100 FREE Practice Exam Questions - 10 New Practice Questions Everyday! 🧐 Click the link below which will open in Messenger - m.me/TheRealEstateClassroom?ref=challenge
@@jackieg5016 You do need to be on Messenger. Click the link below which will open in Messenger - You will receive 100 FREE Practice Exam Questions - 10 New Practice Questions Everyday! m.me/TheRealEstateClassroom?ref=challenge... If you want access to a database of hundreds of practice exam questions, I do have a database you can access for $7... and I've been adding about a dozen new questions per day... here is the link... therealestateclassroom.thinkific.com/courses/real-estate-exam-prep-questions?mcp_token=eyJwaWQiOjY5MDUwOTk2NDY3Njk0OCwic2lkIjo0NDQ1NjQ3ODg4ODc0MzIxLCJheCI6ImI0MjFhODdhZjMwZTVjYTc1N2IzYmI1ZjQ2ODRlZTYyIiwidHMiOjE2NDQyMDg2NTQsImV4cCI6MTY0NjYyNzg1NH0.sXG-esY2LGTa72xRnmSITMPNjQq2LR9eBu50ND67m3Y
I took NY RE state exam last Friday (1/7/22) I learned that I passed my exam on Monday, applied for my license that evening, and my sponsoring brokerage sent me my license number the next morning. I'm shock at how fast everything moved. Thanks so much for your videos. I would not have passed with out them! ❤️
The process is pretty quick now a days! CONGRATS on passing your exam... that's really awesome. Best of luck in your new venture and THANK YOU for letting us know. Please pass our channel along to anyone else you know who is still in study mode :o)
So glad you decided to create this channel keep up the good work- it’s 2024 now and this information is still very important to students of real estate
So if you are managing a property and also closing a sale would you use 1 trust account for both or do you need a separate trust account for each client???
On the test if the question is: If a buyer wants to make an offer on a home and wants to forego he home inspection to assure he gets the best offer and quickest buy, should I give the seller the offer or encourage him to get the inspection? This question had me on the last test I took (and failed)
Adrienne... so without knowing the potential answers provided on the test question.... my answer is based on your question.... "The buyer wants to make an offer and wants to forego the home inspection..." I would advise my client on the dangers of foregoing the home inspection then submit the offer. Remember, however, the test sometimes wants the BEST answer not necessarily the correct answer so the answer choices could change my answer.... :o) Thank you for asking your question we appreciate it!
Can the buyer ask to put the money on an escrow account that have interest and who that interest will get that interest? 2) Can the buyer ask to remove the earnest money after deposited by the broker to put it to another account? 3) How long the broker have the claim the money if the deal doesn't go through?
Hi Louis... Each state has specifics on what exactly or how exactly a broker may handle earnest money. But in most states, a buyer and seller, for example, could agree to have an earnest money put into an interest bearing account instead of a noninterest bearing trust account... #2 and #3 - is state specific. You will need to know this for your state side of the exam....
Great video. Hi Pal if Commission found broker guilty for Commingling or conversion then broker can loose his license. Can he also face CRIMINAL PENALTIES too? Thanks
Yes... all trust accounts... keep in mind however, your state may impose additional requirements on the use of trust accounts. This video gives you the basics. In that case, you will need to know the additions for your state's exam
If the contract didn’t provide a broker to hold the earnest money, but they holds the earnest money, and uses their own money to pay the bank fees for opening the account. Does that break any commission rule?
Well it depends on the state in which you live. Every state has their own rules and processes for earnest money. Typically, there is no requirement that the contract say the broker should or shouldn't hold the earnest money. However, the purchase contract should specifically state to whom the earnest money is to go to. For example, an earnest money check that is being written to the brokers trust account that transaction should be reflected in the contract.
Please help..... with these 2 questions.... 1. A broker has only 1 TRUST ACCOUNT...but he creates sub-accounts to keep track of all the money he accounts for, having checkbooks per account so he can make sure all money in the trust is tracked, he also gives instructions to all the people what to deposit in each sub-account and his bookkeeper is good at note taking..... question: Is this okay to mix money in 1 account as long as its tracked by bookkeeping and receipt's? 2: This other question also was in my exam: A potential seller comes to the office of the broker, explaining that her mother left a house in a trust for her and other siblings, and she wants to sell the house, she also mentioned that near the house is a construction, and behind the property is a very busy freeway... one of the options was: a - get a copy of the seller's ID and explain what to do next b - She needs to get the signature of each sibling to be able to sell the house c - create the listing and move forward with the sale d - advice the seller she does not need to disclose the constructions, as the buyers will see the freeway and this gives constructive notice e- Create disclosure about noisy freeway and proceed with the sale of the property TIA
100 FREE Practice Exam Questions - 10 New Practice Questions Everyday! 🧐 Click the link below which will open in Messenger - m.me/TheRealEstateClassroom?ref=challenge
Hello Mr. Vojchehoske, I would like to practice the 100 exam questions. Do I need face book to access the practice exam?
Sincererly, Jackie Gregolunas
@@jackieg5016 You do need to be on Messenger. Click the link below which will open in Messenger - You will receive 100 FREE Practice Exam Questions - 10 New Practice Questions Everyday! m.me/TheRealEstateClassroom?ref=challenge... If you want access to a database of hundreds of practice exam questions, I do have a database you can access for $7... and I've been adding about a dozen new questions per day... here is the link... therealestateclassroom.thinkific.com/courses/real-estate-exam-prep-questions?mcp_token=eyJwaWQiOjY5MDUwOTk2NDY3Njk0OCwic2lkIjo0NDQ1NjQ3ODg4ODc0MzIxLCJheCI6ImI0MjFhODdhZjMwZTVjYTc1N2IzYmI1ZjQ2ODRlZTYyIiwidHMiOjE2NDQyMDg2NTQsImV4cCI6MTY0NjYyNzg1NH0.sXG-esY2LGTa72xRnmSITMPNjQq2LR9eBu50ND67m3Y
Thank you so much! Your videos are the best. I am confident I will pass my test this week.
@Jackie G You will crush it, Jackie!!!! 😁
I took NY RE state exam last Friday (1/7/22) I learned that I passed my exam on Monday, applied for my license that evening, and my sponsoring brokerage sent me my license number the next morning. I'm shock at how fast everything moved. Thanks so much for your videos. I would not have passed with out them! ❤️
The process is pretty quick now a days! CONGRATS on passing your exam... that's really awesome. Best of luck in your new venture and THANK YOU for letting us know. Please pass our channel along to anyone else you know who is still in study mode :o)
So glad you decided to create this channel keep up the good work- it’s 2024 now and this information is still very important to students of real estate
Clearly explained in easy wordings to understand. I love the examples that you give. Thank you.
You're very welcome! Keep studying! :o)
Great stuff sir!
Thank you!
Thank you Paul. You always save my life❤
You're welcome. Glad we could help! :o)
So if you are managing a property and also closing a sale would you use 1 trust account for both or do you need a separate trust account for each client???
Which state are the real estate class for ? Are they good for California ? Thanks
On the test if the question is: If a buyer wants to make an offer on a home and wants to forego he home inspection to assure he gets the best offer and quickest buy, should I give the seller the offer or encourage him to get the inspection? This question had me on the last test I took (and failed)
Adrienne... so without knowing the potential answers provided on the test question.... my answer is based on your question.... "The buyer wants to make an offer and wants to forego the home inspection..." I would advise my client on the dangers of foregoing the home inspection then submit the offer. Remember, however, the test sometimes wants the BEST answer not necessarily the correct answer so the answer choices could change my answer.... :o) Thank you for asking your question we appreciate it!
Very helpful
Thank you! :o)
Are sub accounts acceptable in real estate
Hi Grace... what do you mean by "sub accounts?"
Can the buyer ask to put the money on an escrow account that have interest and who that interest will get that interest?
2) Can the buyer ask to remove the earnest money after deposited by the broker to put it to another account?
3) How long the broker have the claim the money if the deal doesn't go through?
Hi Louis... Each state has specifics on what exactly or how exactly a broker may handle earnest money. But in most states, a buyer and seller, for example, could agree to have an earnest money put into an interest bearing account instead of a noninterest bearing trust account... #2 and #3 - is state specific. You will need to know this for your state side of the exam....
Hello are trust accounts the same as an escrow account?
They are
Great video. Hi Pal if Commission found broker guilty for Commingling or conversion then broker can loose his license. Can he also face CRIMINAL PENALTIES too? Thanks
That depends on each states specific laws and regulations.
Is the broker responsible for the funds after they transfer them?
Yes, once the funds have been received by the broker, he or she is completely responsible for them and must account for every penny
Is this for property management?
Yes... all trust accounts... keep in mind however, your state may impose additional requirements on the use of trust accounts. This video gives you the basics. In that case, you will need to know the additions for your state's exam
If the contract didn’t provide a broker to hold the earnest money, but they holds the earnest money, and uses their own money to pay the bank fees for opening the account. Does that break any commission rule?
Well it depends on the state in which you live. Every state has their own rules and processes for earnest money. Typically, there is no requirement that the contract say the broker should or shouldn't hold the earnest money. However, the purchase contract should specifically state to whom the earnest money is to go to. For example, an earnest money check that is being written to the brokers trust account that transaction should be reflected in the contract.
@@TheRealEstateClassroom Thank you!
Thank you. I love u
Im 20 i have my exam October 25
Did you pass?
Thank you :o)
If the money is in interest bearing account, interest belongs to whom?
That is determined by each individuals state laws
Please help..... with these 2 questions....
1. A broker has only 1 TRUST ACCOUNT...but he creates sub-accounts to keep track of all the money he accounts for, having checkbooks per account so he can make sure all money in the trust is tracked, he also gives instructions to all the people what to deposit in each sub-account and his bookkeeper is good at note taking.....
question: Is this okay to mix money in 1 account as long as its tracked by bookkeeping and receipt's?
2: This other question also was in my exam: A potential seller comes to the office of the broker, explaining that her mother left a house in a trust for her and other siblings, and she wants to sell the house, she also mentioned that near the house is a construction, and behind the property is a very busy freeway...
one of the options was:
a - get a copy of the seller's ID and explain what to do next
b - She needs to get the signature of each sibling to be able to sell the house
c - create the listing and move forward with the sale
d - advice the seller she does not need to disclose the constructions, as the buyers will see the freeway and this gives constructive notice
e- Create disclosure about noisy freeway and proceed with the sale of the property
TIA