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Crush the Real Estate Exam with These New 7 Acronyms
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Dec 11, 2024
Looking for a trick to remember critical real estate exam concepts? This video reveals the top 7 acronyms you need to ace your exam. 👍 READY TO PASS YOUR EXAMS? GET 30% OFF! https://bit.ly/3W4dZbB 📝 NOT READY FOR A COURSE? TRY OUR FREE PRACTICE EXAM: https://realestatelicensewizard.com/real-estate-practice-exam/ 🕒 Chapters: 0:00 Introduction 0:28 OLD CAR 1:30 STUD/DUST 3:03 MARIA 4:46 PETE 5:51 TTIP 6:46 UPTEE 7:25 CLOC 8:07 Outro 🏷️ Tags
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0:00
what if I told you that your success on
0:02
the real estate exam rest on your
0:04
ability to grasp just seven
0:07
abbreviations you would call my bluff
0:09
and ask me to prove it that is what I
0:12
plan to do today I will cover the seven
0:14
must know Acron to help you pass your
0:17
real estate exam exploring the critical
0:20
Concepts they represent and arming you
0:22
with a powerful tip for committing terms
0:25
to memory old car you could either be a
0:29
twoo coupe with 117 horsepower and a
0:33
maximum of 120
0:35
mph I'm talking about a 1965 Ford
0:38
Mustang of course or a new
0:42
generation minivan the type of car you
0:46
are as an agent depends on your ability
0:49
to uphold your fiduciary duty as a real
0:52
estate agent the phrase old car
0:54
summarizes agency and means o obedience
0:59
L loyal y d disclosure C
1:03
confidentiality a accounting and R
1:07
reasonable care let's repeat them one
1:09
more time o obedience L loyalty D
1:14
disclosure C
1:16
confidentiality a accounting and R
1:19
reasonable care remember agency is a
1:22
binding agreement that an agent has with
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their
1:26
client and it starts once an agreement
1:29
is in place
1:30
stud or dust stud or dust both summarize
1:35
the four elements of value use whatever
1:37
acronym works for you easier for you to
1:40
remember I personally prefer stud stud
1:44
stands for S scarcity the lower the
1:48
inventory the more valuable the houses
1:50
will be consider a salers market in a
1:54
sellers Market there are more buyers
1:56
than available houses this means sellers
2:00
have greater bargaining power allowing
2:03
them to price houses higher T
2:06
transferability this refers to the
2:08
seller's ability to transfer a
2:10
property's title to a buyer let's say
2:12
you have a client who wants to sell a
2:14
three-story Waterfront mansion on the
2:16
shores of LA with an infinity pool and
2:20
an indoor basketball court that costs 5
2:22
million to build the house would be
2:24
completely valueless literally from a
2:27
sales position if they cannot transfer
2:29
the title meaning they cannot sell it U
2:33
utility utility represents a house's
2:37
usability can the house be used in
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different ways that translates to a
2:41
better value D demand are there several
2:46
buyers interested in a home that can
2:49
cause the property's value to
2:51
Skyrocket what's the mathematics behind
2:53
it increased interest equals increased
2:56
value One More Time scarcity
3:00
transferability utility and demand
3:03
breaking news a local couple divorced
3:05
over a heated debate about whether a
3:08
built-in bookshelf is a fixture the once
3:10
happily married Mark and Emily Johnson
3:13
found themselves at odds when it came to
3:15
time to sell their Suburban home the
3:17
root of their argument is a costume made
3:19
bookshelf that spans an entire wall in
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their living room Mark a lover of
3:24
literature insisted that the bookshelf
3:26
was an integral part of the house and
3:28
therefore a fixture that should remain
3:30
with the property Emily on the other
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hand argued that the bookshelf was a
3:35
personal touch they added during their
3:36
years of marriage and should move with
3:38
them to their new home as the
3:40
disagreement escalated the Johnson found
3:43
themselves in a bitter divorce with the
3:46
fate of the bookshelf at the center of
3:48
the legal battle so what do you think is
3:51
the bookshelf a fixture you can use the
3:53
Maria test to decide whether the
3:56
bookshelf is a fixture or not M MTH
3:59
method what method is used to attach the
4:02
bookshelf to the house a
4:05
adaptability adaptability refers to how
4:08
personal property has evolved into the
4:10
house if personal property has become an
4:13
integral part of the house it is a
4:15
fixture that cannot be removed R
4:18
relationship what is the relationship
4:20
between the individuals arguing over the
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fixture I intention this questions the
4:26
attacher intention when attaching
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personal property to the house a
4:31
agreement in any dispute the winning
4:34
card will always be the seller's
4:36
agreement with the buyer if our couple
4:38
agreed with the buyer to leave the
4:40
bookshelf it would be illegal to take it
4:44
now for the fourth acronym Pete Pete
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stands for p police power e eminent
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domain T taxation e a cheat these four
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Government powers are outline the power
5:00
the government has over real estate
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police power is the government's right
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to regulate your use of real estate in
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order to protect the public think of
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building codes these are established to
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make sure that citizens are dwelling in
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safe homes eminent domain is the
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government's power to designate property
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for public use of course the owner will
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receive a fair market compensation for
5:25
the property taxation is the power to
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charge or or Levy property for
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government services a cheet is the
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government's right to own property if
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the owner dies without will or
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descendants so just to repeat P stands
5:42
for police power e eminent domain T
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taxation E A cheet this is Pete TTI or
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pit T TTI or pit AKA pit whichever way
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it is easier for you to remember
6:01
summarizes the four factors that must
6:04
exist before a joint tency can be
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established T title all the property
6:10
owners must appear on the title T time
6:15
the owners must all be written into the
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title
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simultaneously I interest all the owners
6:22
must have an equal share in the property
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P possession all the owners have equal
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rights to live in or occupy the property
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another thing to remember for the exam
6:33
is that joint tency cannot be willed
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because the other owners have the right
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of survivorship if one of the owners
6:41
passes then the remaining owners will
6:44
receive their portion of the property
6:46
Opti Opti is a term that is used to
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remember the bundle of Rights an owner
6:51
has when purchasing a property every
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property owner has the right to use a
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property however they want within legal
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parameters
7:00
possess the property they have bought
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transfer the property to anyone they
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will encumber the property or use it as
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a collateral to secure a loan exclude
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anyone or kick anyone out so upd stands
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for U use P possession T transfer e
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encumber and E exclusion clock or
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CL you can use the phrase clock clock to
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remember the four factors for the
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validity of a contract in a real estate
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transaction clock stands for C competent
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parties are the individuals involved in
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the transaction are legally able to
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establish a contract L lawful purpose is
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the contract being established for a
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legal reason for instance you cannot
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establish a contract for the reason of
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um oh you will sell your house in
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exchange for drugs oh offer an
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acceptance has an offer been made and
8:01
accepted C consideration is there
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something of value offered in the
8:06
contract and just like that you know the
8:09
seven key abbreviations that will help
8:11
you pass the real estate exam but what's
8:14
the point of these seven must know
8:16
acronyms if you don't know how to put
8:18
them to good use try out your knowledge
8:21
on our real estate exam practice by
8:24
tackling our free practice questions
8:27
you'll be able to fine-tune your study
8:29
of approach with laser-like Precision
8:31
for the exam day what other key Concepts
8:34
would you like to see us break down tell
8:36
us in the comments and of course don't
8:39
forget to hit like And subscribe till
8:41
the next video bye
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