Real Estate Math: Proration Calculations | Just Call Maggie

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Welcome to Maggie’s Real Estate Academy! Are you an aspiring real estate agent preparing for the challenging real estate state exam? Or perhaps you’re simply interested in expanding your knowledge of real estate math? Look no further! In this comprehensive video, experienced real estate instructor Maggie Relloso takes you through the intricate world of proration in real estate transactions.
Proration is a fundamental concept that plays a crucial role in ensuring fair financial distribution between buyers and sellers. In this video, we delve deep into proration calculations for various scenarios, including annual taxes, monthly fees, such as rent and HOA payments, and the application of both the 365-day and 360-day calendars.
Maggie’s Real Estate Academy prides itself on simplifying complex topics, and proration is no exception. Whether you’re struggling with understanding how to calculate the prorated share of annual taxes or need guidance on determining the portion of monthly fees, this tutorial has got you covered. With clear explanations and step-by-step examples, Maggie empowers you to master proration calculations with confidence.
A solid understanding of proration is not only vital for acing your real estate state exam but also essential for success in the real estate industry. By honing your real estate math skills and comprehending the intricacies of proration, you’ll be equipped to navigate financial obligations, ensure fairness, and foster transparent transactions.
Make sure to hit the like button, subscribe to our channel, and share this valuable video with fellow aspiring agents and anyone interested in real estate math. By subscribing, you’ll stay up to date with the latest real estate math tips, tutorials, and industry insights from Maggie’s Real Estate Academy.
Don’t miss this opportunity to boost your real estate knowledge and sharpen your math skills. Join Maggie Relloso in this enlightening proration tutorial and gain the confidence and expertise needed to excel in the real estate world. Remember, understanding proration is the key to unlocking success in your real estate journey.
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7 окт 2024

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Комментарии : 89

@princepatrick4267 3 дня назад

Your way of simplifying things, deconstructing it makes the concepts so easy. Anyone with a functioning brain would be able to catch it. I wish you all the best on your business venture. You make a great instructor, keep it up. People need help from instructors like you. Great work and great energy, keep up the momentum

@JustCallMaggie 3 дня назад

@@princepatrick4267 wow! Thank you so much. I truly appreciate that. Best of luck to you on your journey. I’m here for you. 🫶

@volvickattilus4666 Месяц назад

Thank you very much just passed my broker state Exam thank you again

@JustCallMaggie Месяц назад

@@volvickattilus4666 excellent!! Great news. Congratulations 👏👏👏

@BIGDREAMHEEM 11 месяцев назад

Thank you DEARLY. I failed twice due to the math and didn’t think I would every understand it, you’re a life saver! ❤️🙏🏾

@JustCallMaggie 11 месяцев назад

Glad to hear. Thank you and best of luck to you. Stay confident. You got this! 🤓💪

@tamaramcadams2243 3 месяца назад

I completely agree! The math was lowest score. She is helping me so much

@nicoledanielle0303 11 дней назад

I FINALLY understand calculating proration. It was driving me nuts to the point I was guessing and when I thought I knew, I was still wrong. You really helped me figure it all out. Thank you so much!

@JustCallMaggie 11 дней назад

@@nicoledanielle0303 Thank you. I’m glad to hear that. If you want to learn my foolproof method I came up with not too long ago to solve proration problems, check out this video 👉 Credits And Debits Explained For Real Estate Exam | Intro To The Dam/Dams Method To Proration ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LL47mnmEkdI.html

@michellemcdonald2191 8 месяцев назад

Math is becoming so much easier with your videos

@JustCallMaggie 8 месяцев назад

That’s great! Glad to help.

@ZacC-dl2pv 4 месяца назад

truly a great teacher. no one else was able to help me understand the material.

@JustCallMaggie 4 месяца назад

Thank you so much. How sweet of you. Best of luck to you 🤓🫶

@shanisemona5054 6 месяцев назад

You are awesome! I finally understand this! Please keep putting out content! Your an EXCELLENT TEACHER

@JustCallMaggie 6 месяцев назад

Thank you so much 🤓 best of luck to you always! 🫶

@mariame3586 Месяц назад

The best mathematics teacher I have ever come across

@JustCallMaggie Месяц назад

@@mariame3586 woohoo!! Thank you 😊 I appreciate that. 🤓🫶

@munyegerwaanastasie 3 месяца назад

Thank you so much for the great work you put out there, tomorrow is my exam , wish me luck.. ❤

@JustCallMaggie 3 месяца назад

@@munyegerwaanastasie oh wow. Good luck! Thank you so much for your kind words. 🤓🫶

@jaimes.photography3988 10 месяцев назад

You are so good explaining the breakdowns. I love it! I took the RE exam twice and failed it by just a couple points and I know math was my killer. I will watch your videos several times and retake the course soon. I'm starting to feel more confident thanks to your videos. Thanks!

@JustCallMaggie 10 месяцев назад

Thank you so much. Best of luck to you on your exam. Hope this time goes well.

@generoland5032 Месяц назад

Great video. Thanks. You made it easier🙏🏽

@JustCallMaggie Месяц назад

@@generoland5032 Thank you. This video explains it a little deeper 👉 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LL47mnmEkdI.html

@alicehevey7453 8 месяцев назад

Oh my goodness Maggie you’re amazing. The math portion became so simple to me after watching your videos. Thank you!Thank you, Thank you

@JustCallMaggie 8 месяцев назад

I am so happy to hear my teachings resonate with you. Thank you so much for sharing your thoughts. Best of luck to you!!! 🤓🫶

@nakeamorris25 Год назад

I have enjoyed and have really appreciated your math videos. Thank you for taking the time to make them. I took a math practice exam yesterday and received 80% exactly what I needed to pass!

@JustCallMaggie Год назад

I'm loving the sound of that! Great job and thank you so much for your comments. I appreciate you! Keep me posted and good luck!!!!

@HQuintana867 Год назад

Thank you, Maggie. I FINALLY get it! I've been out of school for a VERY long time and your methods and teaching style are a great help. I'll be taking my PA State and Nat'l exam in a few weeks and your videos have been a great help.

@JustCallMaggie Год назад

Thank you so much for your kind words. Glad to help. Best of luck to you on your real estate journey 🤞🤓

@robertgidron9187 7 месяцев назад

Thanks for sharing God Bless! I think this will really help taking the exam in Georgia. I am good at math and a musician just understanding from a real estate prospective. Knowing the amount of days to calculate based on the buyer closing or not would allow me to miss calculations and throw the problem off thanks again! I feel more confident to pass now!

@JustCallMaggie 7 месяцев назад

Glad it was helpful! Best of luck to you. ❤

@robertgidron9187 5 месяцев назад

Thanks will keep y’all updated!

@JustCallMaggie 5 месяцев назад

@@robertgidron9187 Thank you 😊

@Ashley-j8f 2 месяца назад

Thank you so much..never thought i would understand this😢

@JustCallMaggie 2 месяца назад

@@Ashley-j8f you’re gonna do great!!!

@victoriakowalska554 6 месяцев назад

WOW you made this so simple! thank you for your explanations.

@JustCallMaggie 6 месяцев назад

Thank you. Glad to hear this helped you. Best of luck to you!

@skt2lhr Год назад

Thank you very much on Proration Calculations.

@JustCallMaggie Год назад

Glad to help. Thank you for your comment.

@jessica386m Год назад

You were recommended thru the FB group for PrepAgent. You are def a life saver!!! than you!

@JustCallMaggie Год назад

Oh my! Wow 😮 thank you. I’m so honored. Thanks for your sweet comment 🫶

@jaypowelljr2714 2 месяца назад

this was helpful, thank you

@JustCallMaggie 2 месяца назад

@@jaypowelljr2714 glad to hear. Thank you! Best of luck

@kervelayd.8628 Месяц назад

Thanks for the video, please when should we start at the months after the closing date? I see mostly we start on the previous months of the closing?

@JustCallMaggie Месяц назад

@@kervelayd.8628 I always work from days the seller owns the property. This video here explains it better 👉 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LL47mnmEkdI.html

@cathrynbourbon8197 6 месяцев назад

That was a huge help. Many thanks

@JustCallMaggie 6 месяцев назад

Thank you. Glad to help. Best of luck to you!

@nortontrixie Месяц назад

GREAT content

@JustCallMaggie Месяц назад

@@nortontrixie Thank you so much. 😊 for a better explanation on how to solve prorations, check out my updated video here 👉 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LL47mnmEkdI.html

@mrohde2067 Месяц назад

your explanations are fantastic! Thank you :) How do you know when to use 360 day vs 365 day calendar? And who determines buyer/seller responsibility on closing date?

@JustCallMaggie Месяц назад

@@mrohde2067 usually it will tell you when to use 360/365 days. If it doesn’t tell you, use 365. The contract determines who is responsible for day of closing. If not in the question, the day of closing belongs to the seller. Hope that helps and thank you so much for your comment and support. Best of luck to you! 🫶

@mrohde2067 Месяц назад

@@JustCallMaggie thank you 😊

@JustCallMaggie Месяц назад

@@mrohde2067 you’re welcome

@generoland5032 6 дней назад

Thank you❤🙏🏽

@JustCallMaggie 5 дней назад

@@generoland5032 Thank you 🫶

@morganarhin3819 7 месяцев назад

Hi Maggie, Thanks for making the math look simpler. After getting the answer, who is debited and who is credited and why?

@JustCallMaggie 7 месяцев назад

Seller is usually debited since they owe the money and buyer is credited.

@morganarhin3819 7 месяцев назад

@JustCallMaggie Hi Maggie, you are amazing, and your passion is great. Coming back to the debit and credit issues, homeowners insurance is paid at the beginning of the year, and therefore, the seller requires a refund. Taxes are paid at the end of the year, and therefore, the seller needs to pay what has been acrued to the time of closing. Please, how are debit credit handled in each case on the balance sheet? You can get the calculations right and still get the answer wrong.

@JustCallMaggie 7 месяцев назад

@@morganarhin3819 Thank you. Most of the time it’ll be debit seller, credit buyer unless the amount has been prepaid, then it’s credit seller, debit buyer. I’m actually working on a video all about this.

@morganarhin3819 7 месяцев назад

@@JustCallMaggie l appreciate your support.

@portiaevans9609 5 месяцев назад

Hi!!! Ur videos are a like saver😊 can you explain why DAM was used instead of DAMS for the monthly HOA question for #5

@JustCallMaggie 5 месяцев назад

Because if it was not paid by the seller, then we use the DAM method. Good question! Best of luck doll. Thank you for your support.

@michaelhayes8515 Год назад

Another great video!!!

@JustCallMaggie Год назад

Wow! Thank you so much 😊

@ladyloveishere1838 5 месяцев назад

Maggie, yessss you helped me pass the math part. you broke it down so simple. Why are the teachers going a long route & making it seem so discouraging? lol

@JustCallMaggie 5 месяцев назад

Yay!!! So glad to hear you understood the steps for the math. Congratulations on passing 👏👏👏 see how easy math is?! 🤓🫶

@LeilaShojaei 14 дней назад

thank you :)

@JustCallMaggie 14 дней назад

@@LeilaShojaei you’re welcome. Thank you for your support 🫶

@brandonx97 3 месяца назад

This can confuse some for the most part on the national test they use 360 day years and 30 day months no matter what. I’m in Michigan and u don’t have to find the exact day in the month you just go by what I believe is called “bank calendars” which is 360 days in a year and 30 days in a month

@JustCallMaggie 3 месяца назад

Right! I understand that. Some states use the 360-day calendar and some use the 365-day calendar. But you still need to find the number of days in the month of closing. So in Michigan you just prorate an entire month and call it a day?

@tuwanacrosby2712 5 месяцев назад

If it says that the buyer is responsible for the day of closing, why is the answer not c?I know what the rules say, but there was an exception in the problem itself.

@JustCallMaggie 5 месяцев назад

Hi. Not sure which question you’re referring to. If the buyer owns the day of closing, do not count that day. If seller owns day of closing, count that day.

@aja9592 7 месяцев назад

Please help me understand question number 4. I thought you said if the closing belong to the buyer, we do not count the closing day.

@JustCallMaggie 7 месяцев назад

Yes that is why we only counted 14 days instead of 15 since closing was on April 15.

@msminimi14 Месяц назад

Hey I love your videos but one of your questions math is wrong. Question 5. You said there is 30 days in November when in fact there is 31. Did you mean to say that? Because of that difference I came out with a different answer than you. Please let me know.

@JustCallMaggie Месяц назад

@@msminimi14 November has 30 days in it.

@RatzRealtyEva 10 месяцев назад

Thank you Maggie, you are verry good!

@JustCallMaggie 10 месяцев назад

Thank you so much for your kind words. Best of luck to you 🤓🫶

@TheCicada007 4 месяца назад

What if the question doesn't mention whose responsibility would be on the day of closing?

@JustCallMaggie 4 месяца назад

Then it automatically defaults to the seller. 🤓

@Iambeautiifull Месяц назад

I am confused for number 5 so you don’t start from Jan to Nov and count the days ? how’d you know to start on just that specific month and not start from Jan to Nov???

@Iambeautiifull Месяц назад

And also why are we dividing 250/30 instead of 250/360 .. in the other math problems you divided 365 for annual taxes .

@JustCallMaggie Месяц назад

@@Iambeautiifull I would say to watch this video 👉 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LL47mnmEkdI.html as the video you watched on prorating (the one you’re asking about) was one of my first videos and I explain it better in the newer one. Hope that helps.

@kimberlylewis8897 8 месяцев назад

Why dont count other months for HOA fees?

@JustCallMaggie 8 месяцев назад

If HOA is paid monthly, like rent, then you would only count that one month. But if it’s paid annually, like taxes, then you count from January

@bossstatussalon8431 Месяц назад

Im so sorry. . Im new here. Do you sell real estate books? Indiana?

@JustCallMaggie Месяц назад

@@bossstatussalon8431 hi. Yes I have a set of e-books for all states. It comes with 2 math books and one vocabulary book. I’ll leave the link here 👉 justcallmaggie.com/product/the-real-estate-power-trio-math-vocabulary-mastery/

@JustCallMaggie Месяц назад

@@bossstatussalon8431 they are good for all states. Not Indiana specific, but it will help you for the national portion.

@bossstatussalon8431 Месяц назад

@@JustCallMaggie thank you very much