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Can I buy my own house with my real state license and save the 3 percent commission to my self?
Wiki User
∙ 10y ago
Yes, you certainly can do that. Commission rates are negotiable and you don't have to take or accept it.
Wiki User
∙ 10y ago
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How much is real estate brokers commission?
Commission rates are not fixed and are negotiable but generally range from 5% to 7% of the sales price. The commission is usually split between the buyer's agent and the listing agent, unless only one agent is involved. Real estate commissions and transactions vary from state to state, broker to broker and even locations within states can be different. Obtain the information in the local market to be precise.
How is finance commission related with planning commission?
The Finance Commission of India came into existence in 1951. The Finance commission is established under article 280 of the Indian Constitution of India by the President of India. The Indian Finance Commission Act was passed to give a structured format to the Finance Commission of India as per the world standard. The need for the Finance Commission was felt by the British for guiding the finance of India. The structure of the modern Act was laid in the early 1920's. The Finance Commission is formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 tells about the qualification, appointment, term, eligibility, disqualification, powers etc of the Finance Commission.Functions Of The Finance CommissionThe Finance Commission's duty is to recommend to the President as to-The distribution of net proceeds of taxes between the Union and the States.To evaluate the increase in the Consolidated Fund of a state to affix the resources of the Panchayat in the state.To evaluate the increase in the Consolidated Fund of a state to affix the resources of the Municipalities in the state.Implementation Of The Recommendation Of Finance CommissionThe recommendation of the Finance Commission are implementedBy an order of the President or by executive orders.Powers of the Commission:The Finance Commission has the following powers:The Commission shall have all the powers of the Civil Court as per the Code of Civil Procedure, 1908.It can call any witness, or can ask for the production of any public record or document from any court or office.It can ask any person to give information or document on matters as it may feel to be useful or relevant.It can function as a civil court in discharging its duties.Qualifications for appointment and the manner of selection:The Chairman of the Finance Commission is selected among persons who have had the experience of public affairs, and four other members are selected among persons whoAre, or have been, or are qualified as judges of High Court, orHave knowledge of finance, orHave vast experience in financial matters and are in administration, orHave knowledge of economicsTerm of Office of the members:Every member of the commission shall be in the office as specified by the President. He can also be reappointed, provided that he has already addressed a letter to the President for his resignation.Conditions of service and salaries and allowance of members:Each member should provide whole time or part time service to the Commission as the President with respect to each case might specify.Each member shall receive salaries according to the provisions made by the central government.Disqualification:A member may be disqualified if:He is of unsound mind.He is involved in a vile act.If his interests are likely to affect the smooth functioning of the Commission.The Finance Commission is a constitutional body while the Planning Commission is not statutory and merely an advisory body.The Planning Commission is an institution in the Government of India, which formulates India's Five-Year Plans, among other functions.While some of their functions overlap, by and large the Finance Commission focuses on non-plan revenues (administrative costs of government etc) and expenditure while the Planning Commission focuses on plan expenditure (social schemes and infrastructure)
How much money does a real estate agent get from a commission?
The commission may vary from state to state, but the standard amount is six percent. But the commission may be divided three ways, depending on who listed, showed, and sold the property, and who owns the real estate agency. The commission is paid by the seller of the property, not the buyer.A real estate broker is a real estate agent who has additional licensure and is usually the owner of the real estate agency. The broker employs real estate agents (sellers) to list, show, and sell property for the agency, but they work on commission, not salary. When a person decides to sell their property through a real estate agent, they will contact a real estate agency to list the property. The agent who lists the property is the listing agent, but other real estate agents, including the broker, can show and sell the property to prospective buyers, too.The agent who shows the property to the one who purchases it (the agent who 'closes the deal') is the selling agent.This can even be a real estate agent who works for another agency (broker), since it's rather common for one agency to list a property and another one to show and sell it.So, say John Brown wants to sell his house and contacts ABC Real Estate Agency. He speaks to the agent who was listed on the 'For Sale' sign and, after the agent meets the seller and examines the property, they decide on a price for the house, fill out all the paperwork, and it's now on the market. That agent is the listing agent.Then Simon Smith drives by the house, sees it, likes it, and wants to look at it. So he calls the agency who has it listed (ABC Real Estate Agency). But the listing agent isn't available, so another agent shows Simon Smith the house. Simon Smith loves the house, agrees on the price, and buys it. The second agent is the selling agent. In this case, the total commission of 6% on $250,000 is $15,000, and will be divided three ways. The broker will get 2% of the commission, which is $5,000. The listing agent will also get $5,000 at 2%, and the selling agent will get $5,000 at 2%, as well.But if the listing agent had been the one to also show and sell it, they would have received $10,000 commission, and the broker would have received $5,000. And if the broker had listed, shown and sold the house, he would have received the entire 6% commission of $15,000.
How many homes can you buy in the state of Florida without a real estate license?
You don't have to have a real estate license to buyhomes, you have to have one to sell them if you are selling them for someone else (not homes you own).
What are the minimum requirements for starting a business?
Money, office space, proper business licensing, naming the business and filing that with the Corporate commission of your state.
Where does one apply for dealer license?
== == Contact your state tax commission or secretary of state to get a dealer license
How do you get a wrestling license from the Kentucky State Athletic commission from Canada?
apply from their website..
Where can you get an amateur boxing license in Berkeley California?
the California state athlethic commission
What license do you need to sell candy out of your house in New York State?
A sellers license
How do you obtain an insurance license?
You take your state test and pass. Call the state Insurance Commission to find out test dates, places, and to get forms.
With 4 dui's on record can a person still get their landscaping contractors license?
Not usually, check with your state's licensing commission.
Where did Washington resign his military commission?
George Washington resigned his military commission in Annapolis, Maryland, at the Maryland State House. This happened on December 23, 1783.
How do you find out if a person has a real estate license?
In the US in most states, you can ask for a license number and cross reference it with the state real estate commisssion. Licensees may also be listed by number in the state real estate commission's website.
If I have a real estate license from one state and relocate to another state do I need to take the real estate course again or can I transfer the existing license?
Some States have reciprocal agreements and some do not. You have to check the Real Estate Commission rules in the state you are relocating to.
Can a real estate broker give a percentage of his commission at closing to a non real estate license?
The answer to this depends on the state in which you live. Often times a broker will give a small percentage of commissions to an assistant for duties performed and that is fine. But in some states a license is required to received an money associated with a commission.
How do you get license to set up food industry?
This differs for each county and state. Check with the business license office at your county court house.
When did Mississippi State Sovereignty Commission end?
Mississippi State Sovereignty Commission ended in 1977.
