Episodes

  • Real Estate Exam [National] 85, Mortgage Clauses Explained

    Real Estate Exam [National] 85, Mortgage Clauses Explained
    Apr 1 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 the acceleration clause converts a long-term debt into an immediate demand for payment upon default. • Why the alienation or due-on-sale clause is the primary barrier to mortgage assumptions by new buyers. • That the defeasance clause is the only legally required clause, ensuring the lender releases their lien after the final payment. • The financial implications of the prepayment clause and how penalties are calculated on the exam. • A simple mnemonic to distinguish between triggers for default, sale, payoff, and early payment. 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
    Show more Show less
    4 mins
  • Real Estate Exam [National] 84, Loan Qualification DTI Explained

    Real Estate Exam [National] 84, Loan Qualification DTI Explained
    Mar 31 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 to distinguish between front end housing ratios and back end total debt ratios. - Why lenders require gross monthly income instead of net income for all DTI calculations. - The standard qualifying percentages for conventional loans (28/36) and FHA loans (31/43). - Which monthly recurring obligations count toward the back end ratio and which expenses to ignore. - The role of the three Cs—Capacity, Capital, and Character—in the mortgage underwriting process. 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
    Show more Show less
    5 mins
  • Real Estate Exam [National] 83, TILA and TRID Explained

    Real Estate Exam [National] 83, TILA and TRID Explained
    Mar 30 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 critical difference between Interest Rate and APR for disclosure purposes. • Which specific loan types qualify for the TILA three-day right of rescission. • The exact timelines for delivering the Loan Estimate and the Closing Disclosure. • How to identify trigger terms in real estate advertising that require full disclosure. • The "Three Three Three" mnemonic for mastering TRID timing requirements. 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
    Show more Show less
    5 mins
  • Real Estate Exam [National] 82, RESPA Explained

    Real Estate Exam [National] 82, RESPA Explained
    Mar 29 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: • RESPA applies to one-to-four family residential dwellings involving federally related mortgage loans. • Section 8 of the act strictly prohibits kickbacks or any "thing of value" exchanged for referrals. • The Loan Estimate and Closing Disclosure both follow a strict three-business-day delivery requirement. • Lenders are prohibited from requiring an escrow cushion greater than one-sixth of the total annual estimated disbursements. • Affiliated Business Arrangements require written disclosure at the time of referral to prevent illegal steering. 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
    Show more Show less
    4 mins
  • 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
    Show more Show less
    4 mins
  • 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
    Show more Show less
    4 mins
  • 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
    Show more Show less
    4 mins
  • 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
    Show more Show less
    4 mins