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Real Estate Exam Hack -Decoding Transactions With The OR EE Rule
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Dec 11, 2024
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0:00
what if I told you that I can bet my car
0:02
my house and even my favorite Christmas
0:05
sweater that you can pass the real
0:07
estate exam yeah that's how confident I
0:10
am how can you do it through one simple
0:13
hack the o r e e rule this simple hack
0:17
will help you master the one topic that
0:20
all the real estate exam revolves around
0:23
transactions think about it without the
0:26
giver or the receiver we don't have a
0:29
real estate industry let alone on exam
0:32
but if you gain a strong understanding
0:34
of this core
0:35
principle then you will definitely pass
0:38
the exam but what is this o rule how
0:42
does it work is it easy to learn let's
0:46
break it down what is the o e rule the O
0:51
rule is a simple memory trick that will
0:54
help you understand who is giving and
0:56
who is receiving in a real estate
0:58
transaction the R is the suffix of The
1:01
Giver meaning that every term that
1:03
denotes The Giver seller or conveyor in
1:05
a transaction will always end with o for
1:09
example lesser granter and vandor E on
1:13
the other hand can be found at the end
1:15
of the term that refers to the receiver
1:18
acquirer or purchaser for example Lei
1:22
granty and
1:23
vendy consider this question in a real
1:27
estate transaction John is transferring
1:29
ownership ship of his property to SAR
1:31
which of the following correctly
1:33
describes their roles John is the granty
1:36
and SAR is the granter John is the ler
1:39
and SAR is the Lassie John is the grer
1:42
and SAR is the grantee or John is the
1:45
buyer and Sor is the seller we know that
1:48
John is a giver because he is
1:50
transferring the property which makes
1:52
him the granter and since SAR is
1:55
receiving the property she's the grantee
1:58
the correct answer is C and just like
2:02
that the question is answered the
2:04
exception to the rule as it is with most
2:08
laws there is an exception to the O Rule
2:11
and no it is not what you think contrary
2:14
to the common mortgage and mortgager
2:16
debate which I can tell you is not an
2:19
exception here there's one word that
2:21
bends the rules a little the
2:24
beneficiary a beneficiary is the person
2:26
who benefits from a trust this
2:28
individual receives from a giver like a
2:31
settler and while on the receiving end
2:33
it doesn't end with e as most receivers
2:36
in real estate transactions words to
2:39
remember from granter to garer and from
2:43
lesie to vendy there are over 30 words
2:46
in real estate to describe transactional
2:49
relationships but you do not need to
2:52
keep a manthal list of
2:54
30 as long as you remember that the G
2:58
ends in o and the recee ends in e with
3:02
the exception of the word beneficiary
3:04
you're good to go for the
3:06
exam practice questions now let's put
3:10
this knowledge to the test literally
3:13
question number one a company is giving
3:15
Mark the right to buy their property
3:18
within the next year what are the
3:20
correct terms for the company and Mark
3:22
in this
3:23
situation the company is the option and
3:26
Mark is the option both the company and
3:29
Mark are options the company is the
3:32
option and Mark is the option the terms
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option and option don't apply in this
3:38
case the correct answer is
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C the compan is giving Mark the option
3:44
to buy their property so they are the
3:46
optional if the company is the giver
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then we know that Mark is a receiver
3:52
which makes him the
3:54
optioning question number two Tomy is
3:57
lending money to Susan for her to buy a
3:59
house
4:00
in this mortgage Transaction what are
4:02
their correct roles Tom is the mortgager
4:05
and Susan is the mortgage Tom is the
4:08
mortgage and Susan is the mortgager both
4:11
Tom and Susan are mortgages or the terms
4:14
mortgager and mortgage do not apply here
4:17
the correct answer is B Susan may be
4:21
receiving the money from Tom but she is
4:23
the one who has to give Tom the promise
4:26
or pledge to repay the loan so in this
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transaction she is the giver making her
4:31
the mortgager Tom on the other hand
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receives a pled from Susan which makes
4:37
him the mortgage e question number three
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John is selling his house to SAR who is
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getting a loan from First Bank to make
4:45
the purchase which of the following
4:47
correctly describes their roles John is
4:50
the granty SAR is the granter first bank
4:53
is the mortgager John is the granty SAR
4:56
is the granter and mortgage First Bank
4:59
is the mortgager John is the granter SAR
5:02
is the grantee and mortgage First Bank
5:06
is the mortgager John is the granter
5:09
sarry is the grantee and mortgager First
5:12
Bank is the
5:13
mortgage and the correct answer is D
5:17
there are two transactions taking place
5:19
in this question first we have John
5:21
giving Sara the right to buy his house
5:24
in this transaction we have John as the
5:26
granter and SAR as the grantee now now
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Sor is giving a PL to First Bank to
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repay the loan which now turns her into
5:34
the mortgager and First Bank which is
5:37
receiving the plge is the mortgage e
5:40
just like that the O rule laid bare now
5:44
you have the hack to conquer real estate
5:46
transactions on the exam and Beyond
5:50
please like And subscribe for more exam
5:52
crushing strategies have a question or
5:55
want to share your o rule success story
5:58
the comment section is all yours until
6:01
next time please keep practicing stay
6:03
confident and go Ace that exam the o e
6:07
rule has got your back
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