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Overview
Are you looking at career in real estate? With real estate on the upswing in much of America, more people are looking to become a real estate professional. Idiot's Guides: Real Estate Licensing Exams is an all-in-one comprehensive guide that contains both key prep review and testing practice, utilizing the latest information in real estate law, finance, and U.S. regulation and license requirements.
Idiot's Guides: Real Estate Licensing Exams includes:
• 10 online practice tests and one final national exam, complete with solutions, covering all current test topics.• The most up-to-date key content coverage on contract, deeds, leases, mortgages, and real estate law.
• Chapter conclusions with review Q&As to ensure reader comprehension.
Product Details
| ISBN-13: | 9781465471079 |
|---|---|
| Publisher: | DK |
| Publication date: | 07/11/2017 |
| Series: | Idiot's Guides |
| Sold by: | Penguin Group |
| Format: | eBook |
| Pages: | 352 |
| File size: | 6 MB |
About the Author
Raymond D. Modglin is the director of REAL University, a real estate pre-licensing and continuing education real estate school, a keynote speaker, and host of his own podcast "Real Estate with Raymond" where he gets to speak to and educate thousands of newly licensed and veteran real estate agents throughout Indiana, as well as other states. Raymond has written several books including, Introduction Into Commercial Real Estate Brokerage, Starting Your Real Estate Brokerage, The Hand Guide to Dumping your Debt, and The Modglin Mindset.
With over $100 Million in sales and 15 years in the business, Raymond has been able to help many clients buy, sell, and trade their residential owner-occupied and investment real estate along with commercial properties, including the largest short-sale in the Indiana in 2010 at a value of $11.4 Million in one deal.
Table of Contents
Part 1 Introduction to the Real Estate Business 1
1 Why Real Estate as a Career? 3
Career Benefits 4
Career Responsibilities 5
Who Becomes Real Estate Professionals? 6
Other Real Estate Positions 7
Financial Expectations 8
Outlook for the Future 9
2 Taking the Real Estate Exam 11
Registration Requirements 12
Registering for the Exam 13
The Pass/Fail Method of Licensing 14
State Agencies and Getting Licensed 15
Local Board Membership 15
What Happens After You Pass? 16
What Happens If You Fail Your Exam? 18
3 Successful Exam Strategies 21
Successful Studying Strategies 22
Practice Test and Quizzes 24
How to Read the Questions 26
Solving Math Problems 27
Part 2 The Job Basics 29
4 The Realtor Job 31
REALTOR 101 32
Licensing Levels 35
Which Brokerage Is Right for You? 36
Understanding the Commission Structure 38
The Sherman Antitrust Issues in Real Estate 40
5 Agency Law 43
Understanding Agency 44
The Fiduciary Responsibilities of Agency 46
How Is an Agency Created? 48
How to Terminate an Agency 51
The Relationship Between Salesperson and Broker 52
Calculating Your Commission 52
Avoiding Common Issues 53
6 Contract Law 56
What Makes a Contract? 57
Types of Contracts in Real Estate 59
Real Estate Risk Management 64
7 Fair Housing 68
What Is Fair Housing? 69
State Versus Federal Fair Housing Requirements 71
Understanding the Federal Protected Classes 71
Exceptions to the Fair Housing Act 74
Violations of Fair Housing 74
Fair Housing Enforcement Procedures 77
What Fair Housing Means to Real Estate Licensees 79
8 Ethics 80
What Is Ethics? 81
The Role of Ethics in Heal Estate 82
The Difference Between Ethical and Legal 83
License Law and Code of Ethics 83
Reporting Ethics Violations 84
Part 3 Ownership and Transference 88
9 Estates and Interests 90
What Is Real Property? 91
What Is an Estate, in Land? 93
Surface, Subsurface, Air, and Water Rights 95
10 Forms of Ownership 98
Governmental Powers in Real Estate 99
Taking Ownership in Real Estate 101
11 Encumbrances 107
What Is an Encumbrance? 108
Types of Encumbrances 108
Creating Easements 111
Removing Easements 112
Understanding Zoning 112
12 Deeds and Titles 116
What Is a Title? 117
What Is a Deed? 117
Transfer Tax and Calculations 123
Closing the Transaction 123
13 Transferring Property 127
Transfer by Conveyance 128
Transfer by Operation of Law 131
Probate 134
Part 4 Legal Ramifications 135
14 Contracts 101 137
What Is a Contract? 138
Terms Within Contract Law 140
Formation and Discharge of Contracts 142
Termination and Breach of Contract 143
Common Contracts Used in Real Estate 144
15 Leasing Versus Renting 148
The Differences Between Leasing and Renting in Real Estate 149
Leasehold Versus Freehold Estate 149
Common Lease Clauses 151
Residential Versus Commercial Leases 154
Evictions 158
16 Land Use Regulations 162
Government Rules and Regulations 163
Environmental Rules in Real Estate 164
Homeowner Associations (HOAs) 169
Part 5 Evaluation and Financing 171
17 Appraisals 173
The Importance of Real Estate Appraisals 174
Who Do Appraisers Work For? 176
Determining Value 176
Understanding Market Value 177
Appraisal Methods 179
Making Comparisons with Comps 184
Some Appraisals Math 184
Reconciliation 186
18 Financing and Mortgages 188
Promissory Notes 189
Mortgages and Deeds of Trust 191
The Lien Theory Versus Title Theory System 191
The Primary Mortgage Market 193
Common Financing Types 194
Other Financing Types 195
Governmental Loans 197
Financing Legislation 198
Foreclosures 200
19 Taxes and Assessments 202
Taxes and Real Estate 203
Exemptions for Real Estate Owners 205
Tax Lien Sales 207
20 Real Estate Investing 210
Getting Started Investing 211
The Pros and Cons of Investing 212
Working with Real Estate Investors 214
Types of Investing Structures 215
Technology Helpful with Real Estate Investing 216
Taxes for the Investor 217
IRS Code Section 1031: Tax-Deferred Exchanges 220
21 Mathematics in Real Estate 222
General Math Concepts 223
Unit Analysis for Real Estate 223
Real Estate Math 224
Part 6 Practice Exams and Solutions 234
Test 1 Rights, Interest and Estates, Ownership 236
Test 2 Encumbrances, Liens, Title Transfers, Leasing 245
Test 3 Land Use, Legal Land Descriptions, Contract Law 254
Test 4 Agency and Listing Agreements 262
Test 5 Sales Contracts, Brokerages Business, Fair Housing 272
Test 6 Economics, Appraisals 282
Test 7 Finance 291
Test 8 Investments, Taxes, Ethics 300
Test 9 Closings, Risk, and Property Management 308
Test 10 Real Estate Math 316
Appendixes 326
A Glossary 326
B National Sample Test and Answers 333
C Sample Real Estate Documents 353
Index 371