Real Estate Exam Prep
Real Estate Exam Prep is a daily podcast designed to help future real estate agents pass their licensing exams with clarity and confidence. Built and operated by OpenExamPrep, this podcast breaks down the real estate exam into focused, easy-to-digest episodes covering both the national portion and state-specific requirements. Each episode targets one key concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions. Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Real Estate Exam Prep was developed from fir...
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Real Estate Exam [National] 87, Lead Based Paint Disclosure Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: - Federal disclosure requirements apply to residential properties built before 1978. - Sellers must provide the EPA pamphlet and disclose known lead hazards without being forced to test. - Buyers have a ten-day window to inspect for lead unless they choose to waive i...
Real Estate Exam [National] 86, Assumption vs Subject To Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The critical legal differences in personal liability between assuming a mortgage and taking title subject to a lien. • How the process of novation works to legally release an original seller from debt obligations. • The role of the alienation clause and why it prevent...
Real Estate Exam [National] 85, Mortgage Clauses Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • How the acceleration clause converts a long-term debt into an immediate demand for payment upon default. • Why the alienation or due-on-sale clause is the primary barrier to mortgage assumptions by new buyers. • That the defeasance clause is the only legally required clause, ensurin...
Real Estate Exam [National] 84, Loan Qualification DTI Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: - How to distinguish between front end housing ratios and back end total debt ratios. - Why lenders require gross monthly income instead of net income for all DTI calculations. - The standard qualifying percentages for conventional loans (28/36) and FHA loans (31/43). - W...
Real Estate Exam [National] 83, TILA and TRID Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The critical difference between Interest Rate and APR for disclosure purposes. • Which specific loan types qualify for the TILA three-day right of rescission. • The exact timelines for delivering the Loan Estimate and the Closing Disclosure. • How to identify trigger terms in real estate ad...
Real Estate Exam [National] 82, RESPA Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • RESPA applies to one-to-four family residential dwellings involving federally related mortgage loans. • Section 8 of the act strictly prohibits kickbacks or any "thing of value" exchanged for referrals. • The Loan Estimate and Closing Disclosure both follow a strict three-business-day delivery requirement. • Lenders are prohibite...
Real Estate Exam [National] 81, Secondary Mortgage Market Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The fundamental difference between the primary market where loans start and the secondary market where they are traded. • How Fannie Mae and Freddie Mac provide liquidity by purchasing conforming loans from different types of financial institutions. • Why Ginnie Mae is unique as a gover...
Real Estate Exam [National] 80, Adjustable Rate Mortgages Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The total interest rate for an ARM is calculated by adding the variable market index to the fixed lender margin. • In a 5/1 ARM structure, the interest rate is fixed for the first five years and then adjusts every year thereafter. • Interest rate caps li...
Real Estate Exam [National] 79, Amortization Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • Amortization is the systematic liquidation of debt through regular installments of principal and interest. • In the early stages of a loan, the majority of the monthly payment is allocated to interest rather than principal. • A fully amortized loan results in a zero balance...
Real Estate Exam [National] 78, Private Mortgage Insurance Explained
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • How PMI functions as a lender protection tool rather than a borrower benefit. • The specific Loan-to-Value thresholds that trigger the requirement for PMI. • The difference between requesting PMI removal at 80% LTV and automatic termination at 78% LTV. • How to distinguish between Private Mortgage Insurance...
