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The “The Ultimate Real Estate Exam Cheat Sheet” gives condensed, easy-to-understand questions and all the most important topics you’ll need to know for the real estate exam, along with proven memory techniques to help you recall key details.
- Commission
- Gross Rent Multiplier
- 28/36 Rule Or “The Mortgage Rule of thumb.”
- Discount Points
- Calculating Property Tax, Assessed Value, and Mill Or Millage Rate
- Calculating Property Tax Deductions
- Proration
- Ready to Get started?
Most, if not all, real estate agents make money through commission. A commission is a fee paid to an agent for performing a transaction. A commission is usually a percentage of the property’s selling price, although sometimes it can be a flat fee. As many of you know, agents are licensed salespersons who work under a broker. Agents cannot work inde...
Gross Rent Multiplier is the ratio of the price of a real estate investment to its annual rental income before accounting for expenses such as property taxes, insurance, and utilities. More specifically, its a measure of the value of an investment property that is obtained by dividing the property’s sale price by its gross annual rental income. Gro...
The 28/36 Rule states: that a household should spend a maximum of 28% of its gross monthly income on total housing expenses and no more than 36% on total debt service. Lenders typically want no more than 28% of your gross monthly income to go toward your housing expenses, including your mortgage payment, property taxes, and insurance. Once you add ...
Discount points, also known as mortgage points, are prepaid interest. If you (a borrower) want a lower monthly payment and have enough money to purchase some discount points, it’s not a bad idea. Points can be expensive, and they are separate from a borrower’s down deposit. So if a borrower takes out a $100,000 loan at 7% interest and puts $15,000 ...
Property Tax, Assessed Value, and Millage Rate typically come hand and hand, and understanding each one is crucial to understanding all three. Property tax is one of the most common real estate math problems you’ll see on the real estate exam. Property tax is a real estate ad-valorem tax, which is paid by the owner of the property. All ad valorem t...
States vary in property tax rates and deductions very as well. Widows, legally blind people, service members, and other particular groups get deductions; this aspect varies from state to state. For example, legally blind people get a $1,000 deduction in Connecticut but only get a $500 deduction in Florida. Although your state sets statewide propert...
Proration is the allocation or division of money items at the closing. Proration mainly comes into play when a seller prepays their home taxes for the year. Since they paid for the full year and are selling it, the buyer will then owe the seller the remaining months of taxes. The easiest way to break this down is by an example. This is a common que...
Now that we’ve covered pretty much everything you need to know you may be thinking what is the best place to get started? Practice your little heart out, and if for some reason you are still struggling, look into our real estate exam prep course down below, which comes with videos covering every aspect of the exam (including real estate math).
- 109 min
Dec 13, 2023 · Ace Your California Exam with our Guaranteed Cheat Sheet - https://bit.ly/3rMoJeXThis California Real Estate Exam 2024 will cover many of the following topi...
- 67 min
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- Real Estate Advantage
The #1 Rated Free California Real Estate Practice Exam. Designed to help pass your test. Actual questions and answers with zero fluff.
I have searched through and seen a lot of recent posts regarding studying for the RE exam, and I want to share how I recently passed my CA broker's exam (it's the same material as the agent exam, just more questions and a higher percentage needed to pass) and spent no money at all in study material.
Study with Quizlet and memorize flashcards containing terms like The real estate marketplace is a stratified marketplace. Stratified means that: a. prices are at high levels. b.
RE 105 (GCC) - Real Estate Pre-License Around June, I submitted an application to take the Real Estate Salesperson Exam in California, particularly in the Los Angeles Area. After a couple of weeks, the earliest time to take the exam was in November 16th.
