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Exam Content
- Real property characteristics, definitions, ownership, restrictions, and
transfer (16 questions - 20%)
- Definitions, descriptions, and ways to hold title
- Elements of real and personal property
- Property description and legal description
- Estates in real property
- Forms, fights, interests, and obligations of ownership
- Land use controls and restrictions
- Public (e.g., zoning, taxation, police power)
- Private (e.g., liens, encumbrances, recording and priorities, subdivision/association
rules)
- Transfer/alienation of title to real property
- Voluntary and involuntary
- Deeds, warranties, and defects in title
- Assessing and explaining property valuation and the appraisal process (12
questions - 15%)
- Principles, types, and estimates of property value
- Influences on property value
- Approaches to property valuation and investment analysis
- Contracts, agency relationships with buyers and sellers, and federal
requirements (20 questions - 25%)
- Contract elements, types (e.g., valid, enforceable), and terminology
- Agency employment contracts, listing and buyer agency, agreements, and required elements
- Purchase/Sales contracts and contingencies
- General agency relationships and fiduciary responsibilities
- Property conditions and disclosures (e.g., property, environmental)
- Procedures and laws governing real estate activities (e.g., Federal Fair Housing Act,
Americans with Disabilities Act, antitrust, marketing controls)
- Financing the transaction and settlement (20 questions - 25%)
- Financing components
- Financing instruments (e.g., notes, mortgages, contract for deed, deed of trust)
- Sources (e.g., primary and secondary mortgage markets, seller financing)
- Types of loans
- Financing concepts and terminology
- Lender requirements and obligations
- Settlement procedures
- Settlement documents (e.g., title review, RESPA)
- Financing costs, property taxation, proration
calculations, and other closing costs
- Leases, rents, and property management (12 questions - 15%)
- Types and elements of leasehold estates, leases, lease clauses, and rental agreements
- Lessor and lessee fights, responsibilities, and recourse
- Management contracts and obligations of parties
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