Getting your real estate license can be the start of a new career or a great way to supplement your current income. But, first, you’ll need to show what you know on a test. Use our FREE practice questions for the Real Estate License Exam to help you prepare for the real test.
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.
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.
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.
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.