I’m not sure I’m understanding assignment. Brokers can’t assign listing contracts (for compensation if I’m understanding correctly) What would the process be if you were selling a Brokerage, or if the Broker dies? The video mentions that efforts would be termed as “good faith”. I’m not sure I understand what he means by this, would you need to sign new listing contracts with the new Broker? Thanks!
I’m not really understanding your question. You’ll need to elaborate a bit more.
From what I can infer, your basic question about transferring listing contracts if the broker dies or the brokerage sells, is essentially that the listing agreement becomes void. In both events, the client would have to sign a new listing agreement with the replacing broker.
Yup, that was my question. Thanks! Sorry about the convoluted post, I accidentally pressed enter… twice… and couldn’t edit again it in order to clean it up… the rest was just me formulating my understanding of ‘assignment’, which really doesn’t apply here. The video briefly mentions if you were to sell the brokerage than it would be considered “good faith” which I assume is a portion of a different contract that would be used in the case of selling a brokerage. I wasn’t sure if that meant you’d still need to sign new contracts or if they would just transfer to the new broker under this “good faith” clause
Not sure what I’m missing here on these two Math questions
# 7 – it says the SEMI-annual rate is $3524 and they want the annual rate on a 52200$ mortgage. Wouldn’t that be 3524*5=7048 then you do 52200/7048= 7.4% (answer c) its telling me the correct answer is d. 13.5% ( even the semi annual percent is 14.8) What am I missing here…?
#10 – $50,000*.095= a payment of $4750 per month= 158.33 per day, wouldn’t that be the interest paid on closing? Maybe I’m misunderstanding something that happens on closing. Thanks!
Can someone please help me understand how to do proration questions 2?
2. The buyer made an offer of $119,000 for the property with a down payment of $18,500 and they plan to assume the seller’s loan with its balance of $101,400. The interest rate on the loan is 9.5%. The settlement date is July 13.
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