100 FREE Practice Exam Questions - 10 New Practice Questions Everyday! 🧐 Click the link below which will open in Messenger - m.me/TheRealEstateClassroom?ref=challenge
Hi Dani.... CONGRATULATIONS! Well done! Passing the real estate exam is no joke! No one passes by luck. Only those that put in the time and work to properly study pass. So kudos! I wish you the best of luck in your new venture... If you would mind... please drop me a review on Facebook... facebook.com/TheRealEstateClassroom/reviews/?ref=page_internal - Cheers....
Hello Sir. I'm From India🙏. Working as A LOAN ORIGINATION EXECUTIVE (servicing Underwriting) in a US MORTGAGE COMPANY, One parented here in India. Now we are Re- Brushing Documents. Love to get knowledge on Mortgage. Thanks Sir 😌😎👍🏼❤️
The Earnest Money is the liquidated damages IF the buyer breaches the contract. Liquidated Damages are a specific amount of money, agreed upon by all parties to a contract, to be paid in the event that either party fails to perform its obligations by a scheduled completion date... in this case the buyer fails to close on the property as agreed to. If the property is closed on by the buyer, the the earnest money is applied towards the closing
I just took the national exam and there was a question regarding earnest money. It asked if the contract was canceled due to a contingency, would the money be returned fully or minus expenses? I wasn’t sure if you can deduct expenses or not? Or have to return fully then charge for any expense. And what expenses would be acquired on their end that would qualify to be deducted?
I had a question on the exam about who is allowed to hold escrow accountws? options were banks, salespersons, broker, title companies... can you help me understand.
Congratulations on passing your real estate exam!!!! That test is no joke! The answer is yes a ring can be used. Any item may be used for an earnest deposit as long as it's a legal object. Illegal drugs, for example, could not be used. Remember, the item must be specificly indicated in the contract and all parties to the contract must agree to the ring. Welcome to the real estate industry!!!!!
It is mandatory that brokers put money belonging to other people (earnest money, rents, security deposits, etc.) in a trust account. Remember, a buyer and seller can agree to alternative arrengements. For example, they could agree in writing that an earnest money deposit be deposited into an interest bearing saving account.
What if there’s is a selling broker and a listing broker. If The selling broker receives the earnest money, what is going to happen? Does he have to write a check to the listing broker or he can keep it until the the transaction is consummated.
Hi Serge... yes this is explained in Option #2 & #3 of the this video... the selling broker (buyers broker) would deposit the buyers earnest check/money into their trust acoount. The selling broker would then write a check to the listing broker. The listing broker would deposit the check into their trust account. It would remain in the listing brokers trust account until the transaction is consummated or terminated IF the listing broker is to do the closing. If a 3rd party such as an attorney or escrow company will close the transaction....then the listing broker would write a check to them where they would deposit the check from the listing broker in their trust account.
Trust account questions are part of your state side of the exam. Every state has different process for dealing with these issues. You will need to know your state requirements
It may be that their former spouse returned the ring so they purchaser has nothing better to do :o) OR the seller wants a higher amount for earnest but the purchaser doesn't have the liquid funds. I've honestly never seen anything other than money in my 25+ years but I had a student in class one time indicate he sbumitted a car title with his offer to purchase farm land as earnest...
100 FREE Practice Exam Questions - 10 New Practice Questions Everyday! 🧐 Click the link below which will open in Messenger - m.me/TheRealEstateClassroom?ref=challenge
I passed my exam today and I wanted to thank you for making these super informative and easy to digest videos ❤️
Hi Dani.... CONGRATULATIONS! Well done! Passing the real estate exam is no joke! No one passes by luck. Only those that put in the time and work to properly study pass. So kudos! I wish you the best of luck in your new venture... If you would mind... please drop me a review on Facebook... facebook.com/TheRealEstateClassroom/reviews/?ref=page_internal - Cheers....
Paul, these videos are why I know I'll pass my test.
Thank you!
Hello Sir. I'm From India🙏. Working as A LOAN ORIGINATION EXECUTIVE (servicing Underwriting) in a US MORTGAGE COMPANY, One parented here in India. Now we are Re- Brushing Documents. Love to get knowledge on Mortgage.
Thanks Sir 😌😎👍🏼❤️
Hey Paul
Thanks for sharing these amazing videos😊One quick question, what is the difference between earnest money and liquidated damages?
The Earnest Money is the liquidated damages IF the buyer breaches the contract. Liquidated Damages are a specific amount of money, agreed upon by all parties to a contract, to be paid in the event that either party fails to perform its obligations by a scheduled completion date... in this case the buyer fails to close on the property as agreed to. If the property is closed on by the buyer, the the earnest money is applied towards the closing
I just took the national exam and there was a question regarding earnest money. It asked if the contract was canceled due to a contingency, would the money be returned fully or minus expenses? I wasn’t sure if you can deduct expenses or not? Or have to return fully then charge for any expense. And what expenses would be acquired on their end that would qualify to be deducted?
I had a question on the exam about who is allowed to hold escrow accountws? options were banks, salespersons, broker, title companies... can you help me understand.
Hi Maggie... that is specific to your state law. Every state has different requirements :o) Keep studying !!!!!
I passed my exam first try but I got stuck on a question about whether someone could use an appraised ring as earnest money. And I wasn’t so sure!
Congratulations on passing your real estate exam!!!! That test is no joke! The answer is yes a ring can be used. Any item may be used for an earnest deposit as long as it's a legal object. Illegal drugs, for example, could not be used. Remember, the item must be specificly indicated in the contract and all parties to the contract must agree to the ring. Welcome to the real estate industry!!!!!
Would you know about how long it take for the commission to get through the pending submitted applications? I’m so excited to get to work!
@@brittanyhazelwood4032 oh wow if I knew the answer to that I'd be rich!
Hi Pal Is Trust account mandatory to keep client money ? Or can broker use regular bank account if he is sole proprietor?thanks
It is mandatory that brokers put money belonging to other people (earnest money, rents, security deposits, etc.) in a trust account. Remember, a buyer and seller can agree to alternative arrengements. For example, they could agree in writing that an earnest money deposit be deposited into an interest bearing saving account.
What if there’s is a selling broker and a listing broker. If The selling broker receives the earnest money, what is going to happen? Does he have to write a check to the listing broker or he can keep it until the the transaction is consummated.
Hi Serge... yes this is explained in Option #2 & #3 of the this video... the selling broker (buyers broker) would deposit the buyers earnest check/money into their trust acoount. The selling broker would then write a check to the listing broker. The listing broker would deposit the check into their trust account. It would remain in the listing brokers trust account until the transaction is consummated or terminated IF the listing broker is to do the closing. If a 3rd party such as an attorney or escrow company will close the transaction....then the listing broker would write a check to them where they would deposit the check from the listing broker in their trust account.
I had one question on test . What if you had 2 escrow accounts and one was negative 1000 how do you make up that money
Trust account questions are part of your state side of the exam. Every state has different process for dealing with these issues. You will need to know your state requirements
Why would anyone offer a diamond ring as an earnest deposit?
It may be that their former spouse returned the ring so they purchaser has nothing better to do :o) OR the seller wants a higher amount for earnest but the purchaser doesn't have the liquid funds. I've honestly never seen anything other than money in my 25+ years but I had a student in class one time indicate he sbumitted a car title with his offer to purchase farm land as earnest...
It can’t be a pound of cocaine 😂😂😂🤣
That's considered illegal consideration ;o)
What about a gun?
In reality, earnest deposits are worthless.... at least in the residential sales side of things.
There is some truth to what you say....