Episodios

  • Real Estate Exam [National] 81, Secondary Mortgage Market Explained

    Real Estate Exam [National] 81, Secondary Mortgage Market Explained
    Mar 28 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The fundamental difference between the primary market where loans start and the secondary market where they are traded. • How Fannie Mae and Freddie Mac provide liquidity by purchasing conforming loans from different types of financial institutions. • Why Ginnie Mae is unique as a government agency that guarantees mortgage-backed securities without purchasing loans. • How to identify conforming versus non-conforming loans based on secondary market standards. • Strategies to avoid common exam traps involving the flow of money and the definition of market liquidity. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Real Estate Exam [National] 80, Adjustable Rate Mortgages Explained

    Real Estate Exam [National] 80, Adjustable Rate Mortgages Explained
    Mar 27 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The total interest rate for an ARM is calculated by adding the variable market index to the fixed lender margin. • In a 5/1 ARM structure, the interest rate is fixed for the first five years and then adjusts every year thereafter. • Interest rate caps like initial, periodic, and lifetime caps protect borrowers from excessive payment increases and payment shock. • Negative amortization is a specific risk where the loan balance increases because monthly payments do not cover the full interest due. • Federal law requires lenders to provide the Consumer Handbook on Adjustable Rate Mortgages (CHARM booklet) to educate applicants. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Real Estate Exam [National] 79, Amortization Explained

    Real Estate Exam [National] 79, Amortization Explained
    Mar 26 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • Amortization is the systematic liquidation of debt through regular installments of principal and interest. • In the early stages of a loan, the majority of the monthly payment is allocated to interest rather than principal. • A fully amortized loan results in a zero balance at the end of the term with no large final payment required. • Calculating principal reduction requires finding the monthly interest first by dividing the annual interest by twelve. • Partially amortized loans require a balloon payment because the regular payments do not cover the full principal balance. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Real Estate Exam [National] 78, Private Mortgage Insurance Explained

    Real Estate Exam [National] 78, Private Mortgage Insurance Explained
    Mar 25 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • How PMI functions as a lender protection tool rather than a borrower benefit. • The specific Loan-to-Value thresholds that trigger the requirement for PMI. • The difference between requesting PMI removal at 80% LTV and automatic termination at 78% LTV. • How to distinguish between Private Mortgage Insurance and FHA Mortgage Insurance Premiums. • A simple mnemonic to remember the legal requirements for PMI termination under the Homeowners Protection Act. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Real Estate Exam [National] 77, Loan to Value Ratio Explained

    Real Estate Exam [National] 77, Loan to Value Ratio Explained
    Mar 24 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The exact formula for calculating Loan to Value ratio and why the denominator is the lower of two values. • How to navigate exam traps involving low appraisals and high sales prices. • The relationship between high LTV ratios and lender risk assessments. • When and why Private Mortgage Insurance is required for conventional loans. • How to solve Combined Loan to Value math problems with multiple liens. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    5 m
  • Real Estate Exam [National] 76, Discount Points Explained

    Real Estate Exam [National] 76, Discount Points Explained
    Mar 23 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The definition of discount points as prepaid interest to lower mortgage rates. • How to correctly calculate points using the loan amount instead of the purchase price. • The relationship between discount points and the lender's overall yield. • How to distinguish between discount points and loan origination fees for exam questions. • The rule of thumb for how many points are required to move an interest rate by one percent. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Real Estate Exam [National] 75, Lien Theory vs Title Theory Explained

    Real Estate Exam [National] 75, Lien Theory vs Title Theory Explained
    Mar 22 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: - The distinction between Lien Theory where the borrower holds legal title and Title Theory where the lender holds it. - Why Lien Theory states require a judicial foreclosure process and a Satisfaction of Mortgage document. - How Title Theory states utilize non-judicial foreclosure through a power of sale clause and a Deed of Reconveyance. - The definition of equitable title and why it remains with the borrower in both legal theories. - How to identify exam traps regarding the mortgagor, mortgagee, and various redemption rights. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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    4 m
  • Real Estate Exam [National] 74, Deed of Trust vs Mortgage Explained

    Real Estate Exam [National] 74, Deed of Trust vs Mortgage Explained
    Mar 21 2026
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • The fundamental difference between the two-party mortgage and the three-party deed of trust. • How to correctly identify the trustor, trustee, and beneficiary roles to avoid common exam traps. • The distinction between judicial foreclosure processes and non-judicial foreclosure via the power of sale clause. • The difference between naked legal title held by a trustee and equitable title held by the borrower. • How to recognize the specific closing documents used for each instrument, such as the satisfaction of mortgage versus the deed of reconveyance. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
    Más Menos
    4 m