What is the Most Direct Way to Become a Real Estate Broker?
Real estate is an excellent career choice for many people. To become a successful real estate broker, there are several different requirements that must be satisfied. The good news is that you do not need to spend years jumping through hoops, taking classes, and completing training in order to get your real estate license. In fact, you can even get a real estate license over the summer. This raises an important question: What is the fastest way to become a real estate broker? There are three basic things that you need to consider: State Requirements: Real estate broker licensing standards ...
5 Questions You May See on Your Real Estate Licensing Exam
The best way to study for the real estate licensing exam is to use actual sample questions as part of your preparation. You need to know what type of questions you are likely to see on the test. At Real Estate Prep Guide, we have free real estate exam questions available to help you get started. Here, you will find five real practice questions along with detailed explanations for each answer. A home was purchased in 2005 for $425,000. It was sold recently for $478,000. What is the rate of return on profit for this house? (Answer: 12.47%) Which of ...
Is It Possible To Get A Real Estate License Over The Summer?
If you want to become a real estate broker or a real estate salesperson, you will first need to obtain the appropriate license. This raises an important question: How long does it take to get a real estate license? The answer depends on a number of different factors. Though, generally, it takes less time than most people think. Here, our real estate exam prep team breaks down the key factors that impact how long it takes to get a real estate license. Yes, You Can Get a Real Estate License in One Summer It is possible to obtain a ...
Real Estate Study Guide: What You Need to Know About Administrative Discipline
Licensed real estate brokers and real estate salespersons are required to follow federal and state real estate laws along with the relevant rules of professional conduct in their jurisdiction. If allegations arise that they have failed to do so, a real estate agent could potentially face administrative discipline from the regulator in their state. It is crucial that all real estate agents have a basic understanding of their professional duties — to protect their career and, prior to that, to help them pass the real estate exam. Administrative Discipline is Handled on a State-by-State Basis One of the most important ...
Injunction in Real Estate
In most cases, United States courts look to resolve civil legal disputes by awarding — or denying — compensatory damages. For example, if a commercial sales agreement is breached, the non-breaching party may be awarded financial compensation to account for the value of their losses. Money awarded to a plaintiff in a civil case is often referred to as a legal remedy. While legal remedies are appropriate for most disputes, there are plenty of exceptions. Although they are generally much more hesitant to do so, courts can also award a damaged plaintiff an equitable remedy or equitable relief. In contrast ...
The Best Way to Study for the Real Estate Exam
To become a real estate agent, you must pass your state’s official licensure exam. A real estate exam is by no means an easy test. As a reference point, more than half of all applicants fail the California real estate broker exam on their first attempt. Most other states have similar pass rates. Do not let this information stress you out. There is good news: You can pass. With proper study materials and the right strategy, you will be ready to pass your exam with flying colors. Here, our team offers some of the best study hacks to help you ...
Tenancy In Partnership
A tenancy in partnership is a form of co-ownership in which all partners have an undivided interest in the property, but no rights to transfer their interests outside of the partnership. A partnership is a legal arrangement that can be formed between two or more different parties. People form partnerships for a wide range of different reasons, from starting a business or creating a professional practice to owning or investing in real estate. In world of real estate, partners may join together to own property. Business partners could collectively own dozens of different pieces of property in states all across ...
Accession in Real Estate Law: What You Need to Know
In property law, accession is a method of acquiring property by adding value to other property through labor or new raw materials. Through a property law doctrine known as ‘accession’, ownership of property naturally carries with it the right to possess all of the things that are added to or produced by that property. If you are acquiring property or acquiring value through accession, it means that something of value has been added to the property through natural forces or through your own labor or investment. Two Straightforward Examples of Property Ownership Through Accession How does real property produce additional ...
Real Estate Exam Prep: What is a Habendum Clause?
Typically beginning with the words ‘to have and to hold’, a habendum clause is a contract provision included in a deed or a lease that the defines the property interests and legal rights enjoyed by the grantee/lessee. If you are part of a real estate transaction — whether you are buying property, selling property, or representing another party in a professional capacity — you need to have a clear understanding of what exactly is being transferred in the agreement. In real estate contracts, every term matters. A habendum clause is relatively basic legal language that is included in property transfer ...
Real Estate Study Guide: What is a Defeasance Clause?
A defeasance clause is a provision in a mortgage agreement that grants the buyer title (the deed) to property after the terms of the loan have been fully satisfied. Real estate transactions are extremely complex. For buyers, there are many different issues that need to be resolved — including getting financing for the property. According to data provided by the National Association of Realtors, approximately 75 percent of residential properties are bought with a mortgage. Real estate professionals should have an understanding of mortgages and related regulations. In certain states, real estate buyers who purchase property with a mortgage loan ...
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