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] 37, Valid Void and Voidable Contracts 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 four essential elements required to make a real estate contract legally valid and enforceable. • Why a void contract is considered a legal nullity from inception due to illegal objectives or lack of capacity. • The specific conditions such as fraud, duress, or minor s...
Real Estate Exam [National] 36, Essential Elements of Valid Contract 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 four essential elements required for a valid contract: competent parties, lawful object, consideration, and mutual consent. • The critical distinction between void and voidable contracts, specifically regarding minors and legal incompetence. • Why earnest money is a good faith deposit rather than a legal r...
Real Estate Exam [National] 35, Principles of Value 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: - Why the principle of substitution is the foundational concept for the sales comparison approach. - How the principle of contribution distinguishes the market value of an improvement from its actual construction cost. - The way anticipation influences current property value based o...
Real Estate Exam [National] 34, Broker Price Opinion 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 legal definition and primary purpose of a Broker Price Opinion in property valuation. • Why federal law prohibits BPOs for mortgage underwriting and loan origination. • The key differences between an Interior BPO and an Exterior Drive-by BPO. • How to distinguish a BPO from a Co...
Real Estate Exam [National] 33, Comparative Market Analysis 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: • CMAs are informal estimates used for pricing decisions and differ significantly from formal appraisals. • Licensing exam candidates must know that CMAs cannot be used for mortgage lending or refinancing purposes. • The three main data categories for a CMA include recently sold properties, active...
Real Estate Exam [National] 32, Highest and Best Use 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 four-step analysis used by appraisers to determine the highest and best use of a property. • How to distinguish between legally permissible and physically possible constraints on land. • Why appraisers must analyze land both as vacant and as currently improved to find the hig...
Real Estate Exam [National] 31, Depreciation Types 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: • Why land is never depreciated while improvements lose value over time. • The economic difference between curable and incurable physical deterioration. • How to identify functional obsolescence through outdated design or super adequacies. • Why external obsolescence is the only type of depreciation that is always in...
Real Estate Exam [National] 30, Gross Rent Multiplier 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 real estate exam. In this episode you will learn: • How to calculate the Gross Rent Multiplier using price and gross income. • The critical difference between the Gross Rent Multiplier and the Capitalization Rate. • Why a lower multiplier indicates a potentially more profitable investment for a buyer. • How to avoid the...
Real Estate Exam [National] 29, Capitalization Rate 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 use the IRV formula to solve for Income, Rate, or Value. • The critical difference between Gross Income and Net Operating Income. • Why debt service must be excluded from capitalization rate calculations. • The inverse relationship between capitalization rates and property values. • How to inte...
Real Estate Exam [National] 28, Income Approach 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 apply the IRV formula to solve for value, rate, or income • The essential steps to calculate Net Operating Income from Potential Gross Income • Why debt service and depreciation are strictly excluded from operating expenses • The inverse relationship between capitalization rates and prope...
