Industry News

Flipper aces real estate exam

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

After four weeks of real estate class, graduation! On Thursday I passed the state exam, which means I now have a New Jersey salesperson's license. And, Gentle Reader, I can't resist giving you the benefit of my whole four weeks of experience. If you're getting your license anywhere, read on: LEARN HALF THE MATH. The math-phobic in our class have spent an inordinate amount of time worrying about the eight or so word problems they're going to face – only about 10 percent of the test! I'd say let the complicated ones go and concentrate on two kinds of problems. First, square footage – because if you can't figure square footage you really shouldn't be selling – and it only takes a simple little geometry brush-up to work it out. Secondly, be able to do a backwards commission problem of the form "if an owner nets $420,000, closing costs are $500 and the agent's commission is 5 percent, what did the house originally list for?" HIT YOUR GLOSSARY. You'll feel ...