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.

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Go to www.indianarealestateinstitute.com for Indiana real estate classes.

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