If you have made the commitment to get your real estate license, you have to be equally committed to passing the exam. Real estate exam prep can be found outside of your required pre-license courses, but it can be daunting if you do not know where to start or how to study. If you do not know what the exam looks like, start with practice exams to get a better idea of what kind of questions you will be tested on. The real estate exam in most states is 80 to 100 multiple-choice questions that can span a wide range of focus areas. For example, the Florida sales associate exam is 100 questions: 45 on principles and practices, 45 on Florida and federal laws, and 10 math questions. Here are the kinds of real estate exam questions you will want to prep for:
1. Paragraph scenario questions
Remember the SAT? Scenario questions are about real-life situations and the real estate agents, brokers, sellers, and buyers that are involved. These can include real property characteristics, real estate ownership, listings knowledge and buyer broker agreements, and property management; or, they might combine subjects and be about all of the above! You will not only need to know the right answer for these questions, but the right call to make in the real estate industry. Reviewing paragraph questions before your exam helps you prep for the same kinds of situations you will face as an agent or broker.
2. Definition questions
Do you know what a freehold estate is? How about a non-monetary encumbrance? Shorter than scenarios but still just as vital, definition questions quiz how intricately you can comprehend information. You will have multiple choices for answers, but they will be very similar choices — on purpose! In the industry, you will not have time to consult your textbooks for definitions. You need to know your stuff. This can also include questions where you choose which of the following answers is or is not correct, such as the role someone could play or the impact of a contract law. Definition questions help you live and breathe the job, environment, and relationships of real estate.
3. Financial questions
Get your calculators ready! Real estate exams include basic math, as does the real estate job. This focuses on investment analysis, financing principles, appraisals and settlements. If you did not pursue any higher education math courses, do not worry — financial calculators exist! And, the mathematics in real estate use simple formulas that you can plug your actual numbers into anytime. Similar to needing to know your definitions, you need to know your formulas to be successful in real estate.
4. Protocol questions
There are tons of laws and agreements involved with real estate, and it is beyond vital that you get them all right. Real property environmental issues, real property rights, government restrictions, transfer of title, leases, property liens are all important. Make sure you completely understand each law and its effects on everyone involved in a transaction.
With the right study tools and exam prep, you can achieve a passing score. You cannot find those tools everywhere, so choose a school with a proven track record of high exam pass rates and student satisfaction. Even better, why not choose a school that combines the pre-license course with additional exam prep courses for one low cost? IFREC offers resources including comprehensive exam prep that help you pass your test the first time. Speak with one of our expert career counselors to find out how!