| IReal Property Characteristics, Legal Descriptions, and Property Use4 tasks | 13.8% | - Distinguish real property from personal property, including fixtures, trade fixtures, emblements, attachment and severance, and transfer by bill of sale.
- Explain the economic traits of real property (scarcity, improvements, permanence of investment, location preference) and its physical traits (immobility, indestructibility, uniqueness).
- Identify the methods used to describe land legally and the role of a survey.
- and 1 more task
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| IIForms of Ownership, Transfer, and Recording of Title2 tasks | 11.3% | - Compare forms of ownership, freehold and leasehold estates, lease types, liens and their priority, and air, surface and subsurface rights.
- Explain what makes a deed valid, the types of deed, voluntary and involuntary transfer of title, recording and notice, and how title is evidenced and insured.
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| IIIProperty Value and Appraisal3 tasks | 13.8% | - Distinguish market value from market price and apply the characteristics and principles of value.
- Describe the purpose and steps of an appraisal and the federal oversight of appraisal practice.
- Apply the sales comparison, cost and income approaches and rent or income multipliers, and distinguish a CMA, a broker price opinion and assessed value.
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| IVReal Estate Contracts and Agency7 tasks | 20% | - Classify contracts as express or implied and as unilateral or bilateral.
- Identify what a valid contract requires: voluntary agreement, legally competent parties, lawful consideration and a legal purpose.
- Assess contract status and performance: executed vs. executory, valid, void, voidable or unenforceable, breach and damages, the Statute of Frauds, electronic signatures and time-is-of-the-essence terms.
- and 4 more tasks
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| VReal Estate Practice4 tasks | 12.5% | - Explain a broker's responsibilities, including staying within one's expertise and avoiding the unauthorized practice of law.
- Compare listing agreements, buyer representation and property management agreements, how they terminate and how services and compensation are set.
- Apply fair housing law: protected classes, illegal practices and penalties, advertising limits, HUD's role and the ADA.
- and 1 more task
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| VIProperty Disclosures and Environmental Issues2 tasks | 11.3% | - Recognize property condition and environmental hazards (lead paint, asbestos, radon, mold, contamination, flood zones) and the federal environmental laws and site assessments that apply.
- Explain who must disclose environmental and property conditions and the liability for failing to do so.
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| VIIFinancing and Settlement4 tasks | 8.8% | - Explain financing basics: conventional and nonconventional loans, seller financing, lien vs. title theory, primary and secondary mortgage markets, loan types and mortgage clauses.
- Compare FHA, VA, USDA and conventional loan requirements, buyer qualification and loan-to-value, and required hazard, flood and mortgage insurance.
- Apply federal lending rules: TILA and Regulation Z, TRID disclosures under the CFPB, RESPA limits on referrals and rebates, ECOA, and rules against mortgage fraud and predatory lending.
- and 1 more task
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| VIIIReal Estate Math Calculations7 tasks | 8.8% | - Calculate property area in square feet and in acres.
- Calculate valuation figures: CMA comparisons, net operating income, capitalization rate, equity, listing price, and assessed value and property tax.
- Calculate commissions and other compensation.
- and 4 more tasks
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