Episode 065 - State Exam Questions 19

Episode 065 - State Exam Questions 19 Going through state exam questions to help real estate students pass their state exam.   02:18 – Watch you sources for exam prep information. Not all information is correct or complete. 06:34 – What are the steps to using the cost approach? 09:15 – What is the purpose of a real estate appraisal? 10:58 – What must an appraiser do before using a comparable property? 13:25 – What is a life estate and how do they work? Pur autre vie – for the life of another. 17:02 – Who gets the earnest money when the parents of the buyer provides the earnest money? 21:08 – What type of agency exists when two different agents working for two different firms but are affliated with the same national franchise? 24:23 – What is the difference between a license and an encroachment? 27:29 – Calculating interest payments: $120,000 loan with a $2,700 quarterly interest payment, what is the annual interest rate?  $2,700 / $120,000 = 2.25% (Quarterly); 2.25% x 4 = 9% annual interest rate.