Real Estate Exam Prep is a daily podcast designed to help future real estate agents pass their licensing exams with clarity and confidence.
Built and operated by OpenExamPrep, this podcast breaks down the real estate exam into focused, easy-to-digest episodes covering both the national portion and state-specific requirements. Each episode targets one key concept, common exam trap, or high-frequency test topic—making it ideal for studying during commutes, workouts, or short study sessions.
Created by Ran Chen, EA, CFP®, a financial professional and exam specialist who has personally passed multiple professional licensing exams, Real Estate Exam Prep was developed from firsthand experience with how difficult—and often poorly taught—exam material can be. The goal is simple: make exam preparation clearer, more accessible, and more effective using structured explanations and modern learning tools. Whether you’re just starting your real estate exam journey or reviewing before test day, this podcast is designed to guide you step by step—one concept at a time.
Free practice tools, AI-powered explanations, and additional exam prep resources are available at: https://open-exam-prep.com/
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Florida Real Estate Exam Prep 44, Fair Housing and Civil Rights Laws
dimanche 13 septembre 2026 • Durée 03:06
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.
In this episode you will learn:
- The absolute prohibition of racial discrimination under the Civil Rights Act of 1866, which has no exceptions.
- How to distinguish between illegal steering (directing buyers), blockbusting (inducing panic selling), and redlining (lender discrimination).
- The seven federally protected classes, easily remembered with the mnemonic FRESH CORN: Familial Status, Race, Sex, Handicap, Color, Religion, National Origin.
- That Fair Housing Act exemptions, like the "Mrs. Murphy" exemption, are voided if a real estate agent is used or discriminatory ads are published.
- The crucial difference between a landlord-paid reasonable accommodation (a policy change) and a tenant-paid reasonable modification (a physical change).
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
Florida Real Estate Exam Prep 43, CMA BPO and Appraisal Regulation
samedi 12 septembre 2026 • Durée 02:58
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.
In this episode you will learn:
- An appraisal is a formal opinion of value by a licensed appraiser following USPAP, required for federally related loans.
- A Comparative Market Analysis (CMA) is an informal tool used by licensees to recommend listing or offer prices and must not be called an appraisal.
- A Broker Price Opinion (BPO) is a licensee's written opinion of value, for which a fee can be charged in Florida, often used for non-federally related transactions.
- Florida law strictly forbids licensees from representing a CMA or BPO as an 'appraisal,' which constitutes unlicensed appraisal activity.
- All compensation for a BPO must be paid to the sales associate's employing broker, not directly to the associate.
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
Florida Real Estate Exam Prep 42, Income Capitalization and Investment Math
vendredi 11 septembre 2026 • Durée 03:25
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.
In this episode you will learn:
- How to calculate Net Operating Income (NOI) by starting with Potential Gross Income and subtracting vacancy losses and operating expenses.
- The critical exam distinction between operating expenses and non-deductible costs like debt service and capital expenditures.
- How to apply the IRV formula (Value = Income / Rate) to determine an income property's value.
- The key difference between the Gross Rent Multiplier (GRM), which uses gross rent, and the income capitalization approach, which uses net income.
- How the capitalization rate reflects investment risk and its inverse relationship with property value.
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
Florida Real Estate Exam Prep 41, Sales Comparison and Cost Approaches
jeudi 10 septembre 2026 • Durée 03:12
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.
In this episode you will learn:
- The crucial rule of adjusting the comparable property, not the subject, using the 'CBS, CIA' mnemonic (Comparable Better Subtract, Comparable Inferior Add).
- The distinct difference between Reproduction Cost (an exact replica) and Replacement Cost (the same utility with modern materials).
- How to identify the three types of depreciation: physical deterioration, functional obsolescence, and external obsolescence.
- Why external obsolescence is always considered incurable from the property owner's perspective, a common exam scenario.
- The cost approach formula and the fundamental principle that land value is added at the end and is never depreciated.
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
Florida Real Estate Exam Prep 40, Real Estate Appraisal Principles
mercredi 9 septembre 2026 • Durée 02:57
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.
In this episode you will learn:
- The critical difference between market value (an opinion), price (what's paid), and cost (what's spent), a frequent exam trap.
- How to identify the most appropriate appraisal approach (Sales Comparison, Cost, or Income) based on the type of property described in an exam question.
- Why the principle of contribution explains that an improvement's cost does not equal the value it adds to the property.
- The definition of Highest and Best Use and why it is the fundamental concept upon which all property value is based.
- How the principles of substitution and conformity drive the valuation of residential properties.
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
Florida Real Estate Exam Prep 39, Property Tax and Homestead Math
mardi 8 septembre 2026 • Durée 03:37
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.
In this episode you will learn:
- The critical difference between market value, assessed value, and taxable value for exam calculations.
- How to correctly apply Florida's two-tiered homestead exemption to city, county, and school board taxes.
- A step-by-step process for calculating a final property tax bill using separate taxable values and millage rates.
- The distinction between ad valorem taxes and special assessments.
- Why property tax liens are considered superior to other liens like mortgages.
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
Florida Real Estate Exam Prep 38, Commission Proration and Closing Math
lundi 7 septembre 2026 • Durée 03:32
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.
In this episode you will learn:
- How to correctly calculate Florida's documentary stamp tax on deeds (70 cents per $100) and promissory notes (35 cents per $100).
- The formula for Florida's intangible tax on new mortgages (Loan Amount x 0.002) and that the buyer is responsible for paying it.
- The difference between a debit (an amount you owe) and a credit (an amount you receive) on a closing disclosure.
- Why the 365-day method is the standard for prorating property taxes on the Florida exam unless a question states otherwise.
- A common exam trap: Forgetting to round the sales price or loan amount up to the next $100 before calculating documentary stamp taxes.
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
Florida Real Estate Exam Prep 37, Loan Qualification and Finance Math
dimanche 6 septembre 2026 • Durée 03:39
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.
In this episode you will learn:
- How to calculate Loan-to-Value (LTV) and its direct relationship to the down payment, using the lesser of sales price or appraised value.
- That discount points cost 1% of the loan amount, not the sales price, and are a form of prepaid interest.
- The difference between the Housing Expense Ratio (PITI / Gross Monthly Income) and the Total Obligations Ratio ((PITI + Other Debt) / Gross Monthly Income) for qualifying buyers.
- How to perform a first-month amortization calculation to separate a mortgage payment into its principal and interest components.
- To identify common exam traps, like confusing the loan amount with the sales price in financing calculations.
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
Florida Real Estate Exam Prep 36, Lending Laws RESPA TILA and ECOA
samedi 5 septembre 2026 • Durée 01:43
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.
In this episode you will learn:
- RESPA's primary focus is to prohibit kickbacks and unearned referral fees between settlement service providers.
- TILA, through Regulation Z, requires the disclosure of the true cost of credit, centered around the Annual Percentage Rate (APR).
- Advertising specific credit terms, known as "trigger terms," legally requires the full disclosure of other loan terms, including the APR, under TILA.
- ECOA provides broad protections against discrimination in lending based on race, color, religion, sex, marital status, age, or receipt of public assistance.
- Exam questions frequently test the ability to differentiate these laws by presenting scenarios involving illegal payments (RESPA), misleading advertising (TILA), or discriminatory actions (ECOA).
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
Florida Real Estate Exam Prep 35, Mortgage Markets and Sources of Financing
vendredi 4 septembre 2026 • Durée 03:26
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.
In this episode you will learn:
- The crucial difference between the primary mortgage market, where loans are created, and the secondary market, where they are sold.
- The distinct roles of Fannie Mae and Freddie Mac, who buy mortgages, versus Ginnie Mae, who only guarantees mortgage-backed securities.
- How to differentiate between a mortgage broker who arranges loans and a mortgage lender who funds them.
- The function and importance of a blanket loan's partial release clause, which is essential for developers.
- The definitions and exam applications of key loan types, including purchase-money mortgages, package loans, and construction financing.
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