The real estate exam is one of three major exams that brokers must take to be licensed in the United States. These are the broker’s license examination, the general certification test for insurance, and the certified sales professional (CSP) exam which focuses more specifically on producing a great listening experience for your potential home buyer or seller.
The real estate exam has two parts-the written part and then the practical demonstration or field evaluation. Both parts have a total time limit of 3 hours. This includes breaks for both you and the examiner!
The oral portion of the exam takes around 2 hours depending upon how many questions there are. Most people study for this by taking practice tests online or through VCE providers. Some employers also provide sufficient studying materials so that candidates do not need to purchase them themselves.
Learning to read a contract
While some people may feel overwhelmed by the number of questions asked in real estate exams, most are easy to navigate through. Almost every exam includes asking about contracts you have or will be signing as sellers and buyers.
Mostly these contain three sections: offer and acceptance, sale and purchase agreement, and general disclosures. The first two can easily be navigated through if you take time to understand what information they include and how to interpret it! General disclosure clauses are usually pretty straightforward so there is no need to worry about those.
The hardest part about studying for the test is figuring out which parts of the contract matter and don’t matter to you as a seller or buyer.
Being a good parent
As mentioned before, being a great parent requires you to put in a lot of time. You will need to be around for your children at least part-time while they are young (depending on how many kids you have).
It is very difficult to achieve success as a real estate professional if you cannot spend time with your family.
Parental responsibilities will also increase due to the demands of your career.
If you would like to continue to succeed in your dreams of becoming an elite property investor, you must make a commitment to invest time in your personal life.
You should not feel obligated or that you have to work extra hard because of what you earn. You should enjoy yourself and know that your lifestyle can be influenced by the way you manage your money.
By setting appropriate limits on spending and investing, you will meet your financial goals.
Knowing how to be a good friend
Being a great friend is more than just having fun with someone, it is also about being there for them when they need you. You should always try your best to put their interests first in all situations, whether it is business related or not.
Being a great friend means never making assumptions about who they are or what they do; instead ask them directly about these things and get direct answers from them.
Be honest and trustworthy at all times, don’t keep secrets that can hurt them or could potentially cost them money. A lot of people may think they know what a person does outside of work, but we all have different personal lives which may or may not show themselves during working hours.
Never underestimate the power of a well-timed compliment either, if you see something that looks nice on someone make sure to tell them! The same goes for telling them something that they might want to know.
If you feel like someone is acting strangely job related then chances are they probably are, so let them talk and find out what is going on for yourself.
Learning to be a good partner
The other major part of the exam is the Partnership Examination, which is a one hour session where you will be asked to discuss topics such as partnership agreements, shareholder rights, responsibilities, etc.
This examination covers everything from what happens if there’s a disagreement over an issue to how much equity each person in the business has (this changes depending on whether or not someone else also owns a share). It even looks at who gets paid and when!
The most important thing about this examination is that it asks questions that relate directly to the workplace. This means that it can seem very difficult and confusing at first, but don’t worry, these things are pretty common.
Most people have been through some form of this assessment before, so there are lots of resources available.
Understanding financial markets
The other part of the Re/Max sales process that can take time is understanding how the market works. This includes understanding how different types of real estate agents work, what factors influence home prices, and how to position yourself as an agent in order to succeed.
Most people are not professional traders or investors, which is why most people never make large profits investing their money. People who do invest tend to have very specific things they look for when buying or selling stocks or properties.
Trading comes down to knowing when to buy and sell, and being able aware of your own limitations. There are many ways to approach investing, but you must know what these strategies are before trying to implement any of them.
That’s where learning about finance comes into play. Finance deals with the flow of money, so it makes sense to be familiar with this field before getting involved in trading.
Knowing how to manage your money
A lot of people think that real estate brokers are paid well, but they are not! While some brokerages have very high income earners, these individuals stand out as exceptions rather than the norm.
Brokers do not earn many perks in pay-the job can be hard work requiring lots of effort and time investment. Many brokers start off with no extra cash at all and then must find ways to make up for it later.
Many more experienced brokers have you working under them so that they can reap the benefits of having you on their team. This is why most brokers don’t get paid much-they are paying back what they gave to develop their talent and expertise.
There are several strategies that professionals use to keep track of their spending. One of the easiest ways to do this is through an easy to access bank account. If you don’t have one yet, let us help you create one! We can also assist you in staying within budget if you already have an account.
Be familiar with the different neighborhoods
As I mentioned, there are three main parts to the real estate exam. These are the general practice test, the property questionnaire, and then either the practical or in-house examination.
The general practice test is quite similar between state boards and national groups. You will be asked about topics such as finance, marketing, psychology, law, and so forth. This test is not timed, but it does give you a lot of content to review.
After taking this test, you’ll get a letter telling you which board you were accepted into and what courses you need to take before being able to sit for the actual certification exam. Make sure to check your email frequently!
The property questionnaire comes next. This one depends on the specific area that you want to work in. For example, if you wanted to be an agent in California, then the CA Realtor Board has their own property questionnaire. It covers things like how many houses you would hope to buy, fees, etc.
This one can easily cost anywhere from $100-$300 depending on the area. But most people who have done the pre-test said it was well worth the money because it helps weed out people that may or may not succeed in the profession.
Have a list of your favorite restaurants
As hard as it may seem, being prepared for the real estate exam is more about having a constant source of information and learning, rather than actually taking a test. This can be tricky at times because you don’t want to over-prepare!
If you do that, then how will you feel when you are under pressure? The best way to prepare is by spending time in the field – just make sure that it isn’t too much time, otherwise people could get scared off!
Another good tip is to take some time after work to go somewhere that you have always wanted to visit or read about a new area or city. Doing these things before the examination would help you relax and know what to expect.