulness for Education in Mexico

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hello everybody let me know if you can hear me give me a thumbs up and let's begin what do you say okay so we're about to start hello everybody let me know if you can hear me give me a thumbs up let's begin what do you say all right if the screen is a little blurry make sure you change your settings to 720 hd and we shall get started okay the feedback is off we're ready to go you probably see the prep agent website on the board hi pamela hot mike joe should all be taken care of okay so today we got an interesting topic we're doing the 75 most common questions that we see based upon feedback from our students who take the exam we get students all the time taking the exam and we're constantly getting feedback on what they see what they don't see in conjunction with our own research and i'm talking to state administrators and and different people who are involved with the real estate exam process now with that being said you can get any question on your exam be prepared for anything but these are the most common ones we tend to see on the national content you guys excited are you very excited to say i'm so excited this is gonna be the most exciting thing i've ever experienced in my life okay so without further ado what do you guys say we begin yeah and like i said before all this stuff can be found on the prep agent website here yay super excited so for those guys who use prep agent the way i did this is i stored the 75 questions here on the right hand column when you use the prep agent website you could put them all in the question for review column if there's questions you want to see for any reason maybe it's a topic you don't understand or it's something that's a particular interest to you you can review at all times okay first one general construction onto the property of another like a wall or fence or a building etc is known as what a encroachment b easement of pertinent c cytus or d estoppel what do you guys think cindy says bring it joe it's being brought cindy it's coming answer a encroachment and by the way if this goes too fast because we are going through a lot of questions here you guys are going to be able to see and review this over and over again everybody got it okay right i got it joe i can watch it again and again and again okay encroachment we know that that's just when you're crossing over into somebody else's land if a tree is built on your land and it's hanging over your neighbor's property is that encroachment what do you guys think is that encroachment if a tree is built on your land and hanging over your neighbor's property would that be considered encroachment yes that would be considered encroachment let's get to the next one here which method would an appraiser be most likely to use when appraising a newly built one-year-old apartment building with no rental history a income approach b cost approach c capitalization approach a deep market approach that's right keith like a football penalty and the answer is okay that he wrote b so he wrote c the answer is b so the cost approach is a great approach when there's nothing to compare it to and they often say it's how much would it cost to build something brand new so the cost approach would apply here because this is a one-year-old building and older buildings are harder to do this approach for because you got to factor in things like depreciation all right there's no rental histories you can't use like income approach or things of that nature now just for full disclosure for you guys these are not the exact questions you're going to see on your exam we try and get close try and hit the concept try and do as best we can to best prepare you and anybody who says they have the exact questions for the exam they're breaking the law so i just want to be clear about that full disclosure here okay but it's pretty close i feel like we're pretty close when an appraiser is praising a property he usually considers all the following except a the assessed value b the property rights to be valued c a definition of value or d the property identification what do you guys think and it says the way to print them out sure on the prep agent website you see in the top right you could print any exam you do okay we print every you can print everything the answer is a assessed value assessed values for tax purposes just so we're all clear assess values for tax purposes that's why the appraiser can't look at their records it's like cheating off your friend's exam and moving right along which of the following loans would be most likely to qualify for fha insurance a loan to purchase a farm b a loan to buy a small business c a loan to purchase one to four units of residential rental property or d alone to buy a farm equipment the answer is c fha loans for residential property we're going to talk more about what fha loan is and some other questions we got coming up but a hint for you guys taking the exam this is a test in residential real estate i know you need a real estate license to do other types of real estate i get that but when you take your exam just remember why they're giving you this exam okay i want you guys to think of that that could help you get through some questions they're giving you this exam because they want to protect your average joe no pun intended residential home buyers people in commercial and other aspects of real estate are generally seen as people who should know better you would say caveat empty doesn't always apply to them so when you see residential in any of the questions i would take a seriously look at a serious look at circling that question so that's my tip good tip what do you guys think i think it's a good tip oh gross reading i hate reading right okay if private property has been damaged such as through excessive airport noise or taken by the government without formal eminent domain proceedings what would a property owner initiate to recover just compensation for losing or damaging the property a combination b injunction c inverse condemnation or d writ of execution and the answer is c inverse condemnation in case you guys don't know why that word is highlighted on our system when you click on a highlighted word it gives you the definition that's why those words are highlighted somebody said some of these questions are worded difficultly we get a lot of feedback saying joe your question isn't clear in the wording i got news guys sometimes we know that and we do that to prepare you for the exam because we want our questions to simulate the exam as closely as possible so yeah sometimes the wording is a little funky all right but that is not by accident because we want to pray for the exam we're not trying to always make it super clear because the questions on your exam are not always super clear we want you guys to pass real quick everybody write the four government powers what are the four government powers what are the four government powers okay a lot of guys are in pete and that stands for police power eminent domain taxation and his cheat police power eminent domain taxation is hey we're talking about eminent domain eminent domains the government's right to take your property for public use and they give you just compensation when they pay you just compensation that's the process of condemnation okay that's the condemnation process think of it you're probably condemned you can't use it so they give you money for it inverse condemnation is when you are not given money or not given the correct amount of money you're essentially suing the government which is what this question is talking about all right that comes up under eminent domain proceedings government's right to make laws and regulations for the general welfare of the public is known as a police power b eminent domain c the bundle of rights or d as cheat what do you guys think thank you somebody put ten dollars i'm not sure what that means but thank you and the answer is a police power okay so police power is one of the four government powers we just discussed eminent domain all right so we said eminent domain well let me ask you guys what is the difference between eminent domain and police power what do you guys think what is the fundamental difference between eminent domain and police power thank you for that tip whoever gave me that tip i appreciate it it's amazing i don't think we ever get tips we have a hundred i think forty thousand subscribers and it's the first tip we've ever gotten this is a special moment in my life tear drop okay so you got the difference between eminent domain and police powers eminent domain they're taking the property away from you police power they're telling you how to use it this is an important distinction because what this means is in police power they're not giving you money everybody got that they're not giving you money because they're not taking the property away from you so some of these questions seem a little easy to use some of them seem hard to you either way i'll try and give a little explanation so if it's too easy i'll explain the concept it's too hard i'll explain the concept so either way it helps you out okay the total collection of rights which may be claimed by private ownership is best described as a freehold b the bundle of rights c and estate or d the fee simple system the answer is be the bundle of rights if you guys don't know what the bundle of rights are think of it like a hockey team each player represents a right and when a penalty occurs the player gets taken off the ice that's what the bundle of rights are and if every player creates a violation and they're all off the ice you forfeit the game i.e your property what do you think of that analogy it's a good one so each player represents a right your bundle of rights and you can lose a right depending on a violation you commit and when you lose all those rights you essentially lose the entire property as a whole you guys like that analogy ah britney likes a straw okay okay brittany we could go with a straw instead of hockey players think of straws in your hand if that helps by the way if you guys want to follow me there i am there's my instagram joe jude or instagram i would love if you guys follow me i post some professional tips and some things i post that just help me with my day-to-day i like to share things that help me get through the day and maybe it'll help you too so if you want to follow me i'd be excited about that i really appreciate it okay moving right along straws hockey sticks whatever you want a listing agreement is a unilateral bilateral contract b all are correct c employment contract or d contract to find a buyer for a property what do you guys think arthur's on the chat everybody say hi to arthur he's going to design this amazing system arthur we got a 10 tip today it's exciting stuff and the answer is all are correct so listing can be bilateral or unilateral exclusive listings are bilateral because there's a commitment on both sides when you have an open listing there's no commitment on the broker side to find a buyer but if they do find that buyer you have to pay them but they're not committed to look with an exclusive listing you're committed to look and this is an employment contract your contract to find a buyer not to sell the house this is a poor distinction so just you guys know to give a shout out to arthur he's a very special guy because just you guys know this whole program is designed by him we didn't get some template we didn't like purchase some other system he catered this program for everybody as per your request so if you guys have requests on how to make it better let us know and he constantly builds features like this highlighted bit here like the green and the columns on the side and the red bar up top everything he custom made by himself okay moving right along which of the following will be the best and most complete definition of the term encumbrance a the use of property by debtor to offer a creditor security for a debt b the degree quantity nature and extent interest which a person has in real property c anything which affects or limits the fee simple title to property or d any action taken relative property other than acquiring or transferring title what do you guys think anything with effects or limits property good give me an example of encumbrance i want everybody in the chat to write an example of an encumbrance i want everybody in the chat to write an example in encumbrance and if your screen is blurry change the settings to 720 hd we got 460 people in the chat right now exciting stuff easements liens clouds on title mortgages great anything which limits you good job guys oh more reading mary owns a parcel landish and is trying to show the exceptional circumstances exist which justify using the land in a way which is prohibited by current zoning laws her intended use would not be detrimental to the public she would probably petition the planning commission for a a rezoning agreement b building permit c redevelopment permit or deep variance and the answer is d variance here's the definition i want you guys to remember everybody ready a variance is an exception to the rule that will not affect the rest of the community everybody got it it's an exception to the rule that will not affect the rest of the community the key point is it can't affect anybody else you need special circumstances to petition for it all right good job everybody you guys should all get this one right super quick because we just went over this land that is subject to an easement is said to be a encroached b a pertinent c restricted or d encumbered what do you guys think everybody should get this right super quick d encumbered we just went over there if you guys got that wrong i'd cry don't make me cry don't make me sad don't make me blue you know that darling's so in hey moving right along blockbusting is best described as an attempt a to panic a neighborhood into thinking property values will decline due to unwanted persons moving in b by insurance companies to refuse to issue homeowners policies to certain residents of the city c to form gorilla bands to use violent actions to integrate neighborhoods or d by banks to refuse loans to homeowners and certain segments of the city and the answer is a blockbusting panic pedaling panic selling are essentially the same thing they all say you better sell your house because those people are moving into town if you don't want to live by those people do you that is discriminatory it is a violation of the fair housing act of 1968 and it's an easy one to get right on your exam so make sure you know that it's a big no-no redlining has to do with finances somebody wrote that that's specific to financing and steering has to do with working with buyers yeah so d would have be redlining good point whoever wrote that involuntary methods of conveying property include all the following except a quick claim deeds b adverse possession c as cheat or decondemnation what do you guys think what do you guys think for the answer here okay and the answer here would be a quick claim deeds all right so a quick clean deed is just a voluntary transfer your property in fact it's the most immediate way to transfer property all right it's just an immediate for transfer the rest is getting transferred you like it or not they're mostly government powers doing it or you've been sued or something of that nature okay so quickly deed is an immediate transfer of the property usually it's done between friends and family and whatnot if you guys have instagram want to follow the prep agent instagram here's our prep agent profile i welcome you there to follow us there if you guys want just follow us there and prep underscore agent good stuff move right along restaurant would apply to which of the following homes and residential dwellings only one to four family residential dwellings commercial real estate only or d subdivisions what do you guys think and the answer here is b residential real estate is defined as one to four units just so we're cleared defined as one to four units and we spoke about focus on residential stuff a before in the flight patterns that cause a loss and property value would be an example of a aviation obsolescence b physical deterioration c economic obsolescence or deep functional obsolescence and the answer is c economic obsolescence economic obsolescence is a form of depreciation that happens for causes outside your property lines see how many more we got we got a bunch more i hope you guys are getting comfortable a bill of sale is used to transfer the ownership of what a personal property be real property see fixtures or d operances what do you guys think the answer here would be personal property the rest of these are real one actually says real property the other types of real property fixtures are included with your purchase contract you buy the house and so is anything that's a pertinent when you have something that's personal property and part of the sale you got to attach a bill of sale to it because it's not real property it's not incorporated into the purchase agreement okay when a dam broke the flow of water cut away a strip of land from the river break this would be known as a reversion b avulsion c accretion and d alluvium what do you guys think and the answer is avulsion avulsion sudden violent tearing away of the land as i read more questions and i become a little more lazy with my articulation of the words my accent starts to come out can you guys guess where i was originally from meaning from ages 0 to 18 can you guys guess who you guess where i'm from based upon my accent i don't have a strong accent so it's not easy it's not easy it's a tough one so i don't have a strong accent and also i left that area when i was 18. what do you guys think arthur says australia i grew up in the suburbs of new york i grew up in the suburbs of new york i do have strong ties to colombia but that's not where i actually grew up but i do have very strong ties there might day okay moving right along i used to watch mookie wilson and keith hernandez and daryl strawberry and dwight goodin you guys probably know how old i am if you know your baseball and i was excited when joe morris was the running back of the giants and altoon was catching passes for the jets so all my new yorkers probably could guess my age from the names i just threw out there okay a promise in exchange for a promise supported by consideration is the basis for a a multilateral contract b unilateral contract c offered to lease d valid binding bilateral contract what do you guys think by the way everybody's writing columbia just so you guys knows you it's c-o-l-o-m-b-i not you you is the university in new york or the city in south carolina the country is spelled with an o pet peeve for colombians fyi okay here we go and the answer is boom valid binding bilateral contracts bilaterals a promise for a promise was the unilateral contract was just one promise unilateral is one promise like a lost dog sign stu mentioned i might have a knock knock joke yeah i heard about that the problem is i'm not 10 years old so i don't have a knock knock joke ready ouch arthur's got knock knock jokes okay move right along clara says i'm from columbia am i right clara spell no people in the formation of contracts valuable goods sufficient adequate are terms mostly closely associated with the with a with which the following a consideration b bilateral contracts c compensation or d performance congratulations miss ellen on passing everybody saying congratulations miss ellen and the answer on the board here is consideration it's one of the four essentials of a valid contract can you guys give me the essentials of a valid contract i would like you guys to give me the essentials of a valid contract can you guys give me the essentials of a valid contract what do you guys think what are the ascent the four essentials of a valid contract lawful object good job josh consideration as it says on the board mutual agreement and capable parties good i'll say it again offer acceptance capable parties mutual agreement and consideration great job everybody and by the way if you guys want to learn how to grow your business you could do this before you pass you can start learning now go to our agent school youtube channel arthur and i started this a little while ago we're putting up some great content there make sure you subscribe to this here i'll put it in the um show notes or descrip or the chat i should say follow us there we're going to talk about industry things stu is going to do um friday webinar on updates in the industry what's happening because guys honestly we don't want to just get you past the exam we want to see you succeed in real estate well beyond the goal is not to pass the exam and all that's free it's all free on agent school right now so because we want to see you guys do well it just didn't sit well with arthur and i that people were passing and then a year later they weren't in the business arthur and i had to have a real heart-to-heart about it and we were like this isn't what we're in this for we're not in it for people just to pass the exam we want people to have a successful career so subscribe to that doesn't cost anything it's part of our mission to help people get their career going so after you pass you'll know what to do okay moving on to the question on the board a listing broker had a signed sales contract on a house the broker then noticed a crumbling wall in the basement the broker should inform a both the buyer and the seller b the seller only c the buyer seller in the mortgage company and d the buyer only and the answer is both a buyer and seller you're talking about a material fact we're talking about crumbling wall in the basement so when you got a material fact you gotta disclose to everybody the buyer seller the postman the the dog walking across the street you can't keep those things a secret so let me ask show us one more time there it is you guys are gonna have to pay for a lot of stuff so take advantage of free stuff we're not charging anything you're with us you trusted us so we're trying to come through for you guys so this is all free if you don't like it it costs you nothing just trying to follow through with our commitment to make sure you guys have a new career okay moving right along here when a buyer withdraws his offer to purchase real property prior to acceptance by the seller the a buyer is entitled to a refund of the earnest money deposit b seller may sue the buyer for specific performance and will probably win the suit c seller is entitled to one half the earnest money deposit or d broker may sue the buyer for a specific performance and the answer is what do you guys think let's hear it what do you guys think boom bar is entitled to get his deposit back the key thing is there is no acceptance i can make you an offer but if you haven't formally accepted it nothing happened give me my money back nothing happened there's actually a three-step process for offering acceptance there's offer acceptance and communicate back acceptance to the buyer all right think of it this way if i offer you money you accept it and i not sitting there waiting to hear from you and you never tell me you accepted it i have the right to go make it offer another house how am i supposed to know you accepted it everybody got that so it's actually a three-step process offer acceptance communicate back acceptance does that make sense everybody so just remember it's a three-step process and when you think about it logically it makes sense so another study tip for you guys all right just to kind of mitigate the requests we get a lot of people write to us say joe i failed a bunch of times or i'm having trouble with this what do i do what do i need to do what do i need to do i promise you guys arthur and i put our heart and soul into this program everything we got is here there's no secrets there's nothing we're going to tell you guys on the side this could be like oh well let me tell you this we didn't tell anybody else but since you messaged me on instagram here here's the secret it's no secret kind of like a kung fu panda if you ever guys watch kung fu panda when he gets the scroll and he opens it he goes ah there is no secret the secret is to believe in yourself who's ever seen kung fu panda it applies so much sometimes there's no secret guys just right there in front of you just gotta work a little harder and overcome things that may be a little more difficult to you than it is to other people that's just reality some things are gonna be harder for you some things are gonna be easier for you just the way it is because i get messages arthur gets messages matt gets messages all time say what do i do what do i do we put it all in there it's all in there everything we know to do is in there no secret sauce that's right you guys seen kung fu panda if you haven't it's probably my favorite cartoon movie that and um the jungle book the bear necessities mother nature's recipe okay here we go next question the effectiveness of the market data approach is limited most by which of the following factors a the differences in the comparable property b economic conditions that rapidly change c the financing terms of comparable property or d types of properties that are regularly sold brenda ruined capitals next question all right brenda don't need to yell at me you guys ever feel that when people like write you in capitals you're just like stop yelling at me capital letters always mean somebody's screaming at you the answer here is boom economic conditions that rapidly change so the market data approach takes in comps usually within the last six months right and if something's happened in the last six months like i don't know if a global pandemic strikes your town that could drastically tr affect all the comps all the comps okay and therefore the market data approach doesn't work anymore what item will appear as a debit on the buyer's closing statement a none of the other options are correct b prepaid homeowner's insurance c the purchase price or d unpaid property taxes what do you guys think the answer is what do you guys think the price of the house so debits money you owe credits money is coming to you debit just means that you owe money and the biggest thing you're gonna owe is the price of the home so obviously that's the purchase price for a buyer it's the price of the home i feel like we're doing good what do you guys think good energy we got a real positive group here i love that we don't have those annoying trolls one of the beauties of our webinars in this age where so many people write nasty things on the internet behind the cover of a computer screen we never experience that in our webinars i'm so grateful to you guys for that people are supportive and helpful and you guys know in this day and age that just doesn't always happen arthur and i who started these webinars we were worried about like the internet trolls rearing their ugly heads it just hasn't happened so honestly guys i i love you guys for that and it really kind of makes us easy for us to do what we do okay an appraiser examines a building that is 25 years old because of superior upkeep it has the condition of an 11 year old building the appraiser may use the 11 year old age as the a actual age b effective age c numerical age or d physical age what do you guys think the answer is be effective age one of these days i'll tell you guys a story of how arthur and i started this together it's a good story but for now let's get past the exam another time we'll get into that story moving right along when the rent is charged based on the gross sale of business the lease is correctly termed a a gross lease b a net lease c avoidable lease or d a percentage lease oh this is joe save me from bankruptcy arthur we'll make a video about that later arthur and i are very close we've known each other for many many many many many years okay so the answer here is d percentage lease so there's different types of leases that you guys need to know for the exam you have the gross lease percentage lease net lease and sandwich lease okay so a percentage lease is based upon the gross receipts right means for a business you pay a percentage of the money coming in a net lease is when you pay for things like tax insurance and maintenance like the tenant a gross lease is what you typically have on residential property because you're paying a set amount all right and his sandwich lease is also known as a subletting so if you guys think oh i've never heard of a sandwich lease don't worry about it it's just another word for subletting where the lessor is also the lessee okay how many of you guys know your o-r-e-e rule who knows their o-r-e-e rule if you don't know your o-r-e-e rule you must know it in order to pass the exam if you do not know it you will fail if you know it you're in good shape here your eyes go ready a one a one a one two three lessor vendor option or grantors to give or the proper tour for your pleasure let's see vendi optionee grantee give me property makes me happy ee receives o-r gives is there an exception to that rule do you guys think there's an exception to that rule is there an exception to the glorious o-r-e-e rule what do you guys think no there's no exceptions to that rule it's a suffix there's no exceptions and if you have a teacher who tells you an exception that rule tell them they stink and they need to attend webinars with cynthia stu and i like real quick okay the mortgage is not an exception because the mortgagor needs to give the promissory note which is collateral to the mortgagee which the lender the lender's not lending any money if they don't receive that first people think money but the money is not the first thing that happens in that transaction before you do that you got to give a pledge that's why the mortgagor is the or everybody got that yes and mortgage has some roots mean death pledge i don't know how that all came about but that's what it is okay moving right along which of the following types of legal descriptions identifies a property by outlining its boundaries in terms of a series of directions and distances from a specific point of beginning a geodetic b lot and block c meets and bounds or d rectangular so he's asking about kentucky we cannot go over every individual state now what's going to happen in each individual state everything we're doing now applies to the national content that applies to everybody okay the answer here is meats and bounds promise me something everybody ready promise me you will never circle something you never heard of if you never heard of it do not circle it i know a lot of you guys are looking at what's geodectic i don't know it's something you never heard of don't circle it everybody promise me that on your exam promise me you will never circle something that you've never heard of how many you guys and be honest will get a little insecure on your exam be like wow i've never heard of that word but it looks fancy was it in my book i'm not sure never saw it before but man that looks like an important word sounds about right and you start justifying it in your head over and over again you gotta trust in your studies circle things you're familiar with if you've never heard of it don't circle it am i right or am i right how many of you guys have done that where you do an exam and you're like i've never heard of that word but it looks important looks like an important word i feel like i should know that this idea that you're going to understand not only the correct answer but all four options not gonna happen okay with a tendency for years a 30-day notice is required to terminate the lease b no notice is required to rate the lease c the term of the lease must be for at least one year or d the lessee has a freehold estate and the answer is b this is also known as an estate for years when there's a defined period of time like in a summer rental so the moment you move in do they know when you're leaving therefore you don't need to give notice to terminate because they know the moment you moved in in some states the instrument used instead of a mortgage is a a promissory note b release deed c negotiable instrument or d a deed of trust what do you guys think and the answer is d adida trust the depth of how much you have to know about a mortgage or a deed of trust depends on what state you're in obviously but you all should know basically what they are no matter what state you're in a deed of trust is a three-party system with a trust door trustee and beneficiary a mortgage is a two party systems mortgage or mortgagee i won't get into more depth than that like i said the depth of knowledge you have to have on each depends on what your state laws are and what they use but a basic definition of the two we all should know that there's no math in california jones put his house in the market brown made a written purchase offer that jones accepted in writing when is this contract valid a when brown is notified of the acceptance b when the broker gets his fee c as soon as the signatures are notarized d immediately what do you guys think and the answer when he gets acceptance remember i spoke about this before the process for offering acceptance is offer acceptance and communicate back that acceptance as the question says here everybody got that remember if i don't know you accepted it i'm going to move on the primary purpose of a deed is to a give constructive notice b prevent adverse possession c prove ownership or d transfer title rights what do you guys think and the answer is d deed is there for evidence of transfer it's evidence of transfer title's ownership deed is evidence of the transfer we got a lot of questions here so let's get moving on this a little bit remember you could re-watch this whole thing which of the following is r considered to be real property a toilet b furniture c concrete patio or d sink what is a it's a toilet do i have to tell you what a toilet is okay the answer is b furniture because it doesn't necessarily stay with the property it's personal to that person you mean what it's okay a toilet is a fixture is that what you're asking it goes with the property i guess in context i should have explained that better a new counteroffer a none of the other options are correct b the terms of the offer can never be changed c the counter offer becomes the counteroffer e or d the counteroffer can change the terms they offered unilaterally and the answer is c a counter off is a brand new offer so essentially the offer or becomes the offeree the offer or becomes the offer e here's 500 grand for your house no here's my house for your 550 grand economic obsolescence in a property is generally a a type of depreciation as incurable be a result of poor maintenance c due to architectural faults d caused by the aging process somebody asked what average possession is i can't get into that now it's a long thing i will do an instagram story on that so watch for that i will have it done by end of the day today okay a story on my instagram about what is average possession so check that out i promise whoever asked that i'll answer it there i promise okay the answer is the type of depreciates incurable incurable okay now obviously you can have like neighborhood watches and petition the government but you got to be reasonable here generally when there's economic obsolescence people move which of the following is an encumbrance a liens b easements c all of their options are correct or d mortgages and the answer is see all their options are correct one example of easement of gross is the right of a owners to cut across a neighbor's property b utility companies to access a property in order to maintain wires or pipes c owners to use the neighbor's backyard for their own recreation or d a roofing company work on repairs to store some of their equipment in the neighbor's yard and the answer is b easement and gross is when you cross your property but you're not trying to get to another property the common example is a crosslink property to fix telephone pole lines why every single textbook use the example telephone pole lines i don't know why maybe you guys know which of the following would be classified as a general lien a mechanics lien b property tax lien c judgment lien or d real estate property tax lien what do you guys think and the answer is [Music] see judgment lean hopefully you guys realize that b and d are the same thing property tax liens are specific liens i mean if you don't take it they only take the property so is mechanics leaned but if you lose a judgment in court they could take everything from you okay moving right along the difference between the value of a property the total amount of liens against it is known as a collateral b a down payment c equity or d actual cash value and the answer is c equity how's my audio been i've had the air conditioning on while i'm doing this i want to make sure it doesn't bother you guys so if it really stinks with air conditioning i will sit here and sweat but i'd prefer not to equity is the interest in the property above and beyond all liens against it meaning after you sell the property what you could take home okay which type of lease requires the lessee to pay a flat rent a a sandwich lease b a percentage lease c a gross lease and d a net lease and the answer is a gross lease we went over that earlier arthur can you believe it we are one hour into the webinar and we have 490 people watching it's crazy we had like 460 in the beginning at 490 you guys are sticking around huh we have not lost like anybody you guys must have told your family like lock in the door don't bother me the bald guy with the hats talking and speaking some knowledge about my exam so everybody back off the township contains only a 640 acres be 36 square yards see 23 040 square feet or d 36 sections somebody wrote we had over 500 before buzzkill all right answers 36 sections so a section is one square mile a township it represents 36 quests 36 sections so a township is 36 square miles good and you learn about that when you study meats and bounds of which we got a great video on it you can look it up on our prep agent youtube channel which of the following would usually occur in a sale leaseback transaction a the seller gets a return on the purchase and the four rental properties b the rent that the seller pays is not income tax deductible see the property is sold on the condition that the new owner lease it back to the seller at the same time title passes or d the buyer keeps capital in inventories rather than in realty arthur posted the vidar meets and bound video check it out and arthur there's anything you want to mention like our question of the day that you email out or anything else you want to mention just let me know i'm happy to mention that he said you know i'm doing this webinar i may forget some stuff so there's any stuff you want me to bring up just stay in the chat and i'll repeat it on the mic all right and the answer is c the property is sold and the conditions of new owner lease it back to the seller and the time title passes good if one uses the words of definite duration describe at least it's most likely n a periodic tendency b is stated sufferance c life of state or d estate for years and the answer is estate for years remember we spoke about that it's a fixed period of time a life estate's not definite because you don't know when somebody's going to die periodic tenancy is reoccurring and stated sufferance like a deadbeat tenant i think i'm getting everyone right so far maybe i should take the exam for you guys what do you guys think no i can't do that i know some of you guys were thinking like i know he's kidding but is is he serious like in the back of your head there was like a little party who's like wait is he kidding is if he's not i'm totally down know you big cheaters how many guys tell your kids don't cheat study learn your stuff and do the best you can and do with honor and courage and then if i told you hey i got this quest answers to your exam here it is you'd be like cool give it to me but what'd you tell your kid whatever screw that give me the answers right how many guys is that totally you like absolutely just take the test from me rock and roll it's different i'm the parent okay here we go the type of real estate ownership that is most all-inclusive is a a life estate b fee simple absolute estate c qualified free estate or deep reversionary interest and the answer is fee symbol absolute most absolute interest but there still is taxes so it's there's still some encumbrances there an agent becomes the age of the seller when both the seller and the agent sign n a purchase agreement b transfer disclosure statement c listing agreement d agency disclosure statement somebody said joe do you have dogs yeah i got two flacca and gordo flacca and gordo those are my two dogs for those guys who don't speak spanish i basically named my dogs fat and skinny okay the answer here is boom c a listing agreement a listing agreement boom that's that contract it's the doozy which of the following would be classified as a general lien a mechanics liens b property tax lien c real estate property tax lien or d judgment lien sabrina stop copying and pasting capital letters all the time please just write to me on instagram i'll try and do a video on it we got a lot of questions to go through okay the answer is d judgment lean i think we did one very similar to this did we already do this one my bad guys my bad the difference between a freehold and le and leaseholder state is the writer survivorship for the tenant b who's obligated to pay the property expenses c ownership versus the right to purchase or d ownership versus possession and the answer is ownership versus possession freehold that's like feasible absolute life estate feasible to terminal less than freehold those are types of leases like a state for years periodic tenancy a state of suffering state at will less than freeholds are basically types of leases the term depreciation refers to the a cost incurred to renovate or modernize a building b value of real estate after expiration of its useful life see loss of value in real estate from any cause or d capitalized value of lost rental income and the answer is c loss in value from any cause to help a buyer get an fha loan a real estate broker should put the buyer in contact with a the federal home loan mortgage corporation b the designated fha appraiser in the area c a lending institution approved by the fha or d the fha and the answer is c a lending institution approved by the fha let's follow up on that question with another one that's related a purchaser is qualified to obtain an fha loan for his new home which of the following would you apply to a fha lender b freddie mac or c fannie mae or d the fha so this is the similar question asked in a different way it's important to see some of that sometimes we don't always know exactly how they're going to ask it okay so it's an fha lender not the fha itself an fha lender is a lender that's approved by the fha a portion of joe's building was inadvertently built on ginny's land this is called an a easement b encroachment c evulsion or d accretion what do you guys think is encroachment good a broker accepts an exclusive authorization writes the listing on a corporation during the listing term all offers of the corporation die in this case a the listing is automatically terminated b the listing must be acknowledged by the new point officers see the listing must be signed by the corporation board of directors indeed the listing remains in full effect ah i clicked the wrong button i meant i meant man sorry guys i meant to click that listing remains in full effect because with the corporation i got one wrong don't judge me i always get judged for my beauty don't judge me for this too that's right because it's a corporation a type of real estate ownership that is most all-inclusive is a a qualified fee of state b fee symbol absolute estate c reversion interest or d life estate and the answer is b fee symbol absolute estate i just got that one wrong so you guys rethink that whole idea of me taking the exam for you all right a balloon payment is usually associated with a a package mortgage b blanket mortgage c variable mortgage that varies with the cost of the index or d large payment during the term or the end of the payment schedule and the answer is d boom the sudden family purchased the largest most expensive home in a new subdivision five years later when they were ready to move they discovered that the value of their home had gone up proportionately less than the other houses in the neighborhood this phenomenon is an example the principle of a substitution b diminishing return c change or d regression and the answer is d regression that means nice homes valley gets brought down because it's around lesser homes if the owners of a shopping center want a major department store's lease to provide rental payments that reflect the store's sales they're most likely to use which of the following types of leases a flat fee b net c gross or d percentage what do you guys think that would be a percentage leaves good eminent domain in this cheat are two examples of a transfer of title by descent b adverse possession c involuntary alienation or d voluntary alienation and the answer is c these are both examples of the government taking your property from you whether you like it or not a property owner conveys a life estate to his brother for the brother's lifetime it designates his cousin as the person to whom the property will pass in the life estate ends when the brother dies what happens to the property a the property owner must designate a remainder of the property b the property passes to the brothers heirs c the cousin automatically becomes a fee symbol owner of the property or d the property reverts back to the original owner of the property and the answer is c sorry click the wrong one okay the cousin gets the property it's designated his cousin as the person to whom the property will pass good how big is an acre everybody tell me how big an acre is right in the comments how big is an acre how big is an acre 43 560 square feet good just as it says right there boom a landowner sells one acre of his two-acre property to a friend he reserves for himself in a pertinent easement over the friend's land for ingress and egress the landlord's property is a the dominant tenement b the serbian tenement c is subject to an easement and gross or d cleared of the easement when the landowner sells the remaining acre to a third party what do you guys think what do you think the dominant tenement because they have the right to cross the property good the amount of a loan expresses percentage of value of the real estate offered as collateral is the a amortization ratio b debt to equity ratio c capital use ratio or d loan to value ratio and the answer is d loan to value ratio guys i encourage you to watch this again and again we're going through a lot of stuff here and i also encourage you not only to make comments on our youtube video when you see this but also look at those youtube comments and help other people like comment on their comments when you see question just participate we could all help each other out there's no way arthur and i could like address every single person every comment on youtube instagram facebook groups our emails everything so that's why we really try hard to build a community where we help each other because all of us helping each other will go a lot further than just our team no matter how big our team is trying to do it all part of the consideration offered to a seller when the buyer signs an agreement of sale is called a an option b or reconnaissance c earnest money or d a freehold estate and the answer is boom earnest money deposit shows that you're serious about your offer just a little reminder about our instagram profiles there's the prep agent instagram profile check it out there's mine there's our website and back to the practice questions for the past 30 years the settings continue to operate in neighborhood grocery store last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the settings grow store is located the store is now an example of a violation of eminent domain b non-conforming use c illegal enterprise or deep variance of the zoning laws that's right jason you can watch it later what do you guys think here boom non-conforming use excellent a real estate broker is responsible for a chain of events that result in the sale of his client's property this broker is legally called the a responsible party b compensable cause c initiating factor or d procuring cause the answer is d procuring cause good job the current cause is the reason somebody's there the principle of appraising which states the maximum value is achieved and the properties and harmony of its surrounding is the principle of a conformity b highest and best use c contribution or d competition the answer is b highest and best use ah conform me i meant conformity oh sorry we're getting deeper in the webinar here my bad guys conformity is when all the properties look alike so valley goes up like in south beach miami sorry we're getting deep into this i'm gonna take a two second break get some water don't go anywhere i think i need to kind of refresh one second everybody sing like marianna i'll be right back and i'm back all right did you miss me did you guys miss me i know i was gone for a while and you're like what where'd he go all right here we go back to the matter at hand the addition to one's land by the gradual deposit of soil through natural causes is a unolation b redemption c accretion or d avulsion what do you guys think the answer is c accretion good excellent a home is the smallest in a neighborhood of large expensive homes the larger house have an effect on the value of the smaller home called the principle of a progression b regression c contribution or d substitution what do you guys think and the answer is what do you guys think the answer is progression good progression value goes up regression it goes down contributions like when you add a swimming pool or something to the house attendance lease is expired but the tenant has not vacated the premise or renegotiated lease the landlord has not given the tenant permission to remain in the building the situation is example of a in a state from year to year b tenancy will c estate for years or d tenancy at sufferance what do you guys think the answer is d tenancy at sufferance the landlord is suffering poor landlord tenant won't leave the portion of the value of an owner's property that exceeds the amount of the owner's mortgage is called a surplus b equity c escrow or d equality this is um a similar concept before framed in a different way so we try and do that a lot so you guys get these questions right and the answer is be equity good when a company furnishes materials for construction of a house and is subsequently not paid it may file a mechanics lien b deficiency judgment c estople certificate or d lease pendants what do you guys think the answer is a mechanics lien which is also known as the specific lien meaning if you don't pay they could take one thing specifically mechanics involuntary specific lien somebody said how many questions left just these there's light at the end of the tunnel just these ones left you guys see them in the right hand column not much more a buyer joe and a seller stephen both signed a purchase contract what title interest if joe if any just don't have the property at this point and the answer is be equitable equitable is the right to possess with the right to get legal title later date legal title you get when you have everything loans are paid off everything's done the court ordered to properly designate individuals to sell property and order satisfied judgment is called a a deficiency judgment b a writ of execution c a lease pendants or d an attachment is constructive eviction illegal yep somebody does that they could be in trouble constructive eviction is basically just like kicking somebody out by like not fixing the heat and make it unlivable and this answer is boom a writ of execution that's a court order to sell something a borrower takes out a mortgage loan that requires monthly payments of 875.70 20 years and a final payment of 24 000.95 24 095 this is what type of loan so this would be a balloon loan because there's a large payment at the end there's a large payment at the end real property can become personal property by the process called a attachment b severance c hypothecation or d accretion the answer here is b just think you're severing it off like you're chopping it off real property becomes personal boom a lot of you people know when purse becomes real about fixtures and attachment all that this is going the other direction taking something is real and making it personal think of it you're severing it off you're cutting it off the removal of land when a stream suddenly changes its channel is a avulsion b accretion c adverse possession or d breach and the answer is avulsion went over that before avulsion is the sudden violent tearing away of land it's avulsion it's emulsion guys it's sudden once you see that word suddenly it's avulsion accretion is more gradual everybody got that accretion is gradual so the moment you see that word here sudden you know it's avulsion all right a person who has complete control over partial real estate is said to own a a life estate b fee simple estate c leasehold estate or d to feasible estate the answer is b fee simple estate boom good it's the highest degree of ownership discrimination is prohibited in lending practices under which of these acts a equal credit opportunity b real estate settlement procedures act c fannie mae or d truth and lending act and the answer here is a equal credit opportunity act good rasmus doesn't deal with discrimination wrestling deals with other things equal credit opportunity act deals with discrimination what activity requires a real estate license a a service that for a fee matches individuals who want to sell property b a homeowner selling their home esident manager collect rent on behalf of building owner or d an executor selling a descendant's building and the answer is a boom we have two more questions left before we do those two more i'm going to get my gratuitous plug-in please everybody tell everybody about our prep agent website we love it if you did subscribe to my instagram joe juder subscribe to the prep agent instagram prep underscore agent and of course subscribe to our agent school youtube channel where we will make you guys real estate geniuses and when you pass you'll be ready to rock all right it's all free there everything i just showed you there well not the website the other stuff is and here we go two more questions the normal section the government rectangular survey system contains a 36 square miles b six square miles c one square mile or d a hundred sixty acres and it says it's awesome can you host another depends how many people subscribe in up i'll do another anna don't worry and the answer is one square mile we talked about a section a township which is 36 square miles the section's one square mile last question a possessor right or ownership interest in real estate is called an a abstracted title b ad valorem c estate or d affidavit and the answer is for the last question of the day c estate thank you everybody you've been amazing i hope this helped you this was a lot of information diana's getting tired as am i they're gonna go take a nap but we watch this over and over again share this with your friends by all means that's what it's meant for thank you everybody and we will see you soon bye