Demetree School Archives - Demetree School of Real Estate

When Can I Take The Florida Real Estate State Exam After I Review The Exam?

PearsonVue, the company that administers the Florida Real Estate State Exam, offers a service called the review or playback. If you fail the exam, you can schedule an appointment to review your exam. They will show you all of the questions that you answered incorrectly and tell you the correct answer.

You don’t get a print out. You can’t write the answers down to take them home and study. But you do have three hours of study time at the test center, where you can review those questions. The people who do this, usually think it is beneficial.

If you plan to review the test, I would recommend you take the full three hours and treat this like a study session. Since you can’t write the questions down, you won’t remember them from one quick reading – treat it like a study session and take the full time.

The biggest reason people tell me that they don’t want to do this is that they were told you have to wait 21 days to retake the exam after the review. This is incorrect information. You can take it again very quickly (based on availability). You can only have one appointment on the books at a time. For example, you can’t have a review scheduled on Monday and a test scheduled on Tuesday. However, after you review the test on Monday, you can call and try to get it scheduled for Tuesday.

Why do people say you have to wait 21 days to take the exam?

When you review the exam, you have 21 days to appeal a question. For that reason, the online registration will not allow you to register again for 21 days. However, if you call Pearson Vue at 888-204-6230, they can override the 21-day waiting period over the phone. To override the 21-day waiting period, you have to waive your right to appeal.

Please note that Karen Climer has no affiliation with Climer School of Real Estate. Karen’s father, Ron Climer, sold the school in 2014. It has changed hands again. If you are looking for Karen Climer or Ron Climer, we are both at Demetree School of Real Estate.

By Karen Climer|2021-08-20T10:03:31-04:00May 26th, 2021|

Don’t Collect Study Material – Study The Study Material

Almost daily, I get calls from around the state due to my YouTube channel. People call with a specific question. Sometimes they call to register for a class. Sometimes they call to thank me and tell me they passed the Florida real estate state exam.

Recently, someone called and asked me what study material I recommend. Here’s a summary of the call:

Caller: Your videos make things so easy to understand. Is there any study material you recommend? Any books or apps or videos I should buy?
Me: I recommend a book called Florida Real Estate Exam Manual by Linda Crawford. Or you can get the QBank that’s on my website?
Caller: I saw a book on another site called _____. Should I get it?
Me: I recommend the Exam Manual or the Q Bank.
Caller: What about this app? Should I get it?
Me: I recommend the Exam Manual of the Q Bank.
Caller: What about this other book? Is it good?

It was clear that she was asking for my advice, but really wanted me to confirm that these other materials were good. I said, “If you are a collector, then yes, you should purchase all of those books and apps. There are people who like to collect study material. If you are a collector, then yes, you should buy all of that material. On the other hand, if you are someone who wants to pass the state exam, you should use the material you have. Don’t buy more books. Actually, use the books you have. Study the material. Do the practice questions. Really understand the material.”

It reminds me of a group I used to be a part of. I am a children’s entertainer, so I was interested in learning ventriloquism. Florida has a ventriloquism club. After a few meetings, I realized that there are people in the group who has several ventriloquist figures that cost thousands of dollars each, but they never use any of them. At each meeting, they would bring their new figure. They’d tell use who made it, what special features it had, who owned or used it before them. It was show and tell, not a performance. Then there were other people who would show up with a mass-produced puppet that probably cost about $40. They would do a short performance with the puppet.

Some people joined the group to become ventriloquists – they even called themselves ventriloquists – but they are actually collectors. They would have a hard time doing a three-minute routine. Other people joined to become ventriloquists, bought a cheap puppet but put in the effort, and now are making a living as a ventriloquist.

Don’t pile the books up. Open them up and study from them. So do you want to be the person who spends hundreds of dollars on study material and can’t pass the exam? Or do you want to be the person who puts in the effort to study, passes on the first try, and is not making a living selling real estate?

By Karen Climer|2022-12-28T12:51:41-05:00December 20th, 2019|

Before You Get Good At Anything, You Are Going To Suck At It For A Long Time

I was talking to someone recently who needs to meet politicians and politicos for work. I mentioned to her that a meeting that was coming up called the Central Florida delegation. It happens once a year. These are the dozen or so state representatives who represent Central Florida at the state level. The public addresses the legislators about the community’s priorities. I told her that I’d be at the meeting and would be happy to sit with her and introduce her to people.

She said, “I want to learn a little bit more about politics before I go to the meeting.” I suggested that she would learn it by going to the meeting.

I had a similar situation talking to an agent who didn’t want to make phone calls because she didn’t know what to say. I suggested that she just follow a certain script as a starting point. She didn’t want to do that because she thought she’d sound stupid. I suggested that she would learn a lot just by making the calls.

I had a recent student who didn’t want to do practice math questions during class because she knew she would get them wrong. So rather than try, she just gave up. In her mind, this was a more effective strategy than struggling through the problem.

I’ve found that no matter what you do – whether it is learning how to make cold calls, learning about public policy, or learning to play the piano – there is only one way to get good at it. You have to suck at it a lot to start.

I was not a fabulous teacher when I taught my first class. I don’t think I was horrible, but I’m sure I made a lot of rookie mistakes. Same with my first sales presentation. Same with the first time I addressed politicians at a public meeting. Same when I was learning real estate math. But today, I can hold my own in any of those situations.

If you want to get good at anything, you are going to suck a lot at the beginning. The people who succeed are the ones who are willing to show up, mess up a lot, and work at getting better.

By Karen Climer|2019-11-02T21:21:59-04:00September 12th, 2019|

Purchase Money Mortgage on the Florida Real Estate State Exam

Who takes back mortgage in a purchase money mortgage (PMM)?

Seller
Buyer
FHA
Fannie Mae

A few weeks ago, a student told me this was on the Florida real estate sales associate state exam. A purchase money mortgage is when the seller holds the mortgage, or when the seller takes back the mortgage, so the answer is A.

This concept is pretty foreign to a lot of people. Back in the good old days, this was how people always bought property. It still happens today, but it’s not as common.

Let’s say you own a house free and clear. I come along and want to buy it for $100,000. I don’t have that much money, but I do have $30,000. I ask you to hold the mortgage. You deed the property to me, so I now own the property. But you are holding the mortgage. You are acting as the bank. I send you a payment every month. If I don’t make the payments, you can have the house foreclosed on. You do everything the bank would do. That’s called a purchase money mortgage – when the vendor is the lender.

Real life application: Let’s say your buyer finds the home of her dreams for $150,000. The bank is going to give her $100,000. She has $30,000 cash. So she’s $20,000 short. Ask the seller to hold a $20,000 purchase money mortgage.

By Karen Climer|2019-09-06T14:25:07-04:00September 6th, 2019|

What Is An Option Contract? (Part 2)

In my last post, I described what an option contract is. I promised that I would have more about what we need to know specifically for the Florida sales associate state exam in this post.

You are likely to see questions about option contract on the Florida real estate state exam.

First, an option contract is unilateral contract binding upon the optionor. The optionor is the seller. Using the story from my previous post, Demetree is the optionor because he gave the option to Disney, who is the optionee. The contract is unilateral because Disney doesn’t have to buy. However, if Disney wants to buy, Demetree has to sell.

We also need to know that an option contract requires consideration. Token consideration doesn’t count. In the previous post, Disney paid $25,000 for the option to purchase the property. That’s a decent amount of money. If Disney had paid $50, the contract would not have been enforceable because that is considered token consideration. Additionally, if the $25,000 had been refundable if Disney decided not to buy, then it is not consideration.

Lastly, real estate licensees are allowed to buy options on contracts but they must divest themselves of their role as licensees. In other words, the licensee needs to disclose that she is a licensee, but that is not acting as a licensee in this transaction. If they don’t divest themselves, and they don’t pay consideration, then it is basically a listing agreement. In this case, they would be entitled to a commission.

If you have any questions about option contracts or anything else on the Florida real estate state exam, give me a call. I’m happy to help. By the way, I answer my own phone. If you call 407-493-3974, you will reach me.

Please note that neither I, nor anyone in the Climer family, have any affiliation with Climer School of Real Estate. My father, Ron Climer, sold Climer School of Real Estate in 2014. You can find me at Demetree School of Real Estate.

By Karen Climer|2021-08-25T14:18:59-04:00March 2nd, 2019|