Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • How the cost approach uses the principle of substitution to value unique or special-purpose properties. • Why land must be valued separately and is never subject to depreciation in exam math problems. • The distinction between reproduction cost for exact replicas and replacement cost for modern utility. • The three types of depreciation including physical deterioration, functional obsolescence, and external obsolescence. • How to apply the age-life method to determine accumulated depreciation percentages for improvements. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep