If you watch too many episodes of Millionaire Dollar Listing, you may be thinking real estate agents make a lot of money. Is this true? In this post, we break down how real estate agents make money and how much money real estate agents make. How Do Real Estate Agents Get Paid? In most cases, … Read moreReal Estate Agent Salary: How Much Do You Make As A Real Estate Agent?
The math portion of your real estate licensing exam may ask you to calculate the transfer taxes for a sale. In almost all real estate transactions, buyers and sellers must pay taxes to their local counties for every property sale. For buyers, this is often called the recordation tax. For sellers, this is often called … Read moreReal Estate Math Formulas: Calculating Transfer Taxes
One of the main topics on the real estate math licensing exam is understanding amortization factors. Because the actual monthly mortgage payment calculation is very complicated, amortization factors are a quick and easy way to estimate the monthly mortgage payment a buyer will need to make. In many states, the testing center will have an … Read moreReal Estate Math Formulas: Understanding Amortization Factors
Out of all of the real estate math formulas you need to know, the most basic one is the T-Method. Once you understand the T-method real estate math formula, you’ll find that many real estate math problems are just another version of the T-Method. In this post, I’ll first explain the T method and then … Read moreReal Estate Math Formulas: T-Method
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As a real estate agent you may have problems with your property not appraising, especially if it is a hot market. Prices may be rising, but appraisers may only go on previous (lower) sales. So what does this mean for your buyers? Let’s take a look at the real estate math behind your appraisal options. … Read moreWhat Happens If My Property Doesn’t Appraise?
As of July 1, 2013, parts of Virginia began to require an additional “Regional Congestion Relief Fee” as part of the Grantor’s Tax. Grantor’s Tax is the seller paid taxes to the County when transferring a property. This amount is shown on the HUD-1 on the seller side of the transaction. Here is the language … Read moreReal Estate Math – Calculating Additional Grantor’s Tax Increases
Calculating interest is an essential real estate math question that you may encounter on your real estate licensing exam. Forbes magazine recently indicated that the interest rate is around 3.87 percent. As a real estate agent, it is important to know general trends of the rates (are they rising, falling, or staying the same?). It … Read moreReal Estate Math – Calculating Interest
Calculating property taxes is an essential real estate math question that you may encounter on your real estate licensing exam. Each county or jurisdiction will calculate property tax based on the assessed value of the property. You’ll need to know a few things in order to solve this real estate math problem: The tax rate … Read moreReal Estate Math – Calculating Property Taxes