Brokerage Responsibility and Agency Management
This section of the Real Estate Licensing Exam is approximately 17%, and it covers knowledge of real estate trends and developments, fair practice laws, math calculations, and real estate forms. It also includes items specific to running a real estate agency, such as agency creation and closure and commissions and fees.
The Contracts portion of the exam is about 10-12%. You’ll be required to know about offer and purchase contracts, lease and listing agreements, buyer/broker agreements, and promissory notes, to name a few.
A lot of money changes hands in real estate, so knowing about the financial side of things is critical. This section makes up approximately 10-17% of the exam, and covers such concepts as loan types, credit laws, government financial programs, and terms and conditions.
Practice and Disclosures
One of the largest sections on the Real Estate License exam, Real Estate Practice and Disclosures makes up about 22-25% of what you’ll be tested on. Make sure you have studied Fair Housing laws, ethics, marketing, continuing education requirements, commercial and industrial properties, inspection reports, and disclosure requirements.
Property and Ownership Laws
When ownership is changing hands, it is a realtor’s responsibility to make sure everything is done by the book. The Property and Ownership laws section accounts for 11-15% of exam, and covers such concepts as property classes and characteristics, types of ownership, government and personal rights to land, water rights, and environmental hazards and regulation.
Property Valuation and Appraisal
What is a property worth? A realtor will be able to tell you. The Property Valuation and Appraisal section of the Real Estate License Exam is about 15%, and covers methods of determining value and factors that may influence it.