MiniCram Real Estate Exam Course 1 - Agent Marketing …

1 MiniCram real Estate Exam Course 1 MiniCram real Estate Exam Course 1 Study notes & Practice QuestionsUpdated: February 2017 All rights reserved. No part of this publication may be reproduced, transmitted or stored in any material form (including photocopying or storing it in any medium by electronic means and, whether or not transiently or incidentally, to some other use of this publication) without the prior written consent of the publisher. No patent liability is assumed with respect to the use of information contained in this and DisclaimerThe information contained in this publication is essentially a summary, for the only purpose ofreview of key concepts for exam preparation, and is not intended to replace direct research or original source documents, actual classroom training or expert advice. This publication is for the sole purpose of effort has been made to make this book as complete, error free and as accurate as possible,but no warranty or fitness is implied.

2 The information is provided on 'as is' basis. The author and thepublisher shall have neither liability nor responsibility to any person or entity with respect to damages arising from the information contained in this warning and disclaimer applies regardless of whether you access this publication in paperformat or using any electronic means. In case you are accessing this publication in any electronic format,including through the Internet, you expressly agree that the author or the publishers are not responsible orliable for any loss or corruption of data, and damage to hardware, software, applications and the operating system. There is no representation, warranty or guarantee, of any kind whatsoever, whether expressed or implied, that the student will pass the exam. We provide only sample practice questions to help you in exam preparation. These practice questions should not be considered actual exam questions. No return, exchange or refund will be issued once the book has been purchased.

3 You are encouraged to review the Samples before placing your author and publishers are not affiliated with, endorsed by or have any sponsorship from theReal Estate Council of Ontario (RECO), the Ontario real Estate Association or any real Estate terms MLS and REALTOR are registered trademarks of the Canadian real Estate Association (CREA ). OREA is a trademark of the Ontario real Estate Association . RECO is a trademark of real Estate Council of Ontario. The use of these trademarks or logos in this publication is intended only for the purpose of general information and education and is not to affect any validity or legal status associated with notes 2 MiniCram real Estate Exam Course 1 TABLE OF CONTENTS CopyrightTable of ContentsIntroduction and Exam FormatChanges to Educational Requirements10 Tips for the ExamSummary of Math FormulasPART I SUMMARY NOTES1.

4 The real Estate Career2. Regulatory Requirements3. Economic Principles and real Estate4. Profiles, Trends and real Estate Values5. Consumer Behaviour and Protection6. Marketing and Advertising7. Basic Math and Measurements8. Mortgage Math9. Capitalization, Taxation and Closing AdjustmentsPART II PRACTICE QUESTIONSS ample Exam 1 Quick Answer KeySample Exam 2 Quick Answer KeySample Exam 3 Quick Answer KeySample Exam 4 Quick Answer KeyDetailed AnswersSample Exam 1 Sample Exam 2 Sample Exam 3 Sample Exam 4 MiniCram notes 3 MiniCram real Estate Exam Course 1 INTRODUCTION Dear Reader,Congratulations on purchasing our MiniCram for Ontario real Estate License Exam preparation. The purpose of this book is to provide you with last minute review of important theory and math concepts for the booklet has been written so that you can focus on key areas of study as well as prepare to overcome most common mistakes the students make on the actual test to Use This MiniCramYou do not have enough time to waste.

5 This MiniCram booklet is designed in such a waythat your review for the exam is fast paced. It is suggested that you go through each topic one by one. It is assumed that you have already covered the topics in details in either the actual class or by Want to Hear from YouThis book is written by a practicing real Estate Broker who is also a trained adult you have a feedback for the author, need more information or have general comments, please send an email to hope you enjoy your review. Good luck for the exam!------------------ Course 1 - EXAM FORMATReal Estate as A Professional CareerFirst 10 Questions 1 Mark Each 10 MarksNext 45 Questions 2 Marks Each 90 MarksTotal 100 Marks The marks for each question are given against the question itself. Take a simple calculator. HP10 BII Calculator is not absolutely necessary. The exam booklet is separate from the answer sheet, which is a machine-readableScantron sheet. The answer sheet is to be filled up with pencil only.

6 Cell phones or tablets are not permitted in exam more information on the exam, visit the official website at to Table of ContentsMiniCram notes 4 MiniCram real Estate Exam Course 1 CHANGES TO EDUCATIONAL REQUIREMENTSE nrolled On or After April 1, 2016 Pre-registration Courses: Students are required to complete 5 Pre-registration Courses within 18 months of registration in first Course before registration as real Estate real Estate As A Professional Career2. Land Structures And real Estate Trading3. The General real Estate Transaction & The Residential real Estate Transaction 4. The commercial real Estate Transaction5. real Property LawArticling Course : 1 of the following 4 elective courses must be done within 2 years of initial registration as Salesperson. Principles of Appraisal Principles of Mortgage Financing Principles of Property Management real Estate Investment AnalysisEnrolled Before April 1, 2016 Pre-registration Courses: Students are required to complete 3 Pre-registration Courses within 18 months of registration in first Course before registration as real Estate As A Professional Career2.

7 Land Structures And real Estate Trading3. The real Estate Transaction General, and The Residential real Estate Transaction, or The commercial real Estate TransactionArticling Courses: The following 3 Articling courses must be completed within 2 years of initial registration as The commercial real Estate Transaction or The Residential real Estate Transaction(Whichever is not done before registration)2. real Property Law3. One of the following 4 Electives Principles of Appraisal Principles of Mortgage Financing Principles of Property Management real Estate Investment Analysis------------------Back to Table of ContentsMiniCram notes 5 MiniCram real Estate Exam Course 110 TIPS FOR THE EXAM1. RELAX! Too much anxiety, panic, stress and fear are big distractions. Focus on thequestion and choose the best GAME OF WORDS. All multiple choice exams are merely variation of words.

8 If youknow your Course materials, it's only a matter of interpreting the question and then selecting a correct EASY ONES FIRST. In this exam the first 10 questions are easy, simple andstraightforward questions. Do these questions first. If math is your weakness start with these easy the READ ALL OPTIONS. Even if you think A is the correct answer, read options B, C andD to make sure they are MANAGE YOUR TIME WISELY. Divide it according to marks for each question. Donot spend too much time on 1 mark questions. Skip the question that you think is difficult to answer. Mark it for review and proceed to the next EXTREME PHRASES. Beware of absolute words in any option such as ALL, NONE,ALWAYS, NEVER, MUST, NONE, EVERY, EXACTLY, ONLY, etc. In most cases, the options that include any of these words are rarely HEDGE PHRASES. When a question asks you to conclude something and includeswords such as MAYBE, LIKELY, OFTEN, ALMOST, USUALLY, GENERALLY, TYPICALLY, SOMETIMES, etc.

9 Do not pick any answer that does not leave any room for ALWAYS read the question twice. You must know what information is given andexactly what is being asked. More than one choice may seem to be correct if you do not understand the question properly. If that is the case use the method of REMEMBER that your first instinct is mostly a correct answer. Be careful whenchanging your answer but don't be afraid if you have to change REVIEW. Make sure you did not skip any question and the answer sheet is neatly filledin. Never mark more than one answer. If you need to change a marked answer erase the previous one nicely. Otherwise, the machine may not be able to scan your to Table of ContentsMiniCram notes 6 MiniCram real Estate Exam Course 1 SUMMARY OF MATH FORMULASP ercentagesPart = Whole X Rate%Whole = Part Rate%Rate = Part Whole X 100 Percentage Change = (New Value Old Value) Old Value X 100 Mean, Median and ModeMean (Average) = Add all Values & Divide by Number of = Middle Value.

10 Arrange values in ascending order. Tip: (If Even values then Take 2 Middles and Divide by 2)Mode = Value that Appears Most (Square Feet or Square Metres) Rectangle = Length X WidthArea of Triangle = X Base X HeightParallelogram = Length X Perpendicular HeightTrapezoid = X Sum of Parallel Sides X Perpendicular HeightVolume (Cubic Feet or Cubic Yard)Volume of Driveway = Length X Width X HeightVolume of Gable/Sloped Roof Building = Floor Area X HeightHeight = Wall height + Roof Height + Tip: If Cost is given as Per Cubic Yard Divide by 27 Mortgage MathLiquid Assets = (Purchase Price + Closing Costs) Mortgage LoanGDS Ratio = (PI+ T) Annual Income X 100 TDS Ratio = (PI + T + Other Debt) Annual Income X 100 MiniCram notes 7 MiniCram real Estate Exam Course 1 Monthly Payment = Monthly Mortgage Payment Factor X Loan 1000 Overall Average Interest Rate= (1st Mortgage X Int Rate) + (2nd Mortgage X Int Rate) Total Loan X 100To Calculate Payment (3 Steps)1.