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Land is the most difficult type of real estate to sell and is the most time consuming for the listing agent. It involves zoning issues, project approval and many times up to one years worth of contingencies before closing the transaction. As such the listing period is usually one year, twice as long as the listing period for an established investment property. As it takes twice as much work and twice as long it would make sense for the commission to be twice as much, 12 percent. However the established commission for a land listing is 10 percent. The higher commission amount serves to also attract agents that don't typically work land listings to show them to clients, hoping to find the right developer. These days with building costs increasing and the real estate market slowing the agent will earn every penny if he finds a buyer to close on the land. Remember, the agent only gets paid if the transaction closes. Meaning the agent could not get paid anything for a years worth of work and loose their own money invested into marketing and paying a staff to work the listing.
What else can I help you with?
What is the definition of deeded land?
Deeded land refers to real property that is owned outright by an individual or entity, with legal ownership evidenced by a deed or title. This means that the owner has full control and rights over the land, which can include selling, leasing, or transferring ownership.
What were sharecroppers paid with?
Sharecroppers were typically paid with a portion of the crop they harvested from the land they worked on. This system allowed landowners to provide housing, tools, and supplies in exchange for a share of the resulting harvest. Often, sharecroppers received a small portion of the profits, with the remainder going to the landowner as rent.
Does non-profit pay the directors?
Non profits do not, generally, pay the Board of Directors which are volunteer positions. There are certain cases, such as private foundation, in which Board members may be paid. Executive Directors, as staff, are paid positions.
How do you receive land given to you in a will?
You receive title through the will. There is no conveyance, as title vests in the receiving heir(s) immediately upon decedent's death, subject to legal contingencies or conditions that may require disposal of the property to someone else during probate. Once the estate is settled, the contingent title becomes clear title. The lawyer handing the Estate (Will) should contact you. It can take up to a year or more for a Will to go through Probate (meaning: all challenges are defended, creditors are paid, all personal income tax is paid and all property taxes are paid off, and all priority gifts have been made.) If in doubt, try finding out who the lawyer is and contact him/her.
What were freed slaves called when they worked on farms owned by other people and then they rented land and paid for it with the crops that they grew?
The freed slaves who worked on farms owned by other people and then rented land to pay for it with the crops they grew were known as sharecroppers. This system allowed them to work the land in exchange for a share of the crops produced, but often left them in a cycle of debt and dependency.
What is price paid to a broker for services?
commission
A real estate broker sold your house for 189 000 The broker's commission was 4.5 of the selling price How much would you get for the house after the commission is paid?
To calculate the broker's commission, multiply the selling price of the house ($189,000) by 4.5%, which equals $8,505. Subtracting this commission from the selling price, you would receive $180,495 after the commission is paid.
Does the buyer have to pay real estate commission to the broker?
Officially the seller pays the broker commission. However, ultimately it is paid by the buyer, since the commission is related to the selling price.
A real estate broker sold your house for 7 000 The broker's commission was 6 of the selling price How much would you get for the house after the commission is paid?
To calculate how much you would get after the broker's commission, first find the commission amount by multiplying the selling price ($7,000) by the commission rate (6%). This gives a commission of $420. Subtracting this from the selling price, you would receive $6,580 after the commission is paid.
A real estate broker sold your house for 189000 The broker's commission was 4.5 percent of the selling price How much would you get for the house after the commission is paid?
$180,495
What is the Standard lease commission paid by landlord for commercial space?
Generally, one month commission to be paid by the tenant. This answer may be correct for residential, but it's vastly incorrect for commercial. Commercial commissions paid to the Broker are generally paid monthly for the life of the lease, generally on a sliding scale. I'm a landlord, not a Broker and not an expert, a Commercial Broker or legal expert needs to answer this properly.
A real estate broker sold your house for 72000 The broker's commission was 6 percent of the selling price How much would you get for the house after the commission is paid?
$72,000x6% = $4320 (commission)$ 72,000-4320= $67,680. You would get $67,680 from the sale of your house after paying the commission.
What is the nature of an insurance broker?
Insurance broker procures life business under his allotted agency code and is paid commission by the insurance company on such business.
What is difference between a fee and commission?
A commission is compensation received by a broker or insurance agent paid by the insurance company and is a percentage of the insurance premium, or a percentage of a portion of the insurance premium. A fee, on the other hand, is a fixed dollar amount (not a set percent of the premium) and can be paid either by the party buying the insurance or by the insurance carrier. Often, clients with large premiums, or complex risks negotiate with their broker to provide services, including the placement of insurance for a flat fee. The insurance is than placed "net of" or without commission. Many people feel that this is a more transparent method of broker compensation and eliminates broker bias to higher premiums or carriers which pay a higher commission. In certain circumstances, both a fee and a commission are charged. This usually occurs when the broker is providing services which are not property compensated by the commission in the policy. When a fee is charged in addition to a commission, it should be disclosed who the fee is being paid to, and for what service.
Does a real estate agent get the full commission that is itemized on the HUD settlement statement?
No. The HUD lists the total amount of commission paid to the listing broker and selling broker if they are different companies. The agent then has to split his commission with his office, sometimes the split is as high as 50/50.
A real estate broker sold your house for 72000 the brokers commission was 6 percent of the selling price how much would you get for the house after the commission is paid?
67680
What would be the total cost of stock if you bought 657.25 worth of stock and paid your broker 10 percent commission?
722.98
