Episode 100 - Real Estate Exam Questions: Fee Simple and Life Estates
03/07/24 • 68 min
Episode 100 - Real Estate Exam Questions: Fee Simple and Life Estates
Going through state exam questions to help real estate students pass their state exam.
01:20 – We hit episode number 100!!!
02:35 – Be careful where you get your information for your exam questions. Not all are the same. Watch for state specific topics versus the general/national portion of the exam.
06:20 – Example: the value of a point in relation to the interest rate reduction.
08:10 – List of recent grads: Sara, Jamila, Sharon, Breanna, Tim, Kap, Jaquie, Natalie, Shana, Austin, Sheila, Simon, Grant, Marlainna, Maya, Kennedy, Deborah, Sydney, Bridgette, Michael, John, April, Janeva, Martina, Elishia, Jessica, Naomi, Christina, Matthew, Maria, Sophia, Loren, Brandi, Eric, Dominique, Odonel, Jordan, Mark, Dana, Andres, James, Kiana, Anitra, Dayanna, Nathanial, Tatiyon, and David.
09:15 – Messages from Sara and Tatiyon. Common theme: breathe and listen to all the A-Ha episodes.
14:30 – Episode Focus: fee simple, fee simple absolute, fee simple defeasible, and life estates.
16:10 – Freehold and Non-Freehold estates.
19:00 – Fee simple and fee simple absolute.
21:40 – Fee simple defeasible: a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.
23:30 – Three forms of fee simple defeasible: determinable, subject to condition subsequent, and subject to executory limitation. One main difference: if the condition is not met, who gets the property?
27:30 – Determinable versus subject to condition subsequent; words and phrases distinguish them; how does the property go back to the original grantor; lawsuit required? Possibility of reverter or right of reentry (power of termination.)
30:45 – Fee simple subject to condition subsequent: right of reentry/power of termination; the original grantor must bring a court action to exercise their right to reenter the property.
36:35 – Watch who has the future interest. Is it the original grantor or some third party?
38:10 – Life estate; life tenant; pur autre vie; remainder and reversion/reversionary interest; when is a life estate inheritable or transferable?
40:45 – Pur autre vie examples. What can a life estate holder do? Inheritable.
44:55 – What happens when the defined life is extinguished, who gets the property interest? Reversion/reversionary interest or remainder interest (remainderman).
49:45 – Legal life estate – state law that recognizes dower and curtsey rights, or homestead right.
51:10 – Exam questions
1:06:15 – April’s episode will be about fair housing. Come back for more to help you pass the real estate exam.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
Episode 100 - Real Estate Exam Questions: Fee Simple and Life Estates
Going through state exam questions to help real estate students pass their state exam.
01:20 – We hit episode number 100!!!
02:35 – Be careful where you get your information for your exam questions. Not all are the same. Watch for state specific topics versus the general/national portion of the exam.
06:20 – Example: the value of a point in relation to the interest rate reduction.
08:10 – List of recent grads: Sara, Jamila, Sharon, Breanna, Tim, Kap, Jaquie, Natalie, Shana, Austin, Sheila, Simon, Grant, Marlainna, Maya, Kennedy, Deborah, Sydney, Bridgette, Michael, John, April, Janeva, Martina, Elishia, Jessica, Naomi, Christina, Matthew, Maria, Sophia, Loren, Brandi, Eric, Dominique, Odonel, Jordan, Mark, Dana, Andres, James, Kiana, Anitra, Dayanna, Nathanial, Tatiyon, and David.
09:15 – Messages from Sara and Tatiyon. Common theme: breathe and listen to all the A-Ha episodes.
14:30 – Episode Focus: fee simple, fee simple absolute, fee simple defeasible, and life estates.
16:10 – Freehold and Non-Freehold estates.
19:00 – Fee simple and fee simple absolute.
21:40 – Fee simple defeasible: a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.
23:30 – Three forms of fee simple defeasible: determinable, subject to condition subsequent, and subject to executory limitation. One main difference: if the condition is not met, who gets the property?
27:30 – Determinable versus subject to condition subsequent; words and phrases distinguish them; how does the property go back to the original grantor; lawsuit required? Possibility of reverter or right of reentry (power of termination.)
30:45 – Fee simple subject to condition subsequent: right of reentry/power of termination; the original grantor must bring a court action to exercise their right to reenter the property.
36:35 – Watch who has the future interest. Is it the original grantor or some third party?
38:10 – Life estate; life tenant; pur autre vie; remainder and reversion/reversionary interest; when is a life estate inheritable or transferable?
40:45 – Pur autre vie examples. What can a life estate holder do? Inheritable.
44:55 – What happens when the defined life is extinguished, who gets the property interest? Reversion/reversionary interest or remainder interest (remainderman).
49:45 – Legal life estate – state law that recognizes dower and curtsey rights, or homestead right.
51:10 – Exam questions
1:06:15 – April’s episode will be about fair housing. Come back for more to help you pass the real estate exam.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
Previous Episode
Episode 099 - Real Estate Exam Questions: Leasing
Episode 099 - Real Estate Exam Questions: Leasing
Going through state exam questions to help real estate students pass their state exam.
01:35 – February: I feel your pain. A lot of new and intense information. Law school is just as much “fun”.
05:07 – List of recent grads: Andrew, Grace, Jacob, Tylea, Kayla, Erica, Denzel, Kyle, Anu, Sharika, Brandy, Jesika, Matias, Omayra, Kemberly, Denise, Wallace, Ingrid, Ryan, Jonathan, Kendall, Orchid, Len, Gail, Ashley, Joseph, Monica, Kay, Latoya, Cierra, Britney, Kiana, Stephanie, Asia, Thomas, Shelley, Krystyn, Madeleine, Kynia, Andrew, Kellie, and Sam.
06:55 – Messages from Jonathan and Ryan.
09:45 – Episode Focus: leasing; pay attention to the legal pieces and “forget” what you know about the real world of rental situations.
12:20 – Parties to the lease: lessor (landlord) and lessee (tenant). Bundle of legal rights and what rights do each party have? Leased fee vs. Leasehold. Reversionary rights. Statute of frauds – lease for less than 12 months.
20:00 – Types of leasehold estates: Estate for years, Estate from period to period (Periodic tenancy), and estate at will. Estate at sufferance, holdover tenant at sufferance.
34:10 – Leasing consideration: possession of premises (quiet enjoyment); use of premises; security deposit (possession vs. ownership); Assignment versus Sublease; Nondisturbance clause.
44:00 – Types of leases: gross, net, and percentage leases; variable leases (graduated lease and index lease); ground lease.
51:10 – Breach in a lease: if tenant breaches, landlord remedy is to evict tenant; if landlord breaches, tenant remedy is constructive eviction.
52:25 – Leasing of real estate law exam questions.
1:04:10 – Calculation rental price per square foot: $18/square foot for 2,400 square feet of space: $18 x 2,400 =- $43,200 / 12 = $3,600.
1:07:50 – March’s episode will be about Closing a real estate transaction (also known as close of escrow). I will get into the mechanics of a closing, the federal oversight including RESPA, TRID, and Truth in lending, and finish with an in-depth explanation of proration including debits, credits, accrued and prepaid items, and the math behind the glory of proration.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
Next Episode
Episode 100.5 - Bonus Episode: 2024 NAR Settlement
Bonus Episode – 2024 NAR Settlement Discussion
Thoughts and facts and full truthes about the NAR settlement with actual background and history.
A lot of misinformation out there.
Biased news media and social media participants are looking for clicks, likes, and shares so they get money.
This episode is about the entirety of the truth along with the good and bad of the issue.
History of commissions
Legal issues and practices
How the “news” works
Settlement provisions:
a. Eliminate and prohibit the REQUIREMENT that listing Realtor brokers or sellers must make offers of compensation to a buyer’s agent.
b. Prohibit Realtors from making an offer of compensation on the MLS or disclosing on the MLS any buyer agent compensation, listing compensation, or total compensation.
c. Require Realtor MLSs to eliminate broker compensation fields on the MLS and prohibit the use of any other field in the MLS to display compensation.
d. Eliminate and prohibit any requirements conditioning participation or membership in NAR on offering or accepting offers of compensation.
e. Agree not to create, facilitate, or support any non-MLS mechanism (Ex. Zillow, private websites, etc.) for listing brokers to make offers of compensation to buyer brokers. This rule is not violated if:
f. Unless state or federal (none to date and likely never will) law says differently, all Realtors (again, not all agents) working with a buyer must enter into a written agreement BEFORE the buyer tours any home with the following:
g. Prohibit Realtors from representing that their services are “free” or “no cost” to buyers unless they will not receive any form of financial compensation.
h. Realtors must conspicuously disclose to sellers and obtain seller approval for any commission the listing broker will provide to a buyer’s agent.
i. Realtors must conspicuously state in the contract that broker commissions are not set by any law and are fully negotiable.
j. Realtors must not filter out listings that do not offer commissions.
What happens going forward?
How will things work?
Valuation of property and cash equivalency with mixed commission policies
What else should have been included?
We will get through this like every other bump in history.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
If you like this episode you’ll love
Episode Comments
Generate a badge
Get a badge for your website that links back to this episode
<a href="https://goodpods.com/podcasts/a-ha-real-estate-exam-prep-podcast-572250/episode-100-real-estate-exam-questions-fee-simple-and-life-estates-72397159"> <img src="https://storage.googleapis.com/goodpods-images-bucket/badges/generic-badge-1.svg" alt="listen to episode 100 - real estate exam questions: fee simple and life estates on goodpods" style="width: 225px" /> </a>
Copy