Episode 084 - Real Estate Exam Questions 38

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

01:00 – March Madness and taking the state exam. Go Hoosiers!!

04:00 – Share www.indianarealestateinstitute.com for real estate and workshops to help new and existing real estate agents.

05:08 – Congratulations to the recent test graduates: Kate, Lindsay, Abby, Chase, Lou, Ashley Hannah, Faisal, Matt, Lexi, Gary, Ericka, Candy, Lori, Laura, Loren, Kelsey, Tonya, Randy, Jessica, Stephanie, Orr, Abraham, Shea, Justin, Amanda, Carmen, Kesha, Charlotte, and Tony.

06:06 – Message from Heather.

10:35 – Alluvium, Accretion, Alluvial, and Avulsion. What is the difference? Shout out to Debbie in Boston. Go Red Sox!

15:45 – What type of contract happens when an intoxicated buyer has an accepted contract with the seller. Voidable.

19:43 – A minor enters into a contract but can complete it when they are no longer a minor. What type of contract is this? Voidable.

22:45 – What happens to the original offer when a counter is rejected? A counter is a rejection of the original offer.

24:40 – Calculating commissions. $800,000 sale with a 3% commission, split 50-50 with a co-broker, and split 40% with the managing broker. What amount does the managing broker earn? 800,000 x 3% = $24,000; Divide that by 2 since he has a co-referral agreement of 50-50. $24,000 / 2 = $12,000; then take the $12,000 x 40% = $4,800.

29:00 – What may a seller do if buyer 1 wants to negotiate for repairs when they have a buyer 2 as a back up offer?

33:05 – Does death of the offeror or offeree terminate an offer? No

34:50 – What would be the most inappropriate thing for a broker to offer when a buyer asks how to take title?.

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