Property Ownership
10%of exam
Land Use Controls
5%of exam
Valuation
8%of exam
Financing
10%of exam
Contracts
19%of exam
Agency
13%of exam
Property Disclosures
7%of exam
Property Management
3%of exam
Transfer of Title
6%of exam
Real Estate Practice
12%of exam
Real Estate Calculations
7%of exam
NH Commission — 3 Items
Not publishedof exam
NH Licensure — 5 Items
Not publishedof exam
NH Licensee Conduct — 11 Items
Not publishedof exam
NH Agency Conduct — 11 Items
Not publishedof exam
NH Principles — 10 Items
Not publishedof exam
Quick Facts
- Exam
- Salesperson
- National
- 80 scored items
- State
- 40 scored items
- Combined
- 120 scored items
- National Time
- 150 minutes
- State Time
- 90 minutes
- National Pass
- 56 of 80
- State Pass
- 28 of 40
- Combined Fee
- $66
- Education
- 40 approved hours
- Provider
- PSI
Real vs Personal Property
Real property
- Land
- Permanent improvements
- Appurtenant rights
Personal property
- Movable items
- Not permanently attached
- Transferred by bill of sale
Attached usually means real
Ownership Right Picker
- Movable item→Personal property
- Permanently attached→Fixture analysis
- Tenant business item→Trade fixture
- Survivorship required→Joint tenancy
- Separate inheritable shares→Tenancy in common
- Use another's land→Easement
Ownership Essentials
- Real property
- Land plus permanent improvements
- Personal property
- Movable nonreal items
- Fixture
- Attached personal property
- Trade fixture
- Tenant business attachment
- Fee simple
- Broadest ownership estate
- Life estate
- Measured by a life
- Joint tenancy
- Includes survivorship
- Tenancy in common
- No automatic survivorship
Joint vs Common Tenancy
Joint tenancy
- Right of survivorship
- Equal ownership interests
- Created expressly
Tenancy in common
- No survivorship
- Unequal shares allowed
- Shares are inheritable
Survivorship separates them
Government Rights
P E T E
Police powerEminent domainTaxationEscheat
Land Use Controls
- Police power
- Protects public welfare
- Eminent domain
- Taking with compensation
- Taxation
- Funds public services
- Escheat
- State receives heirless property
- Zoning
- Governmental land-use control
- Variance
- Permitted zoning deviation
- Deed restriction
- Private land-use control
- Easement
- Nonpossessory use right
Three Value Approaches
Sales Cost Income
Comparable transfersReplacement less depreciationIncome capitalization
Appraisal vs CMA
Appraisal
- Value opinion
- Appraiser credential
- Formal appraisal standards
CMA
- Pricing analysis
- Brokerage tool
- Supports listing strategy
Value opinion vs pricing tool
Value Method Picker
- Similar homes available→Sales comparison
- Unique newer structure→Cost approach
- Income drives purchase→Income approach
- Broker pricing seller→CMA
- Credentialed value opinion→Appraisal
- Capitalization question→NOI ÷ rate
Valuation Essentials
- Market value
- Probable open-market price
- Appraisal
- Credentialed value opinion
- CMA
- Broker price analysis
- Sales comparison
- Uses comparable transfers
- Cost approach
- Replacement less depreciation
- Income approach
- Capitalizes property income
- Substitution
- Alternatives limit value
- Highest best use
- Legal feasible optimal use
Note vs Mortgage
Note
- Evidence of debt
- Promises repayment
- States loan terms
Mortgage
- Secures the note
- Creates property lien
- Supports foreclosure remedy
Debt versus security
Financing Essentials
- Promissory note
- Evidence of debt
- Mortgage
- Secures the note
- Principal
- Amount originally borrowed
- Interest
- Cost of borrowed money
- Amortization
- Debt reduced over time
- LTV
- Loan divided by value
- FHA loan
- Federally insured loan
- VA loan
- Federally guaranteed loan
Contract Essentials
- Offer
- Proposed contract terms
- Acceptance
- Unqualified agreement
- Consideration
- Bargained legal value
- Competent parties
- Legal contracting capacity
- Legal purpose
- Lawful contract objective
- Counteroffer
- Rejects original offer
- Void
- Never legally enforceable
- Voidable
- One party may rescind
- Executed
- Fully performed contract
- Executory
- Performance remains due
Fiduciary Duties
OLD CAR
ObedienceLoyaltyDisclosureConfidentialityAccountingReasonable care
Client vs Customer
Client
- Represented party
- Fiduciary duties owed
- Brokerage agreement
Customer
- Unrepresented party
- Honesty still required
- No fiduciary loyalty
Representation creates client status
Agency Essentials
- Principal
- Party employing agent
- Agent
- Represents the principal
- Customer
- Unrepresented transaction party
- Fiduciary
- Highest loyalty standard
- Confidentiality
- Survives agency termination
- Accounting
- Safeguard entrusted property
- Obedience
- Follow lawful instructions
- Disclosure
- Reveal material information
Disclosure Essentials
- Material fact
- Affects value or decision
- Latent defect
- Hidden material defect
- Known defect
- Disclose before written offer
- Lead paint
- Federal pre-1978 disclosure
- Environmental hazard
- May affect property use
- Licensee duty
- No required defect investigation
- Stigmatized property
- Check governing disclosure law
Management Essentials
- Management agreement
- Creates manager authority
- Owner objective
- Guides management plan
- Security deposit
- Tenant performance security
- Operating budget
- Projects income and expenses
- Preventive maintenance
- Reduces future repairs
- Fair housing
- Applies to rental conduct
Title Transfer Essentials
- Deed
- Transfers real property
- Grantor
- Conveys property title
- Grantee
- Receives property title
- General warranty
- Broad title warranties
- Quitclaim deed
- Conveys existing interest
- Recording
- Gives constructive notice
- Title insurance
- Covers specified title risks
- Closing
- Completes transaction obligations
Practice Essentials
- Listing agreement
- Creates seller representation
- Buyer agreement
- Creates buyer representation
- Price fixing
- Antitrust violation
- Market allocation
- Antitrust violation
- Blockbusting
- Induces discriminatory selling
- Steering
- Channels protected buyers
- Redlining
- Discriminatory lending pattern
- Commingling
- Mixing client and business funds
Calculation Essentials
- Commission
- Price times rate
- Simple interest
- Principal × rate × time
- Property tax
- Assessed value × rate
- Square footage
- Length times width
- Acres
- Square feet ÷ 43,560
- Proration
- Allocate by ownership period
- Capitalization
- NOI divided by value
- Loan amount
- Value times LTV
NH Commission — 3 Items
- Purpose
- Protect public confidence
- Commission
- Regulates brokerage practice
- Powers
- Statutory and rule authority
- Records
- Commission may inspect
- Discipline
- Follows statutory procedures
- Unlicensed practice
- Prohibited by statute
National vs State Portion
National
- 80 scored items
- 150 minutes
- Pass: 56 points
State
- 40 scored items
- 90 minutes
- Pass: 28 points
Pass both portions separately
NH Licensure — 5 Items
- Minimum age
- 18 years
- Prelicense study
- 40 approved hours
- Classroom minimum
- 32 hours
- Distance maximum
- 8 hours
- Course exam window
- Six months from course start
- Registration window
- Three months after registration
- Exam portions
- Pass national and state
- Passing window
- Six months from first exam
- Attempt threshold
- Eight examination attempts
- Threshold result
- New prelicense course required
- Criminal check
- Before license application
- License deadline
- Six months after exam
- Inactive status
- No brokerage activities
NH Licensee Conduct — 11 Items
- Salesperson affiliation
- One responsible broker
- Compensation source
- Affiliated principal broker
- Advertising
- Include licensed broker name
- Broker contract deposits
- Promptly deposit in escrow
- Escrow location
- Insured New Hampshire institution
- Trust reconciliation
- Required monthly
- Escrow records
- Retain three years
- Broker transaction records
- Retain three years
- Owner consent
- Written before offering property
- Licensee interest
- Disclose before offer
NH Agency Roles
Seller Buyer Dual Designated Facilitator
Represent sellerRepresent buyerRepresent bothSeparate firm agentsRepresent neither
Designated vs Dual Agency
Designated
- Separate firm licensees
- Each represents one party
- Written consent required
Dual
- One licensee represents both
- Neutral between conflicts
- All parties consent
Separate agents versus one
NH Agency Picker
- Represents seller→Seller agency
- Represents buyer→Buyer agency
- Represents both parties→Disclosed dual agency
- Same firm, separate agents→Designated agency
- Assists without advocacy→Facilitator
- Dual role begins→Get written consent
NH Agency Conduct — 11 Items
- Brokerage agreement
- Written agency contract
- Seller agent
- Represents seller or landlord
- Buyer agent
- Represents buyer or tenant
- Dual agency
- Written consent from all
- Dual consent timing
- No later than offer
- Designated agency
- Separate affiliated agents
- Designated consent
- At relationship commencement
- Facilitator
- Assists without representation
- Facilitator confidentiality
- Only when agreed
- Known conditions
- Disclose before written offer
NH Principles — 10 Items
- State fair housing
- RSA 354-A applies
- Gender identity
- Protected state class
- Marital status
- Protected state class
- Familial status
- Protected state class
- Sexual orientation
- Protected state class
- Condominiums
- Know state ownership rules
- Wetlands
- Know environmental controls
- Manufactured housing
- Know state rules
- Landlord-tenant
- Know state duties
- Recordation
- Know state title rules
Common Traps
Combined score shortcut
Both portions must pass ≠ One total is insufficient
State weights
PSI publishes item counts ≠ Percent weights not published
Counteroffer effect
Original offer rejected ≠ New acceptance required
Note versus mortgage
Note proves debt ≠ Mortgage secures note
Dual agency consent
Consent must be written ≠ Obtain no later than offer
Facilitator status
Assists transaction ≠ Represents neither party
Escrow handling
Principal broker maintains account ≠ No uncollected-fund checks
Records period
Escrow records: three years ≠ Transaction records: three years
Last Minute
- 1.Confirm salesperson examination
- 2.National: 80 scored items
- 3.State: 40 scored items
- 4.National limit: 150 minutes
- 5.State limit: 90 minutes
- 6.Pass national: 56 points
- 7.Pass state: 28 points
- 8.Bring valid photo identification
- 9.Pass both portions separately
- 10.Recall state 3-5-11-11-10
- 11.Dual agency needs written consent
- 12.Facilitator represents neither party
- 13.Escrow records: three years
- 14.Recheck current PSI bulletin
Pre-licensing on Colibri
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