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  • Real Estate Exam [Texas] 26, The Option Period

    Real Estate Exam [Texas] 26, The Option Period
    May 11 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. 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
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    3 Min.
  • Real Estate Exam [Texas] 25, Earnest Money Deposit Rules

    Real Estate Exam [Texas] 25, Earnest Money Deposit Rules
    May 10 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. In this episode you will learn: - The amount of earnest money is negotiable and not a legally mandated percentage in Texas. - Earnest money must be delivered to the escrow agent, typically a title company, within 3 days of the contract's effective date. - If a buyer defaults without a valid contingency, the seller is generally entitled to keep the earnest money. - If a seller defaults on the contract, the buyer is entitled to a full refund of their earnest money. - The crucial difference between earnest money (a refundable good-faith deposit) and the option fee (a non-refundable payment for the right to terminate). 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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    3 Min.
  • Real Estate Exam [Texas] 24, Property Identification and Sales Price

    Real Estate Exam [Texas] 24, Property Identification and Sales Price
    May 9 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. In this episode you will learn: - Why a street address alone is an insufficient and invalid property description on the TREC contract. - The critical importance of listing items in Paragraph 2D (Exclusions) to avoid them conveying with the property. - How to correctly calculate and verify the sales price formula in Paragraph 3 (Cash + Financing = Sales Price). - The direct relationship between the sales price breakdown in the contract and the terms in the Third Party Financing Addendum. - The exam trap of leaving any section of the contract blank and why every space must be filled in. 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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    3 Min.
  • Real Estate Exam [Texas] 23, One to Four Family Contract Structure

    Real Estate Exam [Texas] 23, One to Four Family Contract Structure
    May 8 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. In this episode you will learn: - The logical flow of the One to Four Family contract from parties and property to closing procedures. - How the exam tests key sections like Property Condition (Paragraph 7) and the "as is" clause. - The critical distinction between what can and cannot be written in Special Provisions (Paragraph 11). - Common exam traps surrounding the Seller's Disclosure Notice and a buyer's inspection rights. - The specific differences between the Termination Option Fee and Earnest Money detailed in Paragraph 5. 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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    3 Min.
  • Real Estate Exam [Texas] 22, What Licensees Can and Cannot Do With Forms

    Real Estate Exam [Texas] 22, What Licensees Can and Cannot Do With Forms
    May 7 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. In this episode you will learn: - That licensees are only permitted to fill in the blanks of TREC-promulgated forms with factual statements and business details. - How to properly use the Special Provisions (Paragraph 11) section without engaging in the unauthorized practice of law. - That altering, striking through, or adding legal language to the pre-printed text of a contract is strictly forbidden. - Why you must always refer clients to a licensed attorney for legal advice, contract modifications, or custom document drafting. - The severe penalties for the unauthorized practice of law in Texas, including license revocation and potential criminal charges. 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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    3 Min.
  • Real Estate Exam [Texas] 21, The Broker-Lawyer Committee

    Real Estate Exam [Texas] 21, The Broker-Lawyer Committee
    May 6 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. In this episode you will learn: - The Broker-Lawyer Committee consists of 13 members: 6 brokers appointed by TREC, 6 lawyers appointed by the State Bar president, and 1 public member appointed by the governor. - The committee's sole purpose is to draft and revise standardized contract forms for use by real estate licensees. - This committee acts only in an advisory role to the Texas Real Estate Commission (TREC). - A critical exam distinction: The committee drafts and recommends forms, but only TREC has the authority to promulgate (approve and mandate) them. - The Broker-Lawyer Committee holds no power to enforce rules, investigate complaints, or discipline licensees. 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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    3 Min.
  • Real Estate Exam [Texas] 20, TREC Promulgated Forms Overview

    Real Estate Exam [Texas] 20, TREC Promulgated Forms Overview
    May 5 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. In this episode you will learn: - Why TREC's primary goal with promulgated forms is public protection and preventing the unauthorized practice of law. - The critical difference between an addendum (used before signing) and an amendment (used after signing). - That using promulgated forms is mandatory for Texas license holders whenever a relevant form exists for the transaction. - The key exceptions to mandatory use, including forms prepared by property owners, attorneys, or required by government agencies. - A mnemonic to recall the exceptions: "Agents Are Protected when Government has No Form" (Agent as principal, Attorney, Property owner, Government, No form exists). 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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    3 Min.
  • Real Estate Exam [Texas] 19, Agent Disclosure Duties

    Real Estate Exam [Texas] 19, Agent Disclosure Duties
    May 4 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. In this episode you will learn: - An agent’s independent duty to disclose known material facts overrides a seller's instructions. - The specific requirements for the federal lead-based paint disclosure for all homes built before 1978. - The consequences for failing to provide a Municipal Utility District (MUD) notice before a contract is signed. - Key disclosure rules for Public Improvement Districts (PIDs) and properties in coastal areas. - A simple mnemonic, L-M-P-C, to remember the major statutory disclosures tested on the Texas exam. 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 Min.