Saturday, April 24, 2010

Forget Everything You Learned in School II

Way back in September 2007, I wrote a post “Forget Everything You Learned in School”. At the time, I was preparing to graduate from the University of Phoenix. I was happy that the information I learned was practical.

Today (Apr 23, 2010) I’m graduating Weichert’s Real Estate Pre-licensing class. I now have the required 75 hours of classroom instruction to get a New Jersey Real Estate Salesperson’s license.

Unlike UOP, the information for the state exam doesn’t necessarily reflect the real world. It’s all valid for the exam, but it doesn’t always reflect real life.

For instance, for the purposes of the test, in a lease, the death of either party does not invalidate the lease. However, in real life, just try collecting from an estate.

I came to the conclusion “Just give the commission what they’re asking for, and let your broker teach you how it really works.”

My favorite came up yesterday during our review for the class exam. There was a question about VA and FHA loans. Specifically, which of the 4 institutions cannot make them. The correct answer was “credit unions”. Huh? The following is from Navy Federal Credit Union’s page on mortgages:

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Go figure.

I passed the school exam, and scheduled my state exam. I’ll give the NJ Real Estate Commission the answers they’re looking for.
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