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What are three questions you would ask the real estate agent about your preferred property?

how much do real estate agentsmake

Discover the top three questions you should ask your real estate agent when considering your dream property. Ensure a smooth buying experience by gathering essential information about your preferred property in the US.

When it comes to purchasing a property, whether it's your forever home or an investment opportunity, it's crucial to gather all the necessary information before making a decision. Consulting with a reliable real estate agent is an excellent way to gain insights into your preferred property. In this article, we will explore the three essential questions you should ask your real estate agent to ensure you make an informed choice.

#1 What is the History of the Property?

Knowing the history of the property you're interested in can provide valuable insights into its condition, potential issues, and any previous renovations or repairs. By asking this question, you can gather information about the property's age, past owners, and any significant incidents that may have occurred. Some specific sub-questions you can ask include:

  • How old is the property?
  • Have there been any recent renovations or repairs?
  • Have there been any major incidents or damages in the past?

Understanding the property's history allows you to gauge its long-term viability

A college degree or prior experience in real estate is not required. If you qualify, you'll need to complete two courses, pass the real estate license exam, find a sponsoring real estate broker, and complete the Pennsylvania real estate license application.

How much does it cost to get your real estate license in PA?

Sample Pennsylvania Real Estate License Costs

Prelicensing classes (75 hours)$419-$685 (through The CE Shop)
Exam registration$49
Background check$22
License application$97
Total Costs:$636-$902
Sep 26, 2023

Is the PA real estate exam hard?

Is the Pennsylvania real estate exam hard? A passing score is never guaranteed, and very few students report the exam experience as “easy.” However, with the right amount of hard work and preparation, you can alleviate your nerves and dramatically up your chances of success.

How long is realtor school in PA?

75 hours

To earn your real estate license in Pennsylvania, you must be at least 18 years old, complete 75 hours of approved education, complete a background check, and pass the state and national real estate licensing exams.

How much does a PA realtor make?

As of Oct 26, 2023, the average annual pay for a Real Estate Agent in Pennsylvania is $78,601 a year. Just in case you need a simple salary calculator, that works out to be approximately $37.79 an hour. This is the equivalent of $1,511/week or $6,550/month.

What questions should I ask a real estate agent about investment properties?

10 Questions New Real Estate Investors Need to Ask
  • Who Will Handle Basic Repairs?
  • Do You Have a Real Estate Investment Strategy?
  • What is Your Financial Goal?
  • How Accurate Are the Model Assumptions?
  • Do You Have a Good Team?
  • Should You Seek Finance or Invest Your Own Money?
  • Where is the Property Located?

What questions should I ask in my real estate interview?

General
  • I am interested in Real Estate Sales (or Property Management).
  • Is the company independent, corporate owned or a franchise?
  • What is your market share?
  • How many offices do you have?
  • How many total agents?
  • What kind of management & systems support do you have?
  • How is your office staffed administratively?

Frequently Asked Questions

What do investors look for in a property?

The adage "location, location, location" is still king and continues to be the most important factor for profitability in real estate investing. Proximity to amenities, green space, scenic views, and the neighborhood's status factor prominently into residential property valuations.

What are two questions you should ask before hiring a brokerage firm?

Ask These 20 Questions When Choosing a Real Estate Broker
  • What are your commission splits? ( i.e. does the broker get 40% and you take 60% of the commission earned)
  • Are there any franchise fees?
  • Do you offer a commission cap?
  • Are there any other brokerage-related fees?
  • What other expenses might I be responsible for?

What are the 7 most common interview questions and answers pdf?

How to master these 7 common interview questions
  • Where do you see yourself in five years time?
  • What are your strengths/weaknesses?
  • Why should I hire you?
  • Tell me about yourself/your work experience.
  • Why do you want this job?
  • What are your salary expectations?
  • Why are you the right fit to succeed in this role?

How long does it take to get your real estate license in pa?

Within four months

The amount of time to get your Pennsylvania real estate salesperson license varies due to the number of steps involved. Most complete the requirements within four months. These include completing education, submitting an application for the license, passing the background check, and taking the licensing exam.

How do I put my real estate license on hold in pa?

If you wish to make your license inactive, or if you require a certification of license (letter of good standing) or certificate of license with history, you must visit www.pals.pa.gov and log on to your account to complete the online process.

How much does it cost to maintain a real estate license in pa?

Pennsylvania Real Estate Renewal Cost

StatusReal Estate SalespersonReal Estate Broker
Renewal Cost Online$96$126
Late Penalty Fee (per month after renewal date)$5$5
Total Cost$96 – $396$126 – $426
Aug 23, 2023

How do you interview a potential real estate agent?

10 Questions to Ask a Real Estate Agent
  1. How long have you been a full-time real estate agent in my market?
  2. How many homes do you close each year?
  3. Who will be my primary point of contact?
  4. What qualities or certifications set you apart from other agents?
  5. How will you help me sell and/or buy a home in a competitive market?

What questions should I ask a real estate interviewer?

10 questions to ask when interviewing a real estate agent:
  • What have you sold recently?
  • How long have you been selling real estate and do you have any references from previous clients?
  • Can you show me your licence and registration?
  • How would you sell my house and why?
  • What advertising and marketing do you recommend?

What to say when asked why you want to be a real estate agent?

They should be able to discuss their career goals and how you can help them achieve those goals. Sample Answer: I want to be a real estate agent because I enjoy helping people find the right home. I have a flexible schedule, and I want to advance my career by working with a top-notch agency.

What are good questions to ask a real estate coach?

Background Questions
  • What is your background as a real estate investor?
  • Why did you decide to get into coaching?
  • Are you still actively doing what you're teaching or teaching something you used to do?
  • Can you provide any references or testimonials from your past clients?

How do you interview a realtor for selling?

Be sure to ask potential agents how they will manage the logistics of showings and open houses. Also, get their plan on how they will gather and communicate feedback from potential buyers to the client. Both of these speak to the communication style of your potential agent.

How long does it take for pa real estate license to be approved?

The amount of time to get your Pennsylvania real estate salesperson license varies due to the number of steps involved. Most complete the requirements within four months. These include completing education, submitting an application for the license, passing the background check, and taking the licensing exam.

How long can my real estate license be inactive in pa?

Five years

If your license is currently inactive or expired, you have five years from the date of inactivity or expiration to reactivate your license without taking the licensing examinations. Your completed application for reactivation must be received in our office before your five year deadline.

How do I contact pa licensing System?

Toll Free: 1-833-DOS-BPOA (1-833-367-2762)

How long does it take to be a realtor in PA?

You must successfully complete 75 hours of approved real estate education and be at least 18 years old with a high school diploma or an equivalent.

How much does it cost to get a PA real estate license?

Sample Pennsylvania Real Estate License Costs

Prelicensing classes (75 hours)$419-$685 (through The CE Shop)
Exam registration$49
Background check$22
License application$97
Total Costs:$636-$902
Sep 26, 2023

Is the math hard on real estate exam?

To put it in plain terms, yes, the California Real Estate Exam contains math - but very little. And the level of math involved may not be as extensive or intimidating as you might think. On average, there are only a small number of questions that focus on mathematical problems.

Is a higher cap rate better in commercial real estate?

It's generally better to have a lower cap rate than a higher one. A lower cap rate implies that the property is more valuable and less risky due to type, class, and market. While a higher cap rate offers investors a higher return, that property investment typically has a higher risk profile.

What does 7.5% cap rate mean?

A vacation rental property with a 7.5% cap rate has an annual net operating income that's 7.5% of the home's purchase price. So, for instance, a $250,000 home with an NOI of $18,750 has a 7.5% cap rate.

Is a 6 cap rate good for commercial real estate?

In real estate, a low (less than 5%) cap rate often reflects a lower risk profile, whereas a higher cap rate (greater than 7%) is often considered a riskier investment. Whether an investor deems a cap rate “good” is a direct reflection of whether or not they think the investment's return matches to the perceived risk.

Do buyers want high or low cap rates?

Generally, a high capitalization rate will indicate a higher level of risk, while a lower capitalization rate indicates lower returns but lower risk. That said, many analysts consider a "good" cap rate to be around 5% to 10%, while a 4% cap rate indicates lower risk but a longer timeline to recoup an investment.

FAQ

Is a 7% cap rate good?

Average cap rates range from 4% to 10%. Generally, the higher the cap rate, the higher the risk. A cap rate above 7% may be perceived as a riskier investment, whereas a cap rate below 5% may be seen as a safer bet. If a property has a 10% cap rate, you should expect to recover your investment in about 10 years.

How many years must a broker retain all documentation relating to real estate activity?

A licensed broker must retain for three years copies of all listings, deposit receipts, canceled checks, trust account records, and other documents executed by or obtained by the broker in connection with any transaction for which a license is required.

How long must Pennsylvania brokers retain deposits and other escrow funds?

Section 455.608e - Handling of deposits and other escrows (a) All deposits or other escrows accepted by a broker must be retained by the broker pending: (1) consummation of the transaction involved; (2) termination prior to consummation of the transaction involved where there is either: (i) no dispute as to entitlement

How often do you have to renew pa real estate license?

All real estate licenses expire at the same time – May 31st of each even numbered year.

What are the continuing education requirements for pa real estate commission?

The Pennsylvania Real Estate Commission requires 14 hours of continuing education for salespersons' first, second, and subsequent renewals, as well as for brokers' renewals. When it's time to renew your salesperson or broker real estate license, Kaplan Real Estate Education is the best real estate school to choose.

How long do you have to keep brokerage records?

Your brokerage firm is not required to keep such records indefinitely, so it's smart to hold onto this information yourself for at least three years after you've sold an investment. Copies of your federal and state tax returns going back seven years, along with supporting documentation.

Who typically holds escrow?

It's typically held by the real estate company that's helping the Buyer, but, in the case of new construction, either real estate firm, the builder or a closing attorney may hold the EMD. The amount put down is deducted from the total amount the Buyer needs to bring to the closing, or settlement.

What are the requirements in pa related to broker escrow accounts?

(a) An escrow account shall: (1) Be maintained in a Federally- or State-insured bank or recognized depository. (2) Designate the broker as trustee. (3) Provide for the withdrawal of funds without prior notice.

Who has the power to suspend a real estate license in Pennsylvania?

The Pennsylvania Real Estate Commission

The Pennsylvania Real Estate Commission has the power to suspend or revoke a license depending on the severity of the violation. If your license has been suspended or revoked, you can petition the commission with an appeal. One example of a revocation situation is as follows.

How do I get my real estate license out of escrow in pa?

An escrowed license may be reactivated upon written application and payment of the license renewal fee prescribed in § 7.2 (relating to fees), unless the period of escrow occurred within a biennial interval.

Who holds earnest money in Pennsylvania?

Who Normally Holds the Earnest Money Deposit? You will typically submit your earnest money deposit in the form of a check to your listing agent's broker, such as Keller Williams of Central PA, or to a title company. Additionally, the buyer agent's broker can also hold the earnest money deposit.

What is an ethical violation in real estate?

Real Estate and Ethical Standards

Real estate professionals must abide by ethical standards to avoid discrimination in real estate transactions. For example, a real estate agent that puts the wrong facts on a listing is acting unethically. Intentionally misstating a material fact regarding a property is fraud.

What is an unethical realtor?

Taking liberties with legal documents. Little white lies on legal paperwork can have devastating consequences. One example of unethical Realtor behavior is tweaking contracts to decrease the purchase price by allocating a portion of this price to personal property rather than a home.

What does Article 3 of the Code of Ethics obligate REALTORS to do?

Article 3 of the Code requires REALTORS® to cooperate with other brokers in their client's best interest. REALTORS® are obligated to share information on the property they have listed and to make the property available to other brokers for showing regardless of the cooperating broker's membership status.

Which would be considered the unauthorized practice of law by a real estate agent?

The unauthorized practice of law is performing legal services, creating legal documents, or offering legal advice as a person who is unlicensed, disbarred, or with no bar admission authorizing an individual to be able to do so. A real estate agent, for example, is not allowed to offer legal opinions to clients.

What are 3 major ethical violations?
Fraud or deceptive practices. Subversion. Unprofessional conduct. Scope-of-practice violations.

Which property type has the lowest cap rate?

Factors that affect cap rate

Another factor to consider is property type. Commercial real estate such as retail, office, and industrial properties tend to have lower cap rates than residential properties, like single-family homes, duplexes, and multifamily units.

What are the different types of cap rates in real estate?

Granted, different types of cap rates exist - overall, terminal, equity, mortgage, building, and land - which may cause some confusion among market participants. The overall rate, or OAR, is the cap rate applied to both the land and building and is the most commonly used rate by real estate professionals.

What is considered a good cap rate in real estate?

Market analysts say an ideal cap rate is between five and 10 percent; the exact number will depend on the property type and location. In comparison, a cap rate lower than five percent denotes lesser risk but a more extended period to recover an investment.

What is a low cap rate?

A low cap rate indicates that a property may offer stable, long-term cash flows, while a high cap rate suggests that a property may carry more risk and require additional due diligence.

What are three questions you would ask the real estate agent about your preferred property?

Which property has the lowest investment risk? Here are the best low risk real estate investment types:
  • Long-Term Rental Properties.
  • Short-Term Rental Properties.
  • Buy-and-Hold Real Estate.
  • Multi-Family Homes.
How do you ask a real estate agent to represent you? Write An Email. Email is a great way to reach out because you can include a long introduction describing what you are looking for. Consider including a bulleted list of your “must-haves” and “nice to haves” when it comes to the home buying or selling process.

How do you determine list price?

Determining a good list price is typically based on a variety of important considerations, including your home's location, the final sale price of comparable homes in your area and also the current market conditions. Another consideration that factors into establishing a list price is the condition of your home.

What is the difference between asking price and selling price? The asking price is the amount the home is listed for, while the selling price is how much the property actually sells for. These two numbers could be the same, but in most cases they're different.

Is 6% normal for realtor? Traditionally, real estate agents charge 5 percent to 6 percent of the final sale price, with the seller paying the entire commission. And traditionally, the residential real estate industry has been fine with the fiction that the services of the buyer's agent are "free" to the buyer.

What not to say to your real estate agent?
  • 10: You Won't Settle for a Lower Price. Never tell your agent you won't reduce the sale price on your house.
  • 6: You are Selling the Home Because of a Divorce.
  • 5: You Have to Sell Because of Financial Problems.
  • 2: You're Interested in a Certain Type of Buyer.
  • 1: Anything -- Before You've Signed an Agreement.
How do I make my pa real estate license inactive?

If you wish to make your license inactive, or if you require a certification of license (letter of good standing) or certificate of license with history, you must visit www.pals.pa.gov and log on to your account to complete the online process.

How long do you have to take real estate exam after course in pa?

Once you've completed your education, it's time for your exams. You must have a passing score on the Pennsylvania and national portions of the salesperson licensing examination within three years of the date of your Pennsylvania licensing application.

How long can a real estate license be inactive in DC?

Five years

In Washington D.C., licenses can remain in inactive status for up to five years. During this time, holders are not required to complete the CE requirements in order to renew or pay the renewal fee, though the license will expire after five years without reactivation.

What should I ask for real estate agent interview? General questions for a real estate interview
  • Where do you see yourself in five years?
  • Why do you want to work for this company?
  • Why should we hire you?
  • What did you like most about your last position?
  • What are your top three skills?
  • What skills would you like to learn and why?
How do I prepare for a new real estate agent interview?
  1. Know the Differences Between a Real Estate Agent & Salaried Worker.
  2. Make a Real Estate Business Plan.
  3. Create Your Real Estate Resume.
  4. Research the Real Estate Brokerage.
  5. Determine the Questions You Plan to Ask the Brokerage.
  6. Prepare for Potential Real Estate Interview Questions to Answer.
  7. Dress for Success.
How can I impress my real estate interview? Read below to find out.
  1. Social Media.
  2. Arrive Early to your Real Estate Interview and Be Prepared.
  3. Research the Company before your Real Estate Interview.
  4. Overdress.
  5. Introduce yourself to all company staff you come in contact with.
  6. Grab a Business Card.
  7. Prepare 2 questions to ask during your Real Estate Interview.
How long does it take for PA real estate license to be approved?

The amount of time to get your Pennsylvania real estate salesperson license varies due to the number of steps involved. Most complete the requirements within four months. These include completing education, submitting an application for the license, passing the background check, and taking the licensing exam.

What disqualifies you from getting a real estate license in PA?

This will require you to pay a fee and allow the agency to run a criminal background check on you. Most of these checks will take 10-12 weeks. If you have any felony convictions or misdemeanor convictions within the last five years, you may not be approved for your real estate license.

How do I contact BPOA Pennsylvania?

Toll Free: 1-833-DOS-BPOA (1-833-367-2762)

How much does a pa realtor make?

As of Oct 26, 2023, the average annual pay for a Real Estate Agent in Pennsylvania is $78,601 a year. Just in case you need a simple salary calculator, that works out to be approximately $37.79 an hour. This is the equivalent of $1,511/week or $6,550/month.

How do I get my pa real estate license out of escrow?

An escrowed license may be reactivated upon written application and payment of the license renewal fee prescribed in § 7.2 (relating to fees), unless the period of escrow occurred within a biennial interval.

How long is your pa real estate license good for?

The license expiration date shows on the wall certificate, the wallet card, and can be checked online at www.pals.pa.gov/verify. All real estate licenses expire at the same time – May 31st of each even numbered year.

What states accept pa real estate license? States That Accept a Pennsylvania Real Estate License
  • Alabama.
  • Arkansas.
  • Colorado.
  • Louisiana.
  • Maine.
  • Maryland.
  • Mississippi.
  • Nebraska.
What is a good cap rate on a property?

Market analysts say an ideal cap rate is between five and 10 percent; the exact number will depend on the property type and location. In comparison, a cap rate lower than five percent denotes lesser risk but a more extended period to recover an investment.

  • Is 20% cap rate good?
    • A cap rate of 10% or higher is generally considered good, while a cap rate of 5% or lower is not ideal. Investors can use the cap rate to compare the potential profitability of different rental properties.

  • Is 12% a good cap rate?
    • Cap rates between 4% and 12% are generally considered good, but it's important to remember that other factors, such as potential improvements, should also be considered when evaluating a property. Cap rate does not account for changes in cash flow due to improvements or renovations, and it does not consider leverage.

  • What is the 2% rule for cap rates?
    • The 1% rule states that a property's monthly rent must be at least 1% of its purchase price in order for the owner to break even. The 2% rule states that a property's monthly rent needs to be at least 2% of its purchase price in order for the owner to make a sustainable profit.

  • What questions would you ask a prospective employer?
    • 7 good questions to ask at an interview
      • What does a typical day look like?
      • How could I impress you in the first three months?
      • What opportunities are there for training and progression?
      • Where do you think the company is headed in the next five years?
      • Can you describe the working culture of the organisation?
  • Why is it important to research potential agencies you wish to work with in real estate sales?
    • Why is it important to research potential Agencies you wish to work with in Real Estate sales? It is important to do the research of agencies you may work with in Real Estate because whichever agency you choose will reflect you and your work and also with whom you spend the majority of your time with.

  • What questions to ask before hiring a financial advisor?
    • 10 questions to ask financial advisors
      • Are you a fiduciary?
      • How do you get paid?
      • What are my all-in costs?
      • What are your qualifications?
      • How will our relationship work?
      • What's your investment philosophy?
      • What asset allocation will you use?
      • What investment benchmarks do you use?
  • How does escrow work in Pennsylvania?
    • The Escrow Agreement (Form ESC) is used when money must be placed in escrow in order to proceed with settlement because inspections, repairs, or other requirements will be finalized at a date later than settlement.

  • How long should real estate agents keep records of files for purchase deals that never closed escrow?
    • The DRE requires that transaction files be retained for three years. This retention period begins as of the date of the closing of the transaction, or if there is no closing from the date of the listing.

  • How many years must brokers keep bank statements and records for escrow accounts on file in Florida?
    • Five years

      A broker is required to maintain legible records of all transactions, financial records, etc. for a period of five years.

  • What is a good cap rate for a commercial property?
    • Average cap rates range from 4% to 10%. Generally, the higher the cap rate, the higher the risk. A cap rate above 7% may be perceived as a riskier investment, whereas a cap rate below 5% may be seen as a safer bet.

  • What are current cap rates 2023?
    • Probably the most interesting observation that can be made is the ~94 bps cap rate compression on bank transactions, which registered an average cap rate of 5.97% in Q4 2022 vs. 5.03% in Q1 2023.

  • What is the cap rate compression in 2023?
    • Industrial saw historical cap rate compression in 2021; however, in 2023, the asset type is experiencing cap rate expansion of 100-150 basis points. RCA reported a 5.7% average cap rate for U.S. industrial in August, with older assets in the 6%+ range and new builds averaging the 5%+ range.

  • What is a bad cap rate?
    • In real estate, a low (less than 5%) cap rate often reflects a lower risk profile, whereas a higher cap rate (greater than 7%) is often considered a riskier investment. Whether an investor deems a cap rate “good” is a direct reflection of whether or not they think the investment's return matches to the perceived risk.

  • What are the record retention requirements in pa?
    • Guidelines for Retention of Records

      Type of RecordRetention Period
      Deposit Slips7 years
      Employee Personnel Records7 years (after termination)
      Expense Analyses and Expense Allocation Schedules7 years
      Forms (approved by State insurance regulator)2 years (after claims can no longer be reported under the form)
  • How long must the broker maintain records of all his or her sales transactions?
    • The DRE requires that transaction files be retained for three years. This retention period begins as of the date of the closing of the transaction, or if there is no closing from the date of the listing.

  • What do people want most in a real estate agent?
    • Top Ten Traits of a Real Estate Agent
      1. Knowledge is power.
      2. Build a network of connections.
      3. Understand the local housing market.
      4. Attention to detail.
      5. Engaging personality.
      6. Interest in houses and architecture.
      7. Hustle and tenacity.
      8. Honesty and integrity.
  • What do realtors see as their biggest threat?
    • Top 5 Threats Real Estate Agents Need to Know About
      1. Interests rates and the economy. As interest rates continue to rise, expect to see several changes in commercial and residential real estate markets.
      2. Affordability.
      3. Immigration.
      4. Politics.
      5. Technology.
  • How can I impress an estate agent?
    • What you should do:
      1. Say you've been looking for a while.
      2. Be confident about your choice of neighbourhood.
      3. Don't ask questions you don't need to.
      4. Read the listing first.
      5. If your interest is genuine, show it.
      6. But keep your other offers to yourself.
      7. Try looking at the end of the year.
      8. “What's the neighbourhood like?”
  • What are the three most important things in real estate as an agent?
    • I believe the three most important things when it comes to real estate are "location, timing, and circumstances," and here's why.

  • What is the golden letter in real estate?
    • Golden letters are persuasive letters that real estate agents send to homeowners in an effort to get them to list their home with the agent. In other words, they are a type of marketing material.

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