Study by subject
Real estate licence
For the real estate licence you learn contract rules, types of listing agreements, an agent’s duties and the vocabulary of the trade by heart. Lumi asks them back until you can recall them without hesitating.
How to turn this subject into cards
Make one card per vocabulary term with its definition in one sentence, and one card per type of contract with its conditions of validity. An agent’s duties go in scenario cards, with the right conduct to follow. The trap is mixing up two close terms, like open listing and exclusive listing, because you read them in the same chapter. With Lumi you have to give the definition from memory before seeing the answer, and that recall holds far better than rereading (Roediger and Karpicke, 2006). Add to each term an example taken from a real sale or lease, and a note on where it applies. Spread your sessions over several weeks so the vocabulary lasts (Cepeda et al., 2006).
What you need to know by heart
- The conditions for a valid contract and when it is void or voidable.
- Types of listing agreements and of lease or sale contracts.
- An agent’s duties towards the client and towards third parties.
- The vocabulary of the trade, mortgage, easement, inspection report, title.
- The rules of your country or state, with Law for the basics of contract law.
It depends on the country
This subject varies a great deal by country. In the United States the licence is issued state by state, with a national exam and an exam specific to each state. In France, entry to the trade goes through the professional card issued by the CCI. In the United Kingdom and in Spain the rules and titles differ too. Your official syllabus is what counts, and it changes by country and state, so check it before you fix your cards.
How Lumi helps you remember it
You teach your cards to Lumi, contracts, listings, duties, vocabulary. It forgets over time, like you do, then quizzes you right before you would forget. As the exam approaches, the Mist settles over what you know less well, such as the rules specific to your state or country, and Lumi asks those first. You arrive able to produce every definition.
Example cards
Three cards the way you would write them, with the answer Lumi expects.
What is an exclusive listing?
A contract in which only one agent is appointed to sell or lease the property.
What makes a contract valid?
Agreement between the parties, legal capacity and a lawful purpose.
What is an easement?
A right to use another person’s land, for example a right of way.
Example card
Try it, Lumi turns it into fill in the blank questions in your browser.
Real estate licence · teach this card to Lumi
A listing agreement is the contract in which an owner hires an agent to sell or lease a property. In an exclusive listing only one agent is appointed to the task. An agent must act in the best interest of the client. A contract needs agreement between the parties, legal capacity and a lawful purpose.
Lumi’s question
A listing agreement is the contract in which an _____ hires an agent to sell or lease a property.
Pick the missing word
Answer right to light Lumi up
Its lamp fades when a fact slips away.
Frequently asked questions
- How do I remember all the real estate vocabulary?
- One card per term, with the definition and an example. Lumi asks them back at growing intervals, which fixes them (Cepeda et al., 2006).
- Are my state or country’s rules covered?
- You write them yourself from your official syllabus, which is also the best way to remember them. Lumi then asks them back on your schedule.
- How do I revise scenario questions on ethics?
- Put each scenario on a card with the right conduct and the rule behind it. Lumi asks them mixed up, so you choose without relying on the order.
Read next
Sources
- Roediger, Karpicke (2006). Test-enhanced learning. Taking memory tests improves long-term retention. Psychological Science, 17(3). doi.org/10.1111/j.1467-9280.2006.01693.x
- Cepeda, Pashler, Vul, Wixted, Rohrer (2006). Distributed practice in verbal recall tasks. A review and quantitative synthesis. Psychological Bulletin, 132(3). doi.org/10.1037/0033-2909.132.3.354
Teach this to Lumi
Give Lumi your real estate licence notes, it gives them back as questions at the right moment.