Episode 096 - Real Estate Exam Questions: Listing Contracts

Episode 096 - Real Estate Exam Questions: Listing Contracts Going through state exam questions to help real estate students pass their state exam.   01:55 – November: My favorite holiday is Thanksgiving because of the food. Giving thanks to my family, friends, and all the listeners for your loyalty and support. 04:10 – List of recent grads: Sandra, Laura, Bess, Shannon, Bella, Sonita, Paige, Megan, Chasity, Matt, Amy, Saul, Jacob, Stuart, Ronda, Zach, Timothy, Avo, Kali, Jessica, John, Jeff, Kelly, Leslie, Kay, Marissa, Andrea, Sarah, Stephanie, Keesha, Madison, Tiffany, Emilie, Tatyana, Tarri, Renea, Natalia, and Mindy. 05:30 – Message from Sandra. 07:30 – Episode Focus: Listing contracts 08:10 – Three types of listing contracts (listing agreements) are exclusive right to sell, exclusive agency, and open listing. 14:50 – Net listing 18:55 – All listings are required to have an expiration date. Listings can be extended or renewed. 20:30 – Listing contracts are between the broker and the seller, not the agent. 22:40 – Net to seller math: put your focus on the seller’s perspective. 24:10 – Put all the costs on one side of the equation. 25:00 – Sales price x (100% - Total Commission Rate) – Closing and other costs to seller = Net to seller 29:00 – If a seller needs to net $50,000 after the sale, how much must the real estate sell for if the selling costs include a 7% commission and $1,200 in other expenses? Answer: $50,000 + $1,200 = $51,200 / 0.93 = $55,054 31:00 – Test questions about listing contracts, listing agreements, and net to seller calculations. Don’t forget to work your math questions backwards by using the answers to work the question. 49:55 – December’s episode will be about contracts including contract formation, offer, counteroffer, acceptance, valid, void, and voidable, and more. Go to www.ahareep.com and sign up for the program for only $35, use discount code: legend15 to save 15% off. Go to www.indianarealestateinstitute.com for Indiana real estate classes.   A-Ha LINKS   Email info@ahareep.com   Web www.ahareep.com   Facebook https://www.facebook.com/AHA.REEP   YouTube https://www.youtube.com/channel/UCrxAjI5Li4Ll3Epwcyc0i6A