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Estates in Land - Full Series

This short series provides the background necessary to get a full understanding of all the different types of estates in land. Estates in land is one of the most difficult topics for brokers when taking their license exam for the first time. We start with an overview including a chart to help understand the hierarchy of estates in land and get them organized in our heads. After addressing the overall picture, we dive into each of the subcategories, providing examples for each type of estate and getting a grasp on all the important vocabulary.

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Disclosure Requirements

It's important brokers notify all parties when you are acting as a principal in a transaction. That means when acting as a buyer, seller, landlord or leasee. 

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Scope of a Broker License

Brokers are limited in their allowed actions when representing clients and should use caution to only operate within their area of expertise. This video provides a summary of what this means to managing brokers and brokers in Washington state as well as the legal background.

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Escalation Clauses

Escalation clauses are critial to help clients get into properties in multiple offer situations. Understanding how they work is also important to correctly evaluate which offer is superior when you represent a seller as a listing broker.

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Titles and Licenses in Washington State

There are two types of licenses in Washington state, Broker and Managing Broker. This video provides a brief overview of the two licenses and the different jobs you can do with each.

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Brokers Exam Informational Interview

In this interview with Don Sr, our lead instructor he outlines important details about the Washington state brokers exam.

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Low Appraisal

Lender's require appraisals to value the collateral that is being pledged for the loan. If that appraisal comes in below the price the buyer agreed to pay, what happens?

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Subordination Clause

In a mortgage contract there is a subordination clause which details how if the property is sold to satisfy debts, who gets paid back first.

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Life Estates

Life estates are when rights to a property are transferred for the lifetime of one or more persons. There are a number of vocabulary terms that are important to remember and this video covers the basics of the vocabulary and understanding of life estates.

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Loan Qualification Letters

In order to determine if a borrower has the financial ability to afford a home, a mortgage lender will issue a loan qualification letter. There are two types of letters a mortgage lender will give to the buyer, and they are not created equal.

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