Cheat Sheet
5 sections
•
20 key points
1
Property Ownership
Fee simple absolute: highest form of ownership, indefinite duration
Life estate: ownership for the duration of someone's life
Joint tenancy: equal shares with right of survivorship (requires four unities: TTIP)
Tenancy in common: co-ownership without right of survivorship, unequal shares allowed
2
Contracts & Transactions
Valid contract requires: competent parties, offer & acceptance, consideration, legal purpose, written form (Statute of Frauds)
Earnest money deposit shows buyer's good faith but is not required for a valid contract
Contingencies: financing, inspection, appraisal, sale of existing home
Closing process: title search, survey, final walkthrough, recording the deed
3
Financing & Mortgages
LTV (Loan-to-Value) = loan amount ÷ appraised value or purchase price (whichever is less)
PMI required when LTV exceeds 80%
Types of mortgages: conventional, FHA, VA, USDA
TILA (Truth in Lending Act) requires disclosure of APR and total finance charges
4
Agency Law
Agent owes fiduciary duties: OLDCAR (Obedience, Loyalty, Disclosure, Confidentiality, Accountability, Reasonable care)
Types: seller's agent, buyer's agent, dual agent, transaction broker
Dual agency requires informed written consent from all parties
Agency can be terminated by: completion, expiration, mutual agreement, revocation, or death
5
Fair Housing & Regulations
Federal Fair Housing Act protects: race, color, religion, national origin, sex, familial status, disability
Steering, blockbusting, and redlining are illegal practices
ADA requires reasonable accommodations for disabled persons
State laws may add additional protected classes beyond federal requirements
Sample Flashcards
Card 1 of 6
Question
What are the four unities required for joint tenancy?
Answer
TTIP: Time (acquired at same time), Title (same deed), Interest (equal shares), Possession (equal right to possess the whole property).
Click the card to flip
Quick Quiz
1. Which type of ownership includes the right of survivorship?
2. PMI is typically required when the LTV ratio exceeds:
3. Which of the following is NOT a protected class under the Federal Fair Housing Act?
4. An agent's duty of loyalty means:
Frequently Asked Questions
How many questions are on the real estate exam?
Most state exams have 100-150 multiple-choice questions split between a national portion and a state-specific portion. Check your state's real estate commission for exact numbers.
What is the pass rate for the real estate exam?
First-time pass rates vary by state but typically range from 50-70%. Thorough preparation with practice questions significantly improves your chances.
How long does it take to get a real estate license?
Pre-licensing education requirements range from 40-180 hours depending on the state. Most people complete the process in 2-6 months including coursework, exam, and application.
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