Easily Insert Calculations in the Client Information For Real Estate

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How to Insert Calculations in the Client Information For Real Estate

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on your licensing exam, you immediately know that were dealing with legal descriptions here. These are examples of legal descriptions, and one of the favorite questions that the licensing exam loves to ask is, Convert these legal descriptions, or this legal description, into acres. How many acres is in this legal description? How many acres is in this legal description? So Im gonna show you in this video how to calculate that. But before we get started, there are some characteristics that one, we have to know before we move forward. Anytime you see a problem like that, and they wanna know how many acres, automatically you know that theyre dealing with a section of land, all right? Now, sectional land has some characteristics that we have to know. Number one, we have to know that its one mile by one mile, and remember one mile is equal to 5280 linear feet. Very important to remember that, and Ill show you why later in the video. We also must know to calculate this into acres is a

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Who is typically responsible for calculating the prorations at closing?

Dont worry about doing all the math your buyers mortgage broker and your title company will figure it out for you. The title company will send out a breakdown of closing costs before closing, usually within 10 days.

How do you calculate a 70 30 commission split?

In this case, 70% of the commission on a sale goes to the brokerage and 30% to the agent. Imagine an agent makes a sale worth $420,000. Of this selling price, 3% (or $12,600) goes to the selling side. In a 70/30 split, the agent would receive $3,780 and the brokerage would get $8,820.

What are closing prorations based on?

Prorations are usually calculated based on the date escrow closes. However, they may be set based on any date agreed to by the buyer and seller. For calculating prorations based on the date of closing, the entire day of closing is the first day of the buyers ownership, unless the escrow instructions specify otherwise.

What are the two proration methods used?

There are two basic proration types used in residential real estate transactions. These two types of proration methods are referred to as LONG proration and SHORT proration. The type of proration used in a transaction is predicated by the Purchase Contract provision regarding real estate taxes.

How do real estate agents use math?

Real Estate Math Formulas: Math formulas help you solve problems youll encounter frequently as an agent. These include the Gross Rent Multiplier (GRM) Formula, the Commission Formula, Simple Interest Formula, Loan to Value Ratio (LTV), and more.

What are real estate calculations?

Using the formula: GRM = Property Price/Gross Annual Rental Income (where GRM is the ratio of the original real estate investment price to its yearly rental income). GRM doesnt include expenses, such as utilities, insurance, and property taxes. In this case, the equation is 300,000/25,000 = 12.

What are the steps in a proration in real estate?

3:56 11:48 Rate. So lets put this into practice. So jen is selling a house to josh. And the closing date isMoreRate. So lets put this into practice. So jen is selling a house to josh. And the closing date is june 12th the hoa fees of 130. A month for the month of june were paid in advance.

How are real estate related prorations usually calculated?

To calculate the taxes to be prorated, multiply the yearly taxes by 105%. Then, divide that number by the number of days in the year. The sellers should be responsible for the amount of unpaid real estate taxes for the number of days that they lived in the property prior to the sale date.

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