IN THIS PART …

Find out the basics of the appraisal process so that you understand market factors that create value. As a real estate professional, you not only need to know the value of property, but you also need to know about the appraisal process to pass the real estate exam.

Know why taxes are collected, how tax rates are established, and how to calculate taxes on a specific piece of property. Get acquainted with the definitions of important tax terms and how tax deductions and credits are figured.

Examine the basics of the mortgage process and the sources of mortgage funding, including several considerations that lenders take into account when making the loans.

Discover different kinds of mortgages and repayment plans, do a little mortgage math, and find out about laws that require everyone to be treated fairly when they try to borrow mortgage money, even if they’re 70 years old and want a 30-year mortgage.

Apply some simple math concepts to practical real estate problems. No one likes the math questions on the real estate license exam, but fear not — you learned most of the math on the test when you were in middle school.