Smart home devices are everywhere, here’s our best practices for selling a smart-enabled home: Video Transcript: With smart home integrations on the rise, it’s important to correctly describe the devices that will be left with the home and the state of the automations at point of sale. Here’s some tips: Prepare a list of all […]
OREA has made some important changes to the delivery options for pre-registration courses. Here’s the details: Real Estate as a Professional Career (Course 1), Land Structures and Real Estate Trading (Course 2) and Real Property Law are no longer available in-class. The Residential Real Estate Transaction (Course 3b) and The Commercial Real Estate Transaction (Course 4) can now be completed online or by correspondence. […]
In case you missed the news last fall, there will be a new Ontario real estate registration education program starting in the summer of 2019. There’s limited details currently available, but we will be monitoring the changes closely and keeping you aware of the new program’s impact on your career path via our Facebook Page. Like or […]
This post relates to OREA Course 3. If you’re a Humber Course 3 student, you’ll want to read our Humber Course 3 Top 10 Tips and Study Strategies. One of the most challenging exams in the OREA curriculum is the combined one following The Real Estate Transaction—General and The Residential Real Estate Transaction. Here are Passit’s 6 key […]
Don’t get confused as a new salesperson about when can you trade. First, you can’t trade in real estate directly; you can only trade on behalf of your employing brokerage. The brokerage is the agent, not you. It’s a very important legal distinction that can pop up in exam questions. Second, be clear about when you can […]
Is Maslow messing up your mind? Try looking at the hierarchy of needs from a real estate perspective. It may help you remember the five stages. Physiological: First, you need a roof over your head just to get out of the weather. Doesn’t matter where it is—next to the tracks or above the local pizza shop. […]
Here’s an example that may help clarify how to calculate PI payments when a TDS is involved.Anycity Lending Inc. is assessing Buyer Gordon’s financial abilities to buy a resale home for $397,500. The borrower has an annual income of $90,000 with monthly credit card payments of $450. The property’s estimated annual property taxes are $5,600. […]
Having problems understanding different types of value? Here’s some examples that may help. Subjective Value: Subjective values are influenced by personal opinion; e.g., what a person is willing to pay another for a house based on his or her own feelings, tastes and opinions. Beauty (and value) are in the eyes of the beholder. A buyer may […]
Passit course materials are continuously updated to reflect OREA’s most current course materials. This winter we’ve been busy with many changes across all guides, but one of the most important involves recent updates to land transfer tax (LTT) rates in Ontario (this impacts both Real Property Law and Real Estate as a Professional Career). Here’s […]
Don’t get tripped up on debt service ratio calculations: Watch for different payments. One multiple choice question may focus on principal and interest (PI), while another asks about principal, interest and taxes (PIT). In yet another, it may be a condominium with a portion of heating costs included (PITH). Be careful with time periods. MCQs can contain […]
