REAL ESTATE PRACTICE EXAM QUESTIONS

REAL ESTATE PRACTICE EXAM QUESTIONS 

Exam takers are naturally apprehensive of what their exam will be like. Those who want to be real estate agents are no different, especially since it's a professional real estate agent licensure exam administered by the state. The good thing is there are several school sites that provide real estate practice exam questions. Finding one is of great help to students to get the feel of what to expect and how the actual real estate license exam questions are constructed.

 The available real estate practice exam questions may vary slightly as each state has different curriculum requirements. But it's usual to find practice exams with 100 questions covering various categories. Some are downloadable, so you can practice answering them offline, when you have the time. Some are to be done online, just like taking an exam and you are also graded, which require you to provide an answer to the question before you can move on to the next. The practice questions can range from:

• Brokerage responsibility and agency management

• Transfer of properties

• Real estate practice and disclosures

• Property valuation and appraisal

• Property and ownership laws

• Financing

• Contracts  

 There are states that require a student to pass 60 credit hours of study. In California, students must finish and pass 160 credit hours, while in Florida, the state only requires students to study a curriculum that covers 63 credit hours.

Let us explore the similarities and differences in the real estate practice exam questions of these two states.

California real estate license exam questions

The CA real estate license exam questions covers knowledge of English (reading, spelling and writing), computations used in the practice of real estate and business opportunity and understanding the real estate and business opportunity principles in the conduct of business.

Broadly, the CA real estate exam questions cover seven categories with several topics under each category, as follows:

1. Property ownership and land use controls and regulations

2. Laws of agency (agency definitions, creation, relationships, responsibilities, commissions, fees)

3. Valuation and market analysis

4. Financing

5. Laws of agency (title insurance, deeds, escrow, reports, taxes)

6. Practice of real estate and mandated disclosures

7. Contracts

All test items in the California real estate exam are multiple choice. Examples:

Question:

Under no circumstances may a broker:

(a)  receive a commission from both buyer and seller

(b)  appoint a subagent

(c)  misrepresent material facts

(d)  sell the principal's property to a relative.

The exam taker must be aware that some of the questions are tricky, so it is very important to understand exactly what the question needs, such as: 

Question:

A valid deed must contain all of the following, except:

(a)  the signature of the grantor

(b)  a granting clause

(c)  an adequate description of the property

(d)  an acknowledgment of the grantor’s signature.

Florida real estate license exam questions

 The real estate license Florida exam questions vary slightly, but generally speaking, it will have between 100 and 150 multiple-choice questions. The longer part of the exam will cover all that you have learned in your pre-licensing course, while the shorter portion of the exam focuses on state-specific real estate laws and regulations. The minimum passing score is 75%.

Sample practice questions (taken from actual practice exam questions):

Question

Possession of a current and valid license will be considered by a court

a.  to have no effect.

b.  as undeniable proof that the holder of that license may perform the services of real estate.

c.  as sufficient evidence to prove the license status unless stronger evidence to the contrary is introduced.

d.  as certification by the Commission that the license is in good standing.

Question

In order to be a licensee member of the Florida Real Estate Commission, an individual must have been licensed a minimum of

a.  1 year.

b.  2 years.

c.  4 years.

d.  5 years.

Question

Which is not correct?

a.  A licensee may be paid a commission only by his employer.

b.  A licensee may not work for more than one employer.

c.  A real estate licensee may not appraise a single family residence unless she has been licensed as a state licensed or certified appraiser.

d.  A licensee has no grace period for renewing a license, and may not operate while the license is expired. 

Question

A Kentucky lawyer and a Florida broker joint venture to sell property in Florida for a friend of the Kentucky lawyer. What can the Kentucky lawyer receive?

a.  a commission provided he doesn't come to Florida

b.  a referral fee if he doesn't come to Florida

c.  a commission if he actually performs services in the transaction

d.  no part of the real estate commission

You can see from these actual practice exam questions for the Florida real estate agent licensing exam the range of categories that the state licensing examination covers. Some are tricky to answer even if all of them are multiple-choice questions. Like the exam in California, you must have a good command of the English language. You should also understand the question fully before you provide an answer.

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WHAT IS THE REAL ESTATE TEST LIKE?

WHAT IS THE REAL ESTATE TEST LIKE?

A job as a real estate agent is very rewarding once you have established yourself. The path to becoming one involves hard work, though. For one thing, you need specialized education. If you decide to be a real estate agent, you have to follow the state regulations.

The first thing to do is enroll in a college level pre-licensing course, the requirements of which vary depending on the state where you are going to practice your profession.

The courses are often around 60 credit hours long, but some are much longer. For example, California requires 160 credit hours, whereas New York requires 75 credit hours. The residents in Texas must study even more than those in other states - they need to meet a whopping 180 credit hours.  

After you have passed the pre-licensing course, it's time to sit for the state licensing exam.

So. What exactly is on the real estate test?

If you're interested in the job and searching for information, you must be wondering what is on the real estate test and how the real estate test is conducted. The pre-licensing exam is state regulated and some schools, whether online or onsite, offer a review and mock test program built into the curriculum, to give students a preview of what's on the real estate license test. 

Let's take a sneak peek on what is on the real estate license test.

Getting a license as a real estate agent is not a walk in the park. You have to work hard for it. The pre-licensing course requires serious studying and dedication and you have to approach it like you're taking a course in college.  

The state licensing exam for real estate agents is a multiple-choice exam. The questions are mostly multiple choice definition questions. For example, they might ask which item in a list is a personal property, or which choice is considered a colorless, odorless, radioactive gas. The questions are divided between those testing your understanding of the course subjects and those requiring memorization.

The content of the questions will be based on what you learn in your pre-licensing course, such as real estate and state regulations, valuation, physical descriptions and forms of ownership. There will be questions that require math, like computing your commission from a sale. Other questions involve zoning laws, tax deductions, escrow, ROI, computing the actual price of a home, coverage of the Real Estate Settlement Procedure Act, who pays for your commission, computing payment for ARM loan and more.

Overall, expect to answer at least 300 questions, divided into two parts. About 80 to 100 will be multiple-choice questions about general concepts in real estate. The rest of the questions are specific to the licensing laws of the state.

Sample Real Estate Tests

You will find a variety of practice tests for the state licensing exam on the web. Most that are free offer limited questions while other sites offer a comprehensive review and practice test for a fee. There are quite a few that are specific to your location, giving you a better preview of what the real estate agent licensing exam in your area is like.

You can start practicing today, by downloading Real Estate Study Buddy's own comprehensive free practice exam below!

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How to Become a Real Estate Agent

How to Become a Real Estate Agent

You've become acquainted with some real estate agents and realized that this is a job that you want to do. The first few questions to ask would be "how do I become one?" and "how do I get my real estate license?" 

Becoming a real estate agent does not happen very quickly, like other jobs. This needs specific education, finding a good broker that can help you with your work and other requirements and sitting for (and passing) the state and national licensing exams for agents. You should meet the basic requirements: at least a high school graduate, 18 to 19 years old and a legal resident of the United States. 

Take a pre-licensing course

The real estate business is regulated by the state, thus, wherever you are located, you have to follow the regulations governing it. The regulations may differ by state but everyone interested in being a real estate agent must enroll in pre-licensing courses. The curriculum also varies by state. In Texas, the required credits hours are 180, while in California, it's 160, which is equivalent to three college-level courses. In Idaho, residents are only required to have a total of 90 hours or two courses. You can get more information from the real estate commission where you are residing. 

There are a variety of different state courses. Each state is going to have its own courses, so depending on where you plan on practicing you are going to have to find out and pass the different types of available courses to become a real estate agent.

Work with a broker

While you are getting educated in real estate procedures, find a reputable real estate brokerage office or agency. It is inevitable that you have to find employment in one to gain practice and experience, so you must do it before you finish your course. The last part of your pre-licensing education and the paper work you will require before you sit for the state licensing exams require the help of the broker. Choose a sponsoring broker with employing broker's license. 

Sit for the licensure exams

After you've passed your pre-licensing course, see to it that you get the certificate of completion and/or your transcript of records, as you will need that when applying for the real estate agent license. The application fee as well as the requirements varies by state as well. In some states, a criminal background check as well as fingerprints must be submitted first. 

After passing the licensure exam

The procedures for the acquisition of license differ. In California for example, your application for a real estate agent license include the receipt of a Salesperson License Application. This should be completed and submitted together with the required fee within one year after you have passed the licensure exams. The application also lists down the other requirements that you should submit together with the license application.  As a would-be real estate agent, you must submit proof of completion of the required courses.

How do you get realtor license?

A real estate agent and a realtor are similar in that both of them are licensed to sell real estate properties. A real estate agent has taken and passed the pre-licensing course, passed the real estate licensing exam and later, the national licensing exam. He or she may have taken continuing education courses to advance their careers and for license renewal. 

A realtor is also a licensed and professional real estate agent. However, the individual is called a realtor when he/she becomes a member of the National Association of Realtors (NAR). The association has a code of ethics and standards that all members must adhere to. 

The rewards for being a good real estate agent can be enormous. However, it takes time to build a solid reputation as one. Take a serious look at each step of how to become a real estate agent. Be sure to follow each step and pass all the requirements. Furthermore, see to it that you have enough funds to tide you over before you can put up that first "sold" sign. 

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Types of Available Courses to Become a Real Estate Agent

Types of Available Courses to Become a Real Estate Agent 

There is so much to gain by becoming a real estate agent. There's the exhilaration of being your own boss, the warmth of finding the right kind of home for buyers, and the joy of helping a homeowner find a good buyer for their home. Of course, there's also the commission that you are going to get from the sale!

Becoming a real estate agent is exciting, but it doesn't happen overnight. It's a job that requires specific knowledge. Before you can be a real estate agent, you need to have a license. Prior to acquiring a license, you need to attain a pre-licensing education. And remember - real estate is a state-regulated occupation and so the requirements, for education and for the acquiring of license, vary by state.  

Pre-licensing courses

The pre-licensing courses to become a real estate agent conform to the regulations issued by individual states. The length of the credit hours required varies. Here's an example from the six largest states in the U.S.:

 

California – 160 credit hours

Florida – 63 credit hours

Illinois – 90 credit hours 

New York – 75 credit hours

Pennsylvania – 60 credit hours

Texas – 180 credit hours

You need to be 18 or 19 years old, at least a high school graduate and a legal resident of the United States before you can qualify for the pre-licensing course. These courses are college level and focused on the fundamentals of real estate. The topics covered range from fiduciary responsibilities, types of property ownership, fair housing laws, property taxes and state regulations. 

The licensing exam, regulated by the state, must also be passed before you are qualified to get a license. However, you must be sponsored by a real estate broker and you and the broker must complete the last of the paperwork before you can get the license. Many states also require you to have continuing education courses every two years so your license can remain active. 

Other courses for real estate agents

If you are about to enter college and foresee that working in the real estate business is for you, you have several options to get full academic degrees. You can choose from an associate’s, bachelor’s and master’s degree in real estate. The first thing you have to do is find an accredited school, many of which offer onsite and online courses. If you are already working as a real estate agent and want to further your studies, this is for you, too! 

1.  Associate's degree

This is the shortest route if you are after a college degree in real estate. The course takes two years to finish. This will give you a good head start. You can sit for the state licensing exam after graduation and work in a real estate broker's office. You have the educational credential in your resume and can add to it by further studies. 

2. Bachelor’s degree

More real estate companies are hiring college graduates because the responsibilities and financial transactions involved in real estate sales are becoming more complex. A bachelor's degree in real estate will also allow you to advance into more specific business areas like commercial real estate. You can also choose to focus on finance, business administration, marketing or real estate. At the same time, you can take additional subjects, such as environmental issues, ethics, land-use planning and real estate laws, which will be beneficial if you see yourself establishing your own real estate company later. 

Master's degrees for real estate prepare individuals for a more serious full time career that can lead to being a broker or a commercial real estate developer.

3. Master of Business Administration (MBA)

If your goal is to establish a life-long career in real estate, getting an MBA is a good option. While this is a general business master's degree, you can choose specific programs related to real estate for your specialization, such as:

• Urban systems
• Real estate development
• Real estate capital markets

and complement this with other courses to broaden your knowledge, such as:

• Sovereign wealth funds
• Hedge funds
• Sales and trading 

4. Master’s degree in real estate development (MRED)

If your goal is to be a real estate developer, this is the tool to succeed. You have two choices here. You can either study for a Master of Science in Real Estate Development (MSRED) or Master in Real Estate Development (MRED). This master's degree will train you on the intricacies and complexities of long-term profitability projections, construction costs and financing. Some of the courses for MRED are:

• Real estate law for developers
• Advanced financial analysis for commercial real estate
• Design of the built environment 
• Real estate market analysis

Being a real estate agent can be glamorous and offer you huge incentives once you're established. Be prepared to invest time and money to your training to get a license and continue learning, because it is the only way to succeed in the business. 

For information about some of our other articles, click the links below:
Real estate agent pre-license test
How to get your real estate license

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About the Real Estate Agent Pre-Licensing Course

About the Real Estate Agent Pre-Licensing Course

So, you've made the big decision to become a real estate agent! If you're thinking right now that you're in for an exciting career - and maybe even some good money - these thoughts are true. However, before you can become a real estate agent, you need the right education.

Being a real estate agent requires a license issued by your state. The requirements, from the course curriculum, number of hours of learning, and the licensing procedures also vary, depending on which state you are located in.

The course for real estate agents is called a pre-licensing course, and has a required number of qualifying hours. Once you complete and pass the college-level course, it's time to get ready to take the licensing exam, which is also regulated by the state.

Credit hours required to become a real estate agent

The number of credit hours required and the pre-licensing curriculum vary by state. The basic requirements include being 18 years of age, at least a high school graduate, and a legal resident of the United States. Beyond this, everything else has a slight variation.

For example, in Louisiana, a person interested in becoming a real estate agent must take a 90-hour Real Estate 101 course. The course includes Real Estate Principles and Practices, Louisiana Real Estate License Law, Commission Rules and Regulations, Law of Agency (Title 9 of the Revised Statutes of Louisiana) and Civil Law (pertaining to the real estate transactions).

In New York, the pre-licensing course takes 75 hours while in Texas, the required course work lasts for 180 hours (it's one of the longest). If you live in Texas, the pre-licensing course includes 60 credit hours for Real Estate Principles, 30 credit hours for Law of Agency, 30 credit hours for Law of Contracts and another 30 credit hours for Real Estate Finance. The last 30 credit hours are for learning Promulgated Forms.

The credit hours in California for would-be real estate agents are also long, at 160 hours. The course curriculum is also comprehensive, just like in Texas. The curriculum for California pre-licensing education consists of Real Estate Principles, Real Estate Practice and Legal Aspects of Real Estate. Each of this course work includes reading assignments in textbooks, workbook assignments, practice exams and quizzes as well as final examinations.

Among these examples, the common course work is Real Estate Principles, which is also specific to each state. The subject covers various topics, such as time management, financing, escrow procedure, listing and selling process, closing the sale, property valuation and taxes. This also covers Ethics, Agency and Business Principles, Contract, Leases, Liens and Encumbrances, Unlawful Discrimination, Acquisition and Transfer of Real Property and Land Descriptions and Subdivisions.

Real Estate Practice is more about running the real estate agency while the Legal Aspects is about all the laws, rules and regulations that cover real estate.

Before you reap the rewards of being a real estate agent, which many say are greater than you'd expect from a white-collar job, be prepared to work hard. Get the proper education by enrolling in an onsite or online course for real estate agent, pass it and get ready for the license examination.

If you are looking for more information about how to get a real estate license, you can learn more here. 

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