Some Details That You Need to Know While Appearing for a Real Estate Exam

If you want to become real estate agent in Louisiana state, then it is necessary to pass the exam related to real estate. There is a requirement for clearing this exam for every state in the country. Only after successfully clearing the test you will be eligible for to get the license. Therefore, you need to read plenty of reading material concerning the state and for entering into this exciting career you must have enough knowledge too.

Following are few things that you must know and understand which you will also find in the Louisiana real estate exam prep site.

Listing agreements for real estate agents

When you are preparing for the real estate agent license exam you must be aware about few lists of agreements between the property seller and real estate agent in order to establish working relationship. Also, there are similar agreement between buyer and the real estate agent too. Following are 4 types of such agreements

  • Exclusive right to sell listing

Under this agreement, whether the property is sold by the agent or the seller himself, the agent will be paid his commission.

  • Exclusive agency listing

Under this agreement this agreement, the agent will get commission only if he is able to sell the property. If owner can find customer on his own effort then agent do not get any commission.

  • Open listing

With this agreement the seller can appoint as many brokers he likes however, if he can sell the property of his own then he need not pay to any of the broker.

  • Net listing

In many states, this agreement is considered illegal. Under this agreement if the agent can sell the property at much higher price than seller’s demand then agent will keep the extra amount.

4 different kinds of ownership of real estate

Perhaps you thought that there can be only one way to own any property however the fact is that one can own the property in number of ways. So, you need to know this for passing the real estate agent exam.

  • Tenancy in severalty

Any individual person or any corporation can own the property in this form.

  • Tenancy in common

There can be two or more than two people can be the joint owner of the same property and the individual share of the property can be either equal or unequal as per their understanding through agreement. If any of the owner expires then his share will be passed on to his legal heirs. Other owners cannot own that share.

  • Joint tenancy

In this type of ownership, there are four different unities exist.

  1. Interest

Each of the owner will get same amount of interest from the property

  1. Possession

Each of the owner will hold the undivided interest.

  1. Time

Each of the owner will receive the interest from the property at the same time.

  1. Title

All of them will receive the same deed title where name of each owner will be mentioned. In case any of the owner expires then his interest goes to other existing owners. The survivor’s right may vary from state to state.

  • Tenancy by entirety

This type of ownership is meant for only married couple and here the property can be sold only when both agree. If one of the spouse dies then the other becomes the owner.