Podcast
Real Estate Exam Prep
Hosted by Ran Chen, EA, CFP® · EN
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/
10episodes
Episodes
Newest firstAll episodes
Real Estate Exam [Texas] 35, Contract Amendments
Yesterday00:02:42Tap to summarizeThis 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 amendment, using the promulgated TREC form, is required to change terms in an already executed contract. - For an amendment to be legally valid, it must be in writing and signed by all parties to the contract (buyer and seller). - Common exam scenarios for amendments include changing the sales price, adjusting the closing date, or adding a seller credit for repairs. - An amendment modifies existing terms, while an addendum adds new terms *before* a contract is signed. - A verbal agreement or an email is not sufficient to change the terms of a signed real estate contract in Texas. 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
Transcribe →Real Estate Exam [Texas] 34, Seller Financing Addendum
2d ago00:03:23Tap to summarizeThis 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 a Promissory Note (the IOU) and a Deed of Trust (the security instrument) in a Texas seller-financed deal. - How the Due-on-Sale clause protects the seller by preventing the buyer from transferring the property without the seller's consent. - The seller's right under the addendum to review and approve the buyer's credit as a contract contingency. - Where key financial terms like interest rate, payment schedule, and loan amount are formally documented in the transaction. - Why Texas real estate transactions use a Deed of Trust with a power of sale, allowing for non-judicial foreclosure, instead of a traditional mortgage. 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
Transcribe →Real Estate Exam [Texas] 33, HOA Addendum and Back-Up Contract
3d ago00:03:26Tap to summarizeThis 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 buyer's termination right under the HOA addendum is triggered by the receipt of the documents, not the seller's delivery deadline. - If the seller fails to deliver the Subdivision Information, the buyer can terminate at any point before closing and recover their earnest money. - A back-up contract only becomes primary after the seller provides written notice to the backup buyer that the first contract is terminated. - The 'amended effective date' for a back-up contract is the day the buyer receives notice, which starts the clock for performance and contingencies. - Earnest money and the option fee for a back-up contract are due upfront upon signing, not when the contract moves into the primary position. 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
Transcribe →Real Estate Exam [Texas] 32, Sale of Other Property Addendum
4d ago00:02:58Tap to summarizeThis 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 Sale of Other Property Addendum creates a contingency allowing a buyer to terminate if their current home doesn't sell by a specific date. - Sellers retain the right to continue marketing their property and can accept subsequent offers. - The "kick-out" clause allows the seller to require the first buyer to waive their contingency upon receiving a second offer. - Waiving the contingency requires both written notice and the deposit of additional earnest money, making the purchase obligation unconditional on the sale of the prior home. - A common exam trap is confusing the kick-out clause with a Right of First Refusal; the buyer does not get to match the new offer, only to remove their own contingency. 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
Transcribe →Real Estate Exam [Texas] 31, Third Party Financing Addendum
5d ago00:03:38Tap to summarizeThis 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 Third Party Financing Addendum creates a critical financing contingency that can protect a buyer's earnest money. - "Buyer Approval" is contingent on securing a loan that meets the specific terms for amount and interest rate detailed in the addendum. - Missing the deadline to provide written notice of termination for lack of financing approval can result in the buyer defaulting and losing their earnest money. - Waiving the financing contingency by not specifying a number of days for approval is a high-risk strategy that removes the buyer's protection if their loan is denied. - The addendum distinguishes between Buyer Approval (the borrower's finances) and Property Approval (appraisal, insurability), both of which are required for the loan. 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
Transcribe →Real Estate Exam [Texas] 30, Special Provisions Paragraph 11
6d ago00:02:42Tap to summarizeThis 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: - Paragraph 11 is exclusively for inserting factual statements and business details applicable to the sale. - Drafting language that defines or affects the legal rights, obligations, or remedies of the parties is the unauthorized practice of law. - Acceptable uses include specifying personal property to be included or clarifying a simple, agreed-upon repair. - If a TREC-promulgated addendum exists for a situation, it must be used instead of writing in Special Provisions. - A common exam trap involves identifying clauses in Paragraph 11 that create contingencies or alter legal rights, which is prohibited. 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
Transcribe →Real Estate Exam [Texas] 29, Closing and Possession
1w ago00:03:03Tap to summarizeThis 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: - Why possession is granted only upon "closing and funding," a common exam trap. - The legal implications of the "on or before" closing date in Paragraph 9. - When to use the Seller's Temporary Residential Lease for post-closing occupancy. - How property taxes and other expenses are prorated between the buyer and seller in Texas. - What options are available if a party fails to close by the contract's specified date. 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
Transcribe →Real Estate Exam [Texas] 28, Title Policy and Survey Requirements
1w ago00:03:33Tap to summarizeThis 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 distinction between a Title Commitment (a promise before closing) and a Title Policy (protection after closing). - Why payment for the owner's title policy is always a negotiable item in the Texas sales contract, regardless of local customs. - The three survey options available to the buyer and seller in the contract and who is responsible for costs. - The process and timeline for a buyer to object in writing to title defects found in the commitment or survey. - What it means for a seller to "cure" a title defect and the buyer's right to terminate if the issue is not resolved. 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
Transcribe →Real Estate Exam [Texas] 27, Property Condition and Inspections
1w ago00:02:54Tap to summarizeThis 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 buyer's unrestricted right to terminate during the negotiated option period. - That an "as-is" provision does not waive the seller's legal duty to disclose known material defects. - That sellers are not obligated to agree to any repair requests from the buyer. - What happens if repair negotiations fail before the option period expires. - The seller's responsibility to maintain the property's condition until the closing date. 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
Transcribe →Real Estate Exam [Texas] 26, The Option Period
1w ago00:03:09Tap to summarizeThis 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 Option Period is a buyer's unilateral right to terminate a contract for any reason, unique to Texas real estate. - The Option Fee is a non-refundable payment to the seller in exchange for the right to terminate during the option period. - Earnest Money is a separate, good-faith deposit that is generally refundable if the buyer terminates correctly within the option period. - Strict adherence to the termination procedure is required: written notice must be delivered to the seller by the deadline. - A common exam trap involves confusing the non-refundable option fee with the potentially refundable earnest money. 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
Transcribe →