FRECI_14-1 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 14 – Lecture 1 Real Estate Computations and Closing of Transactions Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Discuss the process of a typical transaction from acceptance to closing Calculate different commissions Calculate profits and losses Copyright, 2005 3 Vocabulary Terms Pre-closing inspection Profit Copyright, 2005 4 A Typical Transaction Timeline F Acceptance Addt’l deposit “Contract pending” Notify MLS Title closing Deed conveys Broker paid!! Sold sign Final walk- through Loan application Loan processing Appraisal Inspections Title search Loan approval Repairs Survey Order insurance Pre-closing inspection Copyright, 2005 5 Percents and Decimals 100% = 1 10% = .1 1% = .01 To convert a decimal to a percent… .295 To convert a percent to a decimal… .23% = 29.5%
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_14-1 - Lecture Preview Florida Real Estate Commission...

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