How to find the ORIGINAL sales price

This video shows how to calculate the original price a property cost when all you know is the current price and the percent profit that was made.

WARNING, this is NOT a very mathematical approach to finding the original sales price of a property. This is a plug and play equation I compiled after watching a LOT of videos on this subject. Mathematicians would cry at the multiple steps I leave out. IF you would know the many steps it would be a much more flexible approach to math, you would understand how to manipulate the equation to know all kinds of things… but it would also be much more complicated and to  save myself losing everyone in that complicated explanation let’s just make it plug in play and let all the people who KNOW math cry at how much I’m leaving out…. But then again, all the people who KNOW math don’t need this… Anyway, SO this works for this ONE scenario, Which is, we get the sales price, we get the profit made in a percentage amount, and we’re asked to state the original price…  let’s make this as easy as possible.

My simplified real estate math equation

So here is my equation. It goes, the OG, otherwise known as the original gangster (original price) is unknown. .. Equals the current price (which they’re giving us) divided by 1.(whatever percentage they give us)

OG = CURRENT PRICE/ 1. (percentage they state was profited)

Original Price = Current Price/ 1.Percent they state

So lets say they ask

The sales price is 500,000 and they profited 29%… what’s the original price?  it would like this

OG= 500,000/1.29

Plug it into your calculator and you get $387,596.899 cents and that’s the OG Ok, its that easy.

Lets plug in other numbers to see it redone so you can see how switching numbers and percentages works just fine….Lets say they ask

The sales price is 500,000 and they profited 28%… what’s the original price?  it would like this

OG= 500,000/1.28

Plug it into your calculator and you get $390,625 and that’s the OG

So let’s do one more calculation to find the original sales price of a property

OK, so one more calculation to find the original sales price. Lets plug in one more set of numbers to see it redone and how you can switch numbers and percentages….

Sales price is $11.00 and you profited 10%

Now I think some of you could do this in your head because of the basic numbers but GOOD, lets plug it into the formula and see that it works and it works and it works

So we put the OG (what we don’t know) = 11 divided by 1.10

And we get the original price was $10

So I’ve seen a lot of tutorials on how to do these with a ton more steps that are honestly more informative for the mathematician… but again, if you don’t want to learn all the math and can learn that equation, you can do this one scenario for the test.

If you’re looking to get your WV Real Estate License and need a down to earth approach to learning these concepts, Spruce School of Real Estate offers the best online real estate course in West Virginia. Spruce has been teaching in our home state for over 28 years now and has the success rate to prove our ability to teach these otherwise confusing topics. You can enroll anytime by calling 304-744-1286 or clicking the “Sign Up” button on the home page https://sprucerealestateschool.com/ .

If you’re shopping for a real estate math calculator you can check this out https://www.amazon.com/Calculated-Industries-3415-Qualifier-Calculator/dp/B000669496?ref_=fsclp_pl_dp_1

You have your WV Real Estate License, so now what!!!???

Being a teacher at Spruce School of Real Estate I like to stay in touch with the techniques being used by others. Setting yourself apart from the rest of the real estate agents out there is ideal. Don’t fall prey to thinking once you get your West Virginia Real Estate License that all your learning is over. I don’t think there’s any field of work that you can be stagnant in and expect any sort of gain. Unless you enjoy cashier register work. So let’s look a little further than the things covered in WV Real Estate License exam prep.  Let’s surf the net for the bizarre!

Look for creative ways to shine

Looking over some pretty out of the box real estate news I see some pretty creative ideas for showcasing that listing by an agent who dressed as a giant

Dressing like a panda bear sold a house for one agent.
Dressing like a panda bear sold a house for one agent.

panda bear. Now, let the laughter wear off and take a breath.  I must admit, it’s NOT a terrible idea. When you think of how many tiring pics of living rooms and kitchens are out there I guess it COULD grab a few extra eyes if you dig through your old Halloween costumes. Reportedly it had 12 showings in the first two days (after very little attention in the previous 3 weeks) and did result in a sale. Makes you think about those old listings getting no attention. How far are you willing to go? Suit of armor? Dinosaur? Part of being an active real estate licensee is using your creativity. It’s going to be what separates you from the rest.

Is dressing up like a Disney character not your cup of tea for being a real estate agent in West Virginia? Ok. I can live with that and I understand but let’s not keep that from thinking outside of the box on what’s going to bring eyes and potential shares via social media. You worked hard for that WV real estate license so let’s make it work out for you.

What tools do you have?

Do you have a video camera? How about your iPhone? Did you realize that the iPhone can shoot 4k video? That’s pretty impressive when you think most of us have some video creation tools at our fingertips these days. There’s also a lot of free video software for basic editing that is available with a simple google search. Ok running with that idea. Creating a short video for YouTube or Vimeo and sharing that is going to bring eyes to your listing. People like video. Its easy eye candy and if a friend on Facebook knows someone looking for real estate in West Virginia

You have a lot of creative tools right at your fingertips
You have a lot of creative tools right at your fingertips

they’re likely to share that video. Even better, give your hand at something funny that might be the focal point of WHY it gets shared and you’re gaining that many more eyes on your listing.

So what’s your plan for the New Year?

Is real estate in your future? Did you already get your WV Real Estate License and it’s just sat there unused because of some missing sparks that fueled the creativity to make those sales boom? If so make sure to check back here at our blog and we will try to help with the flint and steal. Spruce School of Real Estate is the highest rated and reviewed real estate school in WV, with 25 years of proven success!

The Difference Between Realtors® and Real Estate Agents

I. Realtors® Defined

There is a subtle but significant difference between Realtors® and real estate agents and it’s not just something confusing to students at the West Virginia Real Estate School, Spruce School of Real Estate, it’s everyone. Said simply, just because you hold a WV Real Estate License it doesn’t mean you automatically have earned the title of REALTOR®: while both a real estate agent and a REALTOR® are licensed to list and sell real estate, only Realtors® have pledged to adhere to a Code of Ethics set forth by the National Association of Realtors® (NAR). This doesn’t change the fact that both agents and Realtors® are held to the same legal standards in terms of principles and practice, but it does subject Realtors® to the enforcement of a set of 17 ethical standards that are strictly governed.

In addition, because Realtors® are active members of the NAR, they are trademarked as such, and may only use the trademark according to the rules and guidelines of the organization.

Otherwise, both real estate agents and Realtors® have gone through the process of getting a real estate license (in West Virginia, this means taking a 90-hour class and passing the state exam), and are regulated by the same state laws.

So hopefully this statement is making a little more sense now. Just because you hold a WV Real Estate License you can’t call yourself a REALTOR because after you pass the state exam you have yet to become a member to carry the REALTOR designation.

II. The NAR Headquartered in Chicago, The National Association of Realtors® is the largest professional association for real estate practitioners. Residential and commercial real estate salespeople, brokers, appraisers, property managers, and other real estate professionals make up the NAR’s membership body.

So what does this all mean? This means AFTER you get your WV Real Estate License you actually have to do MORE to become a REALTOR®. To join, members must complete a course and pass the exam testing them on their understanding of the code of ethics. Every four years after this, Realtors® must take a refresher course. Members join their local board, which gives them automatic membership in the NAR. (WV Real Estate License Professionals will join their local chapter of the West Virginia Association of Realtors: http://www.wvrealtors.com).

One of the many benefits of becoming a Realtor® is the opportunity it provides for continuing education and self-development as a real estate practitioner. The NAR hosts conferences and networking events, all of which enhances an agent’s ability to gain advantage in a competitive industry. And simply by having the Realtor® designation, salespeople benefit from the inherent trust it draws from clients.

III. The Code of Ethics The Code of Ethics was adopted in 1913, and is enforced by a panel of NAR leaders who evaluate complaints involving the conduct of their members in order to take disciplinary action, if necessary. The code is made up of 17 articles each Realtor® pledges to uphold, including duties to clients and customers (articles 1-9), duties to the public (articles 10-14), and duties to Realtors® (articles 15-17).

The code is revised yearly, but one thing that remains arguably the most important is a Realtor’s pledge to treat all parties fairly and honestly. Real estate professionals should always abide by their own intrinsic sense of ethical standards, but in practice it is inevitable that there will be gray areas and blurred lines – this is when a professional code of ethics becomes a beacon to both practitioners and clients.

Overall, getting the Realtor® designation is always a smart consideration. Between the opportunities for growth, networking, and self-development as an individual and a professional, it can be a valuable enhancement to your career. See the NAR’s website for more information: http://www.realtor.org

Whether you’re taking classes at Spruce, the West Virginia Real Estate School, or have been practicing real estate for years, this topic has always been muddy. People will always seem to confuse a REALTOR® and a real estate agent are and use the term synonymously when they are actually very different. Hopefully this write up helped a little. Whether you’re looking to get a WV real estate license or a real estate license in any state the REALTOR designation is a national entity and this info can be applied to your own locality.

Genuine West Virginia Real Estate School

There are some licenses that empower holders to act in particular capacities wherever in the country and – it can some be said, in the world – they happen to be. Types of Licenses that might grant this authority would include Radio Services Licenses, Software Licenses, International Driver Licenses, Bank Licenses, Federal Firearm Licenses, Pilot and Airline Licenses, plus a number of others which cannot be listed here.

However, the course of study required to obtain an international driver’s license for example must, by the very nature of the licensed permissions, be more encompassing than a state issued license for local use; and the holder of such a license is likewise obligated to adhere to the driving laws, customs and restrictions of the various cities and localities in which s/he operates a vehicle. This obligation therefore is spread over multiple countries, each of which expects as much from the licensee in the form of obeying their laws, as they grant with the issuance of a license to drive.

The same reasoning can be applied to a real estate school that is licensed to offer and teach real estate licensing courses of study and issue certifications of course completion in every state throughout the country, from Alabama to Wyoming, thereby obligating that school to the adherence of real estate licensing laws set forth by each state’s licensing agency. So while this nationwide school has managed to spread or duplicate itself in all fifty states, it can hardly claim undivided loyalty and attention to one.

On the other hand, the genuine West Virginia real estate school designation can only be bestowed upon a genuine West Virginia real estate school. West Virginians might just be more comfortable in knowing that their real estate school instructor understands country living and the West Virginia way of life, and has an established record over an extended period of teaching experience in West Virginia real estate licensing courses. They might like to know that s/he has an innate knowledge of the subject matter and is eager to impart that knowledge to West Virginia real estate license applicants, as well as currently licensed brokers and salespersons via the continuing education courses as required by state law.

A genuine West Virginia real estate school that offers a complete line of approved seven-hour courses in class, as well as live online real estate classes, and is Arello approved for a 90 Hour Pre Sales License Course certainly employs techniques and methods consistent with the most effective and results oriented practices in the industry; and making available the latest technology, tools and resources necessary to insure successful completion of the required real estate licensing courses will certainly benefit West Virginia real estate license applicants.

But most importantly, WV real estate broker and salesperson licensees and those who aspire to be WV real estate broker and salesperson licensees can be comforted in knowing that – all other things being equal – classes offered by the genuine West Virginia Real Estate School are all approved by the West Virginia Real Estate Commission; they are competitively priced and they meet such high standards as the state of WV requires for delivery of education in real estate licensing. So be assured that not every real estate school that sets up shop in WV can be considered a “genuine WV” school.

A real estate broker anywhere, is entrusted with an enormous undertaking and bears the responsibility of handling the sale, management or lease of the single biggest asset most people will ever possess; the property they own. It is for this reason that the real estate broker must acknowledge and accept the fiduciary role and the principle on which it is based: The interest of your client must in all circumstances be placed ahead of your own. Thus the most important reason for well taught real estate licensing and continuing education classes designed to equip real estate licensing students and already licensed professionals with the education they will need in order to adequately meet the challenges which are inherent in protecting their clients interests.

A genuine West Virginia real estate school obviously plays an instrumental role in helping real estate license applicants prepare to meet such a challenge and, as such, might offer more extensive courses of study sufficient to complete such preparation. Such courses of study might include:

Real Estate Agency, Real Estate Brokerage, Listing Agreements, Dual Agency, Real Property and the Law, Transfer of Title, Title Records, Real Estate Financing Principles & Practice, Leases, Property Management, Fair Housing and Ethical Practices, Environmental Issues and Real Estate Transactions, Closing the Real Estate Transaction, Real Estate Math, plus a number of other subjects. There is much to cover in your role as a real estate broker, because there is a lot in the way of client’s interests to protect. Getting the requisite knowledge is your first step toward what promises to be a fulfilling and rewarding career.

Background Checks for WV Real Estate License Become Huge Annoyance

If you’re trying to get a West Virginia Real Estate License and test in November, 2013 you’re probably getting very frustrated.

sample fingerprint
Background checks from Identogo are now mandatory.

It seems that Identogo, the company hired as a third party screener by the West Virginia Real Estate Commission to do background checks on all students hoping to get their West Virginia Real Estate License has had some problems communicating the info to the commission.

Red Tape and Issues

Red tape abounds and getting a West Virginia Real Estate License truly is a lot of paperwork. This most recent hold up is just another frustration for hopeful students hoping to be selling real estate in December.

What does this mean to the hopeful test takers? It means that the WVREC doesn’t have the applications completed in time to test in November. Click to Tweet

What’s most frustrating to many hopeful West Virginia Real Estate License students is although the checks were done on time it was something that was outside of everyone’s control that held up the applications. Identogo, the company in charge of the background checks has yet to comment on the situation. So what are the new guidelines being asked for? As of October 8th, 2013 having a background check accompanying your West Virginia Real Estate License, application is state law.

See details from the source, the WVREC

To brief yourself from the source, here’s the West Virginia Real Estate Commission’s website: https://rec.wv.gov/Forms/Pages/default.aspx

The physical form that you need is located here: WVREC Background Check Form

You will need to make an appointment with this company called Indentogo by calling 855-766-7746 or using their website: https://Identogo.com to register an appointment. The commission isn’t allowing any more testees to test unless a background check is completed beforehand. Let me repeat, YOU WILL NEED TO SUBMIT A BACKGROUND CHECK WITH YOUR APPLICATION.

If you already submitted your application you will STILL need to do this background check in order to test. The background check will be sent electronically to the WVREC by Identogo once it is completed so the form does NOT need to be mailed.

SUMMARY:

1) Make an appointment with Identogo by calling 855-766-7746 or using their website: https://Identogo.com

2) Complete this form: WVREC Background Check Form and take it with you to your appointment

Spruce School of Real Estate prides itself on being your #1 West Virginia Real Estate School. Spruce wants to help with any confusion regarding this new addition to the paperwork in order to get your Real Estate License. We also would like to show some empathy about your anticipated deadlines potentially not being met for this November testing date.

We understand as much as anyone when something beyond your control throws everything off. That is apparently becoming the case here with Identogo and the West Virginia Real Estate Commission not being on the same page when it came to getting everyone filed on time.

Good news is there’s always December. What better gift to give yourself for Christmas than the potential for a new career? Spruce, taking pride as the premier West Virginia Real Estate School, will help any way we can in seeing you get your West Virginia Real Estate License and come December’s test, all of the communication breakdown between the WVREC and Identego should be resolved.