Episode 095 - Real Estate Exam Questions: Brokerage & Commissions

Going through state exam questions to help real estate students pass their state exam.

 

01:35 – October: is the exam spooky for you?

02:45 – Prepare for the exam: do what you do every day. Don’t change your routine.

05:48 – What are “good funds”?

11:45 – List of recent grads: Rajesh, Julia, Max, Ibrahim, Tabitha, Brenna, John, Caitlyn, Dawn, Lesley, Ashley, Stephanie, Melissa, Eleyna, Lisa, Christa, Scott, Shahadat, John, Destiny, Jessalyn, Jen, Jessiah, Jennica, Hubert, Kate, Eric, Jade, Yaritza, Taj, Jon, Myron, Paisley, Zeeshan, Yvonne, Shannon, Olivia, Cateline, and William.

13:00 – Message from Ashley.

14:30 – Episode Focus: Brokerage and calculating commission; Broker versus sales associate or agent

17:40 – Broker responsibilities; compensation to agent/associate; contracts are with the broker and client, not the agent; income taxes are paid by agent, not the broker.

25:05 – Antitrust laws: price fixing, group boycotting, and allocation of customers or markets

31:40 – Commission concepts: procuring cause; understand the difference between earning a commission and being paid a commission.

36:30 – Commission math: listing side (seller’s side) versus selling side (buyer’s side); Sale Price x Total Commission Rate = Total Commission Paid; Email us for the commission tree.

41:20 – Test questions about brokerage operations and calculating real estate commissions; for math questions, do forget to plug in the answers and work the questions backward.

1:09:00 – November’s episode will be about listing contracts including contract types, net to seller and more.

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