The Things I'll Do for Free!
Is the real estate market up or down? There is no simple answer, in fact, the answer is always "it depends". One thing is certain though, good or bad, it is turbulent.
A house is the largest asset that most families will ever own. Hence it has an enormous impact on one's net worth. For those who don't know, net worth is the number that indicates if push came to shove, how much money one could come up with regardless of the time it would take to actually get it--to liquidate it.
Having some idea what your house is worth is important for managing your expectations for an array of decisions and pitfalls that we call simply "the game of life". The value of your house comes into play when you are looking at affording a new house (obviously), considering a reverse mortgage to pay for long term care, how much you will yield from downsizing, and determining a potential capital gain*.
How do you estimate the value of your home?
The only person who can tell you the exact value of your home is a professional home appraiser. They're not free.
There is good news though. YOU can estimate the value of your house by learning about comparable sales in your neighborhood. Not only that, you can have some inkling of where the market is going. That being said, keeping up on these things is arduous to say the least, but that's where I do the heavy lifting.
It is my job to do it for you. Making calls is a large part of my job and how I get business. Referrals and memorability are my two greatest assets. In exchange, if you let me, I will give you a call every 2-4 months (your choice) and let you know about sales in the area. Just 8 minutes 3-6 times a year.
If you're interested, send me an e-mail at DonalddotPrevieatNemoves.com
*People can realize a tax free capital gain of $250,000 ($500,000 if you're married) on the sale of their home.
Thursday, January 30, 2014
Friday, January 3, 2014
The Rhode Island Real Estate Salesperson Exam
Airport Security has Nothing on the Pearson VUE Testing Facility
Once upon a time we talked about how to get the ball rolling if you want to become a realtor. Now lets talk about the Rhode Island Real Estate Exam briefly. Bear in mind that I have been sworn (several times) to secrecy and I can't even allude to any questions that might or might not have been on the test. To do so would be punishable by a fine, imprisonment and flogging. I would rather give some study tips and recount my experience.
Study Tips
1.) Read the book!- This one seems obvious, but it is a common mistake (one which I made and regretted later). I graduated Summa Cum Laude for my Bachelors and let me say that this class is not college. There is a ton of material, and the instructor can't stop and dote on a particular topic. Believe it or not, somewhere near the 2 hour mark of the class you might start to daydream.
2.)Answer the practice Questions-There are over 500 practice questions in the book pertaining to any particular real estate salesperson fetish. Yes, even math.
3.)Read the law book out loud-There were many people in my class that said they could only read 2-5 pages at a time, of the 200 that there were. Divide that, and you get a minimum of 40 sessions to get through the whole thing. The human brain thinks much faster than the mouth speaks. Preach the words of the book to yourself and the windy sentences suddenly become clear.
4.)Study definitions-If it's one thing I notices about this material, it is that it is loaded with terms. There is very little discussion of how the terms interact when it comes to the test. WWW.Flashcardmachine.com is a great study tool and it is totally free. Try it out.
5.)Sleep!- I have taken a lot of tests. Ever notice how even the most remedial of tasks is harder on the days you only get 2 hours of sleep? Yeah, testing is like that too.
My Experience
So here's a 400+ page textbook and a 200+ pamphlet of raw laws to study that you paid $285 and every monday and wednesday for two months to obtain. Use them to take a relatively small test of 135 questions that can be randomly plucked from anywhere within the aforementioned documents. Oh and you pay for this experience, $75.
If none of the above unnerves you, don't worry, they will make sure the anxiety hits you at the door. First you are required to bring 2 forms of ID, both must be signature bearing and one must have a photo. They will be taken. Then you are handed a list of 15 or so rules, to pore over while you wait for your number to be called. This did not happen to me, but apparently at some of these testing facilities you are required to be finger printed not only upon entering the testing room, but also upon leaving for comparison and a third time upon re-entry. I can only muse about the manner of cheating that brought this rule about.
Next you must leave all of your possessions in a locker. "Empty your pockets," I was ordered. "Now show me the liners." I obediently pulled out my inner pockets. "Roll up your sleeves to the elbows."
There's another one to think about. How much could I write on my forearms.
When I asked for my calculator back,, I was granted a look as if I had drawn a gun from my pocket and asked "Could I bring this in with me?" I felt as if they took my imaginary gun, shoved it into my gut and emptied the clip.
All I could think about were the weeks I had spent studying and I honestly couldn't remember any of it. They also give you 4 hours to complete the test, which just brings up the question of what on earth could take you so long. I sat at the computer, carefully marking questions that I wasn't 100% sure on and keeping a close eye on how many were marked vs. how many were answered. This is less a test taking technique and more a way to simply watch yourself die. In just under a grueling two hours, i left the room.
The desk attendant told me to sit and wait for her to print the results. She called me back up in a minute and handed me a colorful sheet with all sorts of words on it. My brain tried to make sense of it all when she told me that I had passed.
Once upon a time we talked about how to get the ball rolling if you want to become a realtor. Now lets talk about the Rhode Island Real Estate Exam briefly. Bear in mind that I have been sworn (several times) to secrecy and I can't even allude to any questions that might or might not have been on the test. To do so would be punishable by a fine, imprisonment and flogging. I would rather give some study tips and recount my experience.
Study Tips
1.) Read the book!- This one seems obvious, but it is a common mistake (one which I made and regretted later). I graduated Summa Cum Laude for my Bachelors and let me say that this class is not college. There is a ton of material, and the instructor can't stop and dote on a particular topic. Believe it or not, somewhere near the 2 hour mark of the class you might start to daydream.
2.)Answer the practice Questions-There are over 500 practice questions in the book pertaining to any particular real estate salesperson fetish. Yes, even math.
3.)Read the law book out loud-There were many people in my class that said they could only read 2-5 pages at a time, of the 200 that there were. Divide that, and you get a minimum of 40 sessions to get through the whole thing. The human brain thinks much faster than the mouth speaks. Preach the words of the book to yourself and the windy sentences suddenly become clear.
4.)Study definitions-If it's one thing I notices about this material, it is that it is loaded with terms. There is very little discussion of how the terms interact when it comes to the test. WWW.Flashcardmachine.com is a great study tool and it is totally free. Try it out.
5.)Sleep!- I have taken a lot of tests. Ever notice how even the most remedial of tasks is harder on the days you only get 2 hours of sleep? Yeah, testing is like that too.
My Experience
So here's a 400+ page textbook and a 200+ pamphlet of raw laws to study that you paid $285 and every monday and wednesday for two months to obtain. Use them to take a relatively small test of 135 questions that can be randomly plucked from anywhere within the aforementioned documents. Oh and you pay for this experience, $75.
If none of the above unnerves you, don't worry, they will make sure the anxiety hits you at the door. First you are required to bring 2 forms of ID, both must be signature bearing and one must have a photo. They will be taken. Then you are handed a list of 15 or so rules, to pore over while you wait for your number to be called. This did not happen to me, but apparently at some of these testing facilities you are required to be finger printed not only upon entering the testing room, but also upon leaving for comparison and a third time upon re-entry. I can only muse about the manner of cheating that brought this rule about.
Next you must leave all of your possessions in a locker. "Empty your pockets," I was ordered. "Now show me the liners." I obediently pulled out my inner pockets. "Roll up your sleeves to the elbows."
There's another one to think about. How much could I write on my forearms.
When I asked for my calculator back,, I was granted a look as if I had drawn a gun from my pocket and asked "Could I bring this in with me?" I felt as if they took my imaginary gun, shoved it into my gut and emptied the clip.
All I could think about were the weeks I had spent studying and I honestly couldn't remember any of it. They also give you 4 hours to complete the test, which just brings up the question of what on earth could take you so long. I sat at the computer, carefully marking questions that I wasn't 100% sure on and keeping a close eye on how many were marked vs. how many were answered. This is less a test taking technique and more a way to simply watch yourself die. In just under a grueling two hours, i left the room.
The desk attendant told me to sit and wait for her to print the results. She called me back up in a minute and handed me a colorful sheet with all sorts of words on it. My brain tried to make sense of it all when she told me that I had passed.
Thursday, November 21, 2013
How To Become A Realtor
A Quick Guide to Becoming a Realtor in the New England States.
Do I need a license?
Yes is the quick answer. Without a license, at the very most a person may be allowed to conduct remedial office work in the industry. One such individual can't even answer questions about a particular property without causing major liabilities to their co-workers and employers.
Great. Where do I get a Real Estate License?
From the state. Licensure laws vary from state to state and generally require class time and at least a couple of exams to obtain a license. Each state has its own schools, its own rules, and its own license. If you have a license in New Hampshire, you can't use it to work in another state unless otherwise dictated by law. You must obtain a license for EACH state in which you want to work. Here is all the info you need to start pursuing a Real Estate License in each of the New England States:
How to become a realtor in Connecticut:
-Must be 18 years old
-Complete 60 hours of state approved class time.
Application fee: $80
Licensing fee: $285-293
List of real estate license schools: https://www.elicense.ct.gov/Lookup/LicenseLookup.aspx*
*Click the drop down menu next to License Number, scroll all the way down past the numbers
select RPL and click search.
How to become a realtor in Maine:
-Must be 18 years old
-Must have a highschool education or GED
-Must have 3 notorized references from persons attesting to the truthful character of the applicant.
-A written statement from an employing broker.
-Have a criminal background check conducted for $21.
Application fee: $100
List of real estate schools: http://www.maine.gov/pfr/professionallicensing/professions/real_estate/pdf/RecPreLic.pdf
How to become a realtor in Massachussetts:
-Must be 18 years old
-Have completed 24 hours of state approved class time*
Licensing fee $103 every 2 years + $57 fee if you re-register late.
List of real estate schools:
How to become a realtor in New Hampshire:
-Must be 18 years old
-Complete 40 hours of state approved class time.
Exam registration fee: $115
Licensing fee: $80 for 2 years
List of real estate license schools: http://www.nh.gov/nhrec/exam4.html
How to become a realtor in Rhode Island:
-Must be 18 years old
-Complete 45 hours of state approved class time.
-Complete a 3 hour lead course
Exam registration fee: $70
Licensing fee: $130 for 2 years
List of real estate license schools: http://www.dbr.state.ri.us/pdf_forms/RE-Licensed%20Real%20Estate%20Schools.pdf
How to become a realtor in Vermont:
-Must be 18 years old
-Complete 40 hours of state approved class time.
-Applicants must be sponsored by a broker and be affiliated with a broker's office.
License fee: $50
http://vtprofessionals.org/opr1/real_estate/education/Approved%20Education%20Providers.pdf
Hold on...You should know there are two different types of Realtors' Licenses.
There are literally only two types of licensees in this whole industry: Real Estate Salespeople and Real Estate Brokers. The only differences between two indivuals holding the same license are the capacities they work in. Bear in mind that there are only certain things a Real Estate Salesperson can do and the qualifications for becoming a broker usually include being an active salesperson for a certain period of time AND additional classes.
What can a Broker do that a Salesperson can't?
First of all, a salesperson is lawfully entitled to conduct NOTHING without a broker. Even though the license is called a salesperson license, the broker is technically the one transacting the sale. Salespeople work on behalf of the broker, usually as private contractors. So, the broker's license allows a person to buy, sell, manage, or exchange property on behalf of a third party. Salespeople can do all of these things too, but again, only if they work for a licensed broker.
As you can see above, states have many different requirements for getting one's foot into the real estate business. There is also financial risk involved, only beginning with courses in tests. The only advice I can offer is this. Become a salesperson before you become a broker. No matter what job you want to have in real estate, whether it is development, investing, property management or otherwise, everyone starts out selling. So if after clicking the link for your state above you are still thinking about a career in real estate, pick up the phone and get the ball rolling. Time is your most precious resource.
Don-out.
Do I need a license?
Yes is the quick answer. Without a license, at the very most a person may be allowed to conduct remedial office work in the industry. One such individual can't even answer questions about a particular property without causing major liabilities to their co-workers and employers.
Great. Where do I get a Real Estate License?
From the state. Licensure laws vary from state to state and generally require class time and at least a couple of exams to obtain a license. Each state has its own schools, its own rules, and its own license. If you have a license in New Hampshire, you can't use it to work in another state unless otherwise dictated by law. You must obtain a license for EACH state in which you want to work. Here is all the info you need to start pursuing a Real Estate License in each of the New England States:
How to become a realtor in Connecticut:
-Must be 18 years old
-Complete 60 hours of state approved class time.
Application fee: $80
Licensing fee: $285-293
List of real estate license schools: https://www.elicense.ct.gov/Lookup/LicenseLookup.aspx*
*Click the drop down menu next to License Number, scroll all the way down past the numbers
select RPL and click search.
How to become a realtor in Maine:
-Must be 18 years old
-Must have a highschool education or GED
-Must have 3 notorized references from persons attesting to the truthful character of the applicant.
-A written statement from an employing broker.
-Have a criminal background check conducted for $21.
Application fee: $100
List of real estate schools: http://www.maine.gov/pfr/professionallicensing/professions/real_estate/pdf/RecPreLic.pdf
How to become a realtor in Massachussetts:
-Must be 18 years old
-Have completed 24 hours of state approved class time*
Licensing fee $103 every 2 years + $57 fee if you re-register late.
List of real estate schools:
How to become a realtor in New Hampshire:
-Must be 18 years old
-Complete 40 hours of state approved class time.
Exam registration fee: $115
Licensing fee: $80 for 2 years
List of real estate license schools: http://www.nh.gov/nhrec/exam4.html
How to become a realtor in Rhode Island:
-Must be 18 years old
-Complete 45 hours of state approved class time.
-Complete a 3 hour lead course
Exam registration fee: $70
Licensing fee: $130 for 2 years
List of real estate license schools: http://www.dbr.state.ri.us/pdf_forms/RE-Licensed%20Real%20Estate%20Schools.pdf
How to become a realtor in Vermont:
-Must be 18 years old
-Complete 40 hours of state approved class time.
-Applicants must be sponsored by a broker and be affiliated with a broker's office.
License fee: $50
http://vtprofessionals.org/opr1/real_estate/education/Approved%20Education%20Providers.pdf
Hold on...You should know there are two different types of Realtors' Licenses.
There are literally only two types of licensees in this whole industry: Real Estate Salespeople and Real Estate Brokers. The only differences between two indivuals holding the same license are the capacities they work in. Bear in mind that there are only certain things a Real Estate Salesperson can do and the qualifications for becoming a broker usually include being an active salesperson for a certain period of time AND additional classes.
What can a Broker do that a Salesperson can't?
First of all, a salesperson is lawfully entitled to conduct NOTHING without a broker. Even though the license is called a salesperson license, the broker is technically the one transacting the sale. Salespeople work on behalf of the broker, usually as private contractors. So, the broker's license allows a person to buy, sell, manage, or exchange property on behalf of a third party. Salespeople can do all of these things too, but again, only if they work for a licensed broker.
As you can see above, states have many different requirements for getting one's foot into the real estate business. There is also financial risk involved, only beginning with courses in tests. The only advice I can offer is this. Become a salesperson before you become a broker. No matter what job you want to have in real estate, whether it is development, investing, property management or otherwise, everyone starts out selling. So if after clicking the link for your state above you are still thinking about a career in real estate, pick up the phone and get the ball rolling. Time is your most precious resource.
Don-out.
Subscribe to:
Posts (Atom)