Real Estate Exam [National] 77, Loan to Value Ratio 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 exact formula for calculating Loan to Value ratio and why the denominator is the lower of two values. • How to navigate exam traps involving low appraisals and high sales prices. • The relationship between high LTV ratios and lender risk assessments. • When and why P...
Real Estate Exam [National] 77, Loan to Value Ratio Explained
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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 [Texas] 28, Title Policy and Survey Requirements
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. In this episode you will learn: - The crucial distinction between a Title Commitment (a promise before closing) and a Title Policy (protection after closing). - Why payment for the owner's title policy is always a negotiable item in the Texas sales contract, regardless of local customs. - The three survey options available to the buyer and seller i...
Real Estate Exam [Texas] 27, Property Condition and Inspections
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. In this episode you will learn: - The buyer's unrestricted right to terminate during the negotiated option period. - That an "as-is" provision does not waive the seller's legal duty to disclose known material defects. - That sellers are not obligated to agree to any repair requests from the buyer. - What happens if repair negotiations fail before t...
Real Estate Exam [Texas] 26, The Option Period
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. In this episode you will learn: - The Option Period is a buyer's unilateral right to terminate a contract for any reason, unique to Texas real estate. - The Option Fee is a non-refundable payment to the seller in exchange for the right to terminate during the option period. - Earnest Money is a separate, good-faith deposit that i...
Real Estate Exam [Texas] 25, Earnest Money Deposit Rules
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. In this episode you will learn: - The amount of earnest money is negotiable and not a legally mandated percentage in Texas. - Earnest money must be delivered to the escrow agent, typically a title company, within 3 days of the contract's effective date. - If a buyer defaults without a valid contingency, the seller is generally entitled to k...
Real Estate Exam [Texas] 24, Property Identification and Sales Price
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. In this episode you will learn: - Why a street address alone is an insufficient and invalid property description on the TREC contract. - The critical importance of listing items in Paragraph 2D (Exclusions) to avoid them conveying with the property. - How to correctly calculate and verify the sales price formula in Paragraph 3 (Cash + Financing = Sales Price). ...
Real Estate Exam [Texas] 23, One to Four Family Contract Structure
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. In this episode you will learn: - The logical flow of the One to Four Family contract from parties and property to closing procedures. - How the exam tests key sections like Property Condition (Paragraph 7) and the "as is" clause. - The critical distinction between what can and cannot be written in Special Provisions (Paragraph 11). - Common exam t...
Real Estate Exam [Texas] 22, What Licensees Can and Cannot Do With Forms
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. In this episode you will learn: - That licensees are only permitted to fill in the blanks of TREC-promulgated forms with factual statements and business details. - How to properly use the Special Provisions (Paragraph 11) section without engaging in the unauthorized practice of law. - That altering, striking through, or adding legal language to the pre-printed text of a...
Real Estate Exam [Texas] 21, The Broker-Lawyer Committee
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. In this episode you will learn: - The Broker-Lawyer Committee consists of 13 members: 6 brokers appointed by TREC, 6 lawyers appointed by the State Bar president, and 1 public member appointed by the governor. - The committee's sole purpose is to draft and revise standardized contract forms for use by real estate licensees. - This committee acts only in an advisory r...
Real Estate Exam [Texas] 20, TREC Promulgated Forms Overview
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. In this episode you will learn: - Why TREC's primary goal with promulgated forms is public protection and preventing the unauthorized practice of law. - The critical difference between an addendum (used before signing) and an amendment (used after signing). - That using promulgated forms is mandatory for Texas license holders whenever a relevant form exists for the t...
Real Estate Exam [Texas] 19, Agent Disclosure Duties
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. In this episode you will learn: - An agent’s independent duty to disclose known material facts overrides a seller's instructions. - The specific requirements for the federal lead-based paint disclosure for all homes built before 1978. - The consequences for failing to provide a Municipal Utility District (MUD) notice before a contract is signed. - Key disclosure rules for...
