[CPA = Continuous Pain & Agony]

For those of you that have passed REG in the last 6 months (yes, I only want to hear from those that passed), how would you rate the difficulty of the business law questions on the exam? I just finished watching the lecture for Becker’s chapter 6, which is Commercial Paper, Secured Transactions, and Suretyship & Creditor Rights. The material in this chapter makes me want to stab my eyeball with this red ink pen!

It is so difficult to grasp and I am just curious how tough the questions are on the real exam? I am okay with Contracts and Sales, and the last two chapters in the book don’t appear to be that difficult, but this crap with drafts, holder in due course, endorsements, and PMSI really sucks.

Somebody please tell me it isn’t that bad on the exam! I will gladly master corporate tax, partnerships, and the rest of the book, just not this stuff!

B - 80 (10/06/11)
A - 84 (01/03/12)
R - 81 (02/16/12)
F - 82 (11/23/11)

Thank you Jesus!

Used Becker Self-Study

[misanthrope87]

It's not that hard, tax is worse. Just keep reading and do MCQs until you get it. But make sure you really master the tax portion first.

B 2/12 87
A 11/11 90
R 8/11 86
F 5/12 88

[Anonymous]

It's best to know it all and know it all well. According to Phil, Law is the easy part and nobody fails because of it. So, this shouldn't be an issue for you, I, on the other hand, failed because I was weak in Law. But I'm weird that way, so don't let that scare you, lol.

[CPA = Continuous Pain & Agony]

Is there only 1 person that passed REG in the last 6 months? Please respond if you've passed, I really don't know what to expect on the business law piece of the exam.

B - 80 (10/06/11)
A - 84 (01/03/12)
R - 81 (02/16/12)
F - 82 (11/23/11)

Thank you Jesus!

Used Becker Self-Study

[Phllop]

The tough thing about tax is it's about 50% of the material for reg, but only 20%ish of the exam. I would know it very well, though. Law questions are really “know em or you don't” type things, so if you study well they can be the easiest part of the exam. Keep plowing through mcq's you will get it!

REG: 85
AUD: 74, 85
FAR: 74 (sigh)
BEC: 80 (don't even ask me how)

When I say C-P you say 'Ayyyyy show me the money'
-PO

[jjm1181]

Is the 20%ish on the exam your exam experience or the general consensus? Just curious. I'm struggling badly with the tax portion. I've spent so much time trying to learn the stupid topics I've been neglecting the BLaw. This section blooooooooooooows…

B 79
A 75
R 78
F 85

[Phllop]

@jjmm1181 Well most CPA books will tell you the estimated percentage of the exams, and my experience has taught me that they're pretty accurate. Of course those are just averages so your exam might be more BLaw heavy. I think you're right to focus more on the tax portions first. Take them one topic at a time and it should start to sink in. Regulation is pretty brutal, but it IS doable. I'm struggling with FAR myself and you did very well on that it seems. I'd love to trade spots with you right now, haha.

I had the benefit of being in a business law graduate class that focused HEAVILY on cpa questions. I might not be the best judge, but I found the BLaw to be difficult to learn initially, but very easy once you learn the basic concepts. I think Peter Olinto does a very good job explaining everything for those topics (boy does he take his time, especially compared to Tim). Watch the lectures once, do the questions, and then rewatch the lectures (or reread book, whatever you prefer). When the lectures start getting really boring and obvious, you should be in good shape (to do the questions again of course).

REG: 85
AUD: 74, 85
FAR: 74 (sigh)
BEC: 80 (don't even ask me how)

When I say C-P you say 'Ayyyyy show me the money'
-PO

[jjm1181]

I'm definitely finding the BLaw questions easier although the commerical paper and other misc topics I will never master. I went into each section with a topic I just knew I couldn't understand and I was able to pass. Commercial paper will probably be that one for me.

The thing about REG is all the different limits and exceptions. I have never had a tax class in my life so this is all new to me. I've noticed Becker went right in to the adjustments, credtis, etc. without really breaking it down first. For me I feel lost because I don't understand the tax stuff in it's simplest form. I need someone to teach it to me like I'm 7 years old. Becker hasn't done that and that's why I'm so lost.

I definitely like Olinto better than Tim. Tim highlights EVERYTHING so I'm not sure what's really important.

B 79
A 75
R 78
F 85

[Anonymous]

Yes you could get a SIM on a contract isssue or multiple endorsements on a check. Make sure you understand scenarios in which offers and counteroffers are faxed, phoned, mailed and the warehouse burns down or the product is defective.

[Anonymous]

You need to know the law stuff EQUALLY well as the tax… It's half the exam and from reading it seems like the people who don't do well on REG are usually the ones who spent too much time on tax… Know both sides well and use the research tab on the sims and you'll be fine.

[Anonymous]

It's highly unlikely that you'll get a Law Sim, but ya never know. If you do get a Law Sim, then consider yourself lucky because Law Sims will probably be a lot easier than Tax Sims, especially since they'll most likely be drop-down selection type of questions.. Some of the Tax Sims on the exam can be a bit insane!

[selkins]

The b-law questions I encountered were the exact same as the homework in Becker. I also struggled with those topics for a long time but I just kept hammering away on MCQ's and one day it just clicked, so just keep at it. Good luck with b-law it was my least favorite topic in REG.

AUD- 76
BEC- 75
FAR- 87
REG- 78

[Anonymous]

I've taken REG twice (passed with 91 and 88 with 2 days of study). I also have a JD and work in public tax.

[RedRage00]

I spent almost the same amount of time studying the law portion as I did the tax portion. You never know what they're going to throw at you.

That being said, I think a majority of people studying focus more on the tax side and ignore the law side which allowed me to rate “STRONGER” on B Law and “Stronger” “Comparable” or “Weaker” in some tax sections and still pass. I'm pretty sure that Stronger in B.Law saved me 🙂

rr

Texas CPA
Licensed, March 2012

[StellaFL]

I passed REG in November. I, too, struggled with the Business Law chapters, as I had not seen a lot of that stuff since college (19 years ago). I used Yaeger and think Phil prepared me well. I did the entire self study, then I did the CRAM, and then Phil sent me the audio lectures, which I listened to every chance I got (in the car, waiting in lines, etc).

I found that the Wiley test bank was excellent preparation – I did MCQ's over and over, until I was scoring 80% at least on each topic. I swear, I saw some of the EXACT same questions on the exam.

Prior to taking the exam, I had finished two graduate courses in taxation – Corporate and Partnership, and I think this prepared me better than anything.

If you're struggling with these topics, I'd recommend getting a recent tax textbook and go into “learning” mode – so it all makes sense, rather than trying to memorize arbitrary numbers. Don't worry about thresholds, AGI limits, etc. Not important – except for the very basic stuff that hasn't changed in forever, like the 7.5% medical floor, 2% itemized deduction stuff.

Good luck!

REG 11/28/11 - 88
BEC 04/04/12 - 88
FAR 07/23/12 - 90
AUD 11/2012 - 92

Yaeger/Wiley

[Anonymous]

I've taken several practice tests on Wiley, and I have yet to see a business law sim yet.

If Wiley is representative of the actual exam, this means focus on your income tax stuff. Know your tax forms!

[Author]

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