BiggerPockets


First Night of Realtor School

Forum Powered By:

14 posts by 5 users

To participate in forum discussions, create a free account or login.

Nick J.

Real Estate Investor from Scottsdale, Arizona

Apr 04 '11, 03:50 PM


I'm not planning on writing about every night I go to Realtor school but I thought it was worth mentioning my thoughts on my first class of Realtor School.

I'm attending ASREB, I think it stands for Arizona School of RE & Business or something like that.

The little 20 minute whatever you call it before they stick you in a class wasn't bad at all. No big hype and upsell going on. I appreciated that.

They don't start you off from the very beginning, its more like a cycle of classes and you just get thrown in and the class you just missed will basically be your last class, if that makes sense. I was cool with that I guess.

I can understand them doing that so that every class schedule basically had a full(er) class instead of just the 4 of us newbs tonight.

The topic of tonights class was something like Residential Financing. Basically discussing FHA,VA and Conventional. Interesting, it always has been to me.

What I didn't get though was why a Realtor was teaching the class considering some of the things that were being taught. Now, I understand and agree with why its important for agents to know these things, I just thought a Mortgage Professional should be the one instructing, not a Realtor ya know.

Either way, it wasn't too bad. If you guys/gals have any questions feel free to ask. Again, I won't be discussing every one of my classes, just randomly and certain interesting things that might come up.



Bill G.

Real Estate Investor from Springfield, Missouri

Apr 11 '11, 09:33 AM


So Nick, what's the current status now, the low down, the nts n' bolts of it ? Did they explain the difference between MIP and PMI? Are you passing? LOL



Nick J.

Real Estate Investor from Scottsdale, Arizona

Apr 11 '11, 04:10 PM
1 vote


Ya, lets test me without me opening the book(scouts honor)

MIP = Mortgage Insurance Premium
PMI = Private Mortgage Insurance

I'm gonna write up a little something about my to date progress in addition to a question I thought of tonight.



Bill G.

Real Estate Investor from Springfield, Missouri

Apr 11 '11, 11:09 PM


You must be attending a large school, how many are going through it? Breaking the subjects down in seperate classes is a good idea (of sorts). When I went there were two instructors as a tag team with one class.

A draw back to that is that some related materials are complimentary, talking about a survey requirements and enchroachments are easily understood putting it in context with title issues or conveyance. If you hadn't had that class it could seem like greek.....guess it depends on how it's laied out.

Interesting to me anyway.

Speaking of surveys, did you get to chains and rods yet? LOL



Nick J.

Real Estate Investor from Scottsdale, Arizona

Apr 12 '11, 12:55 AM


It doesn't seem like a large school. There are about 15-20 students in the classroom any given day though so far.

Last nights class was real estate law. It wasn't as interesting as I thought/hoped it would be. Mostly, it was legal differences between a salesperson & a Broker.

One thing I wish was possible is that salespersons/agents would have the ability to decide what 'type' of license they want.

I have absolutely NO interest in commercial. I don't have any ambition to become a commercial broker today, tomorrow or in future at any time.

So when the class is about something commercial. I do everything I can to stay awake.

Its not anything the school can do because they're only preparing you for the test but I wish the state RE department would allow those interested in ONLY residential to get a residential ONLY license. That would eliminate the things I consider boring.

Bill, 1 mile = 320 rods. Each Rod is 16.5 feet. Also '1 section is 640 acres' not related to Rods, just through that in there because I've never heard of these and thought how useless :)

All the math is fun though. Here is an example:

A parcel of land contains 8200 square yards with a frontage of 250 feet. What is the side measurement in feet?



Bill G.

Real Estate Investor from Springfield, Missouri

Apr 12 '11, 01:39 AM
1 vote


Yep and a chain is 20.1168 meters, funny what you remember from a test. The tests are pretty much memorization as they usually show the actual test questions. They may show you 500 questions and you might get 120 on the test. It's something like that here. The Brokers test has some actual thinking involved, LOL

You'll need to memorize the correct answers as you can make assumptions that are not correct.

As to your question, it depends on the shape of the lot and it depends if the road turns away from the frontage.


Edited Apr 12 2011, 01:49 by Bill G.


Nick J.

Real Estate Investor from Scottsdale, Arizona

Apr 12 '11, 01:42 AM


Originally posted by Financexaminer:

As to your question, it depends on the shape of the lot and it depends if the road turns away from the frontage.

Nope, there is an actual answer to it. Assume ingress/egress are not in the equation. The question is word for word out of last nights worksheet.



Steve Babiak

Real Estate Investor from Audubon, Pennsylvania

Apr 12 '11, 01:42 AM


Originally posted by motiv8td:
...
All the math is fun though. Here is an example:

A parcel of land contains 8200 square yards with a frontage of 250 feet. What is the side measurement in feet?

"Insufficient information to provide a solution" should be the correct answer. If the lot is rectangular, with 90 degree corners, you will get one answer (probably the one the questioner was thinking of), but if you have an odd-shaped lot, such as triangular, then the answer will be quite different.



Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


Nick J.

Real Estate Investor from Scottsdale, Arizona

Apr 12 '11, 01:53 AM


ya, sorry, also assume that it is rectangular. Although that is exactly how it is worded, the instructor did say for us to assume it is a rectangle.



Bill G.

Real Estate Investor from Springfield, Missouri

Apr 12 '11, 02:03 AM
1 vote


(8200 X 9) / 250 = 295.20'

Guess you need to know there are 9 sq ft in a sq. yard.



Chad Kes

Jacksonville, Florida

Apr 12 '11, 02:45 AM


Good luck and keep us posted!



Nick J.

Real Estate Investor from Scottsdale, Arizona

Apr 12 '11, 03:57 AM


Originally posted by Financexaminer:
(8200 X 9) / 250 = 295.20'

Guess you need to know there are 9 sq ft in a sq. yard.

yeppers, apparently that was the lesson within the lesson. Good job!



Bill G.

Real Estate Investor from Springfield, Missouri

Apr 17 '11, 10:40 PM


So Nick, did ya learn anything else lately?



Jeffrey K.

Real Estate Investor from Milwaukee, Wisconsin

Apr 17 '11, 11:15 PM
1 vote


This is why realtors are so good at helping investment properties. Do they teach you cashflow = RENT-PITI in the next math lesson? If your answer to the above formula is positive you need to shout out "THIS THING IS A CASH COW!"



To post a reply or start a new discussion, create a free account or login.

Manage Keyword Alerts

View All Forums