Real estate exams cover several competencies and key concepts. Licenses are issued at the state level, so each state has the authority to create and administer its own test. Each real estate exam has a general section and a state-specific section. Exam questions are multiple choice. A state's real estate commission may change the exam questions and layout periodically to deter test-takers from cheating.
The real estate exam covers a variety of concepts related to property. The exam covers property classes, types of property ownership and property transfer rules. The exam covers land use regulations, including government rights as well as private and public controls. Candidates must know land characteristics and the various legal descriptions of property.
Real Estate Regulations
A portion of the real estate exam is dedicated to federal laws that govern real estate practices. Candidates must have knowledge of fair housing and fair credit laws as well as landlord-tenant laws. This portion also covers ethical issues related to brokers, agents and other real estate professionals.
The real estate exam covers real estate calculations and various mathematics concepts. License candidates must understand how to calculate property taxes as well as how to make general lending calculations. Other real estate calculations include calculations for mortgages and property values.
Licensed agents must possess a general knowledge of real estate finance concepts. The exam tests the candidate's knowledge of different types of real estate loans and the different sources of loans. The exam also covers various government programs, mortgages and credit laws.
Real Estate Valuation
License candidates must understand real estate valuation and the different methods of estimating real estate value. The exam covers competitive market analysis as well as which transactions require property appraisals.
Contracts and Disclosures
The real estate exam covers contractual relationships between buyers and sellers. Candidates must have knowledge of general contract law. Candidates must possess property-specific contract knowledge including purchase agreements, lease agreements, counteroffers and rescissions. Further, the exam covers numerous real estate disclosures such as material facts and property condition disclosures.
A portion of the real estate exam is dedicated to state-specific statutes and regulations. The state-specific portion covers licensing requirements as well as continuing education, license renewal and transfer rules as required by the state department of real estate. This portion also covers state laws governing licensee activities and state-specific real estate laws such as property ownership and transfer rules, landlord-tenant laws, fair housing rules and other state-specific disclosures.
- Photo Credit Ableimages/Digital Vision/Getty Images
How to Pass the Illinois Real Estate Exam
Many realtors took the liscensing exam more than once before they passed. Some aspiring real estate agents are still trying. Then there...
How to Pass the Real Estate PSI Exam
PSI, which designs and develops examinations for professional associations, government regulatory agencies and corporations, offers a real estate exam that's recognized in...
How to Pass the Virginia Real Estate PSI Exam
To be a real estate salesperson or broker in Virginia, you have to pass a licensing exam administered by PSI Examination Services....
How to Pass the Ohio Real Estate Exam
To become a real estate salesperson or broker in Ohio, you have to pass a licensing exam administered by PSI Examination Services...
Real Estate Training After Passing the State Exam
Attending real estate school and passing the state exam is just the first step toward learning the real estate business. The real...
Real Estate Class Examples
After attending a real estate class, there is usually an exam at the end to make sure you've mastered the class. Learn...