& what is covered on the real estate exam
Day 19 of 30 – Robert Earl’s Prospective Agent Mentorship Guide – Digital Agent Show
Each state varies in the exact information that is covered in the real estate classes. Different laws in different parts of the country are applied in different ways.
Yet each state follows a similar presentation format and when you understand this you will realize that there are thing that you need to learn in the real estate class and things that you need to remember just long enough to be able to pass your exam.
- I am going to use as examples the two states that I have held a license in, Virginia and Florida.
- I am going to start out with Florida and show you the sections covered in the class and give you a brief overview of each one.
- Then I am going to show you what is covered on the exam so that you have a comparison to look at.
Let’s get started,
The typical Florida pre-licensing real estate course covers 19 sections of materials.
In an online course, like those offered by The CE Shop, there is a section quiz that you must pass before you can move on to the
Next section.
Section 1: Overview: The Real Estate Business
This section will talk about the various businesses that fall under the umbrella of real estate. Sales, Property Managements, Construction, Appraisals.
Topics Include:
- Describe the various activities of real estate brokerage
- Distinguish among the five major sales specialties
- Identify the role of property managers
- Explain the appraisal process and the role of the appraiser
- Understand the mortgage process and the role of mortgage loan originator
- Explain the three phases of development and construction
- Distinguish among the three categories of residential construction
Students get into the real estate class thinking that it is going to be focused on residential sales, but the state wants you to learn about all aspects of the real estate business. Even if you never practice property management, you need to understand the principles of the practice according to the state.
Section 2: Real Estate License Law and Regulations
When I first got my license to sell real estate in Florida, I was still living in Virginia. Some states don’t allow this to occur.
This section will explain what it takes to be a licensed real estate sales associate, what activities require a license and what ongoing educational requirements are in place in the state of Florida.
Topics Include:
- Identify the qualifications for a sales associate’s license
- Describe the application requirements for licensure including nonresident application requirements
- Explain the importance of responding accurately and completely to the background information questions on the licensure application
- Illustrate the background check procedure conducted by the DBPR
- Describe the education requirement for pre- and post-license education and continuing education
- Distinguish among the various license categories
- Identify services of real estate where licensure is required
- Recognize actions that constitute unlicensed activity
- Recognize exemptions from real estate licensure
- Distinguish between registration and licensure
- Explain mutual recognition agreements
Section 3: Real Estate License Law and Commission Rules
You know that the state government is involved with real estate licensing. This section explains the laws and statutes that have been passed to empower the Real Estate Commission and what they are allowed to do.
Some people start talking about the real estate class being hard at this point because of the abstract information that they are learning among other reasons.
Topics Include:
- Describe the composition, appointment and member qualifications of the Florida Real Estate Commission
- Define the powers and duties of the Commission
- Explain the different licensure statuses
- Distinguish between active and inactive license status
- Describe the regulations regarding involuntarily inactive status
- Distinguish between multiple and group licenses
Section 4: Authorized Relationships, Duties, and Disclosures
I like to say that this section covers who is who in the transaction and who works for who and how you disclose who they are and who they work for.
It will all make sense when you get done with the section.
Topic Include:
- Describe which provisions of the Brokerage Relationship Disclosure Act apply only to residential real estate sales and list types of real estate activities that are exempt from the disclosure requirements
- Define residential transaction
- Distinguish among nonrepresentation, single agent and transaction broker
- List and describe the duties owed in the various authorized relationships
- Compare and contrast the fiduciary duties owed in a single agent relationship and the duties owed in a transaction broker relationship
- Describe the disclosure procedures for the various authorized relationships
- Describe the required content and format of the various disclosure forms
- Explain the procedure for transition from a single agent to a transaction broker
- Describe the disclosure requirements for non-residential transactions where the buyer and seller have assets of $1 million or more
- List the events that will cause an agency relationship to be terminated
- Distinguish between and explain the disclosure requirements and forms pursuant to Florida Statute
- Identify Information That is Subject to Public Record
Section 5: Real Estate Brokerage Activities
Real estate agents have to be affiliated with a real estate brokerage when they first get licensed. But how do you open a brokerage and what can you do with that company? This section will answer all of these questions including rules on offices, advertising, signage and services. This also shows you the steps you must follow if you change from one company to another.
Topics Include:
- Identify the requirements for real estate brokerage office(s) and the types of business entities that may register
- Explain what determines whether a temporary shelter must be registered as a branch office
- List the requirements related to sign regulation
- List the requirements related to the regulation of advertising by real estate brokers
- Explain the term immediately as it applies to earnest money deposits
- Describe the four settlement procedures available to a broker who has received conflicting demands or who has a good-faith doubt as to who is entitled to disputed funds
- Explain the rule regarding the advertisement of rental property information or lists or negotiation of rentals
- Describe the obligations placed on a sales associate who changes employers and/or address
Section 6: Violations of License Law, Penalties and Procedures
In my conversations with other agents that have completed the real estate class, we are all in agreement that this section is designed to do one thing. Scare you into not even thinking about doing anything that could cause you to have a violation with the real estate board.
When you read about some of the Realtor violations over the years, or examples given in the materials you will see what I am talking about.
There are a lot of people practicing real estate without a license and there are a lot of agents practicing law that are not lawyers. Both will get you a violation and an appointment with the real estate commission.
Topics Include:
- Explain the procedures involved in the reporting of violations, the investigation of complaints and the conduct of hearings
- Define the elements of a valid complaint
- Discuss the composition of the probable-cause panel
- Recognize events that would cause a license application to be denied
- Distinguish actions that would cause a license to be subject to suspension or revocation
- Identify individuals who would be eligible and the procedure to seek reimbursement from the Real Estate Recovery Fund
- Identify individuals who are not qualified to make a claim from the Real Estate Recovery Fund
- Describe the monetary limits imposed by law on the Real Estate Recovery Fund
- Explain the penalty for a first and second degree misdemeanor and what real estate activities are first degree misdemeanors
- Provide Examples of Unlicensed Practice of Law
- Illustrate Presumptions for a Party Performing Real Estate Services
Section 7: Federal and State Laws Pertaining to Real Estate
What are the protected classes covered by the Fair Housing laws at the Federal and State Levels? In some states they are not the same. You not only need to know the laws but what year they were passed.
When you get to this section of the course, you are going to remember me talking about people and groups that are exempt from the laws and are legally allowed to discriminate with regards to fair housing. The examples may shock you.
Topics Include:
- Explain the significance of the Jones vs. Mayer court case
- List the real estate included under the different fair housing acts Recognize the groups protected under the 1968 Fair Housing Act
- List the property exempt from the 1968 Fair Housing Act
- Understand the provisions of the 1988 Fair Housing Amendment
- Describe the types of discriminatory acts that are prohibited under the 1968 Fair Housing Act
- Describe the HUD process for handling a complaint under the 1968 Fair Housing Act
- Describe the objectives and major provisions of the Americans with Disabilities Act
- Describe the major provisions of the Florida Residential Landlord and Tenant Act
- Describe the major provisions of the Interstate Land Sales Disclosure Act
8: Property Rights: Estates and Tenancies; Condominiums, Cooperatives, and Time-Sharing
What is real property? No, this does not have anything to do with the metaverse vs. the physical realm. At least not yet. Property, Condos, Coops and Timeshares all have different ownership structures and you will learn all about them in this section.
You may never sell a timeshare in your life, but you need to understand them in order to get your real estate license.
Topics Include:
- Define real property based on the definition in Chapter 475, F.S.
- List and explain the physical components of real property
- Explain the four tests courts use to determine if an item is a fixture
- Distinguish between real and personal property
- Describe the bundle of rights associated with real property ownership
- List the principal types of estates (tenancies) and describe their characteristics
- Describe the features associated with the Florida homestead law
- Distinguish between cooperatives, condominiums and time-shares and describe the four main documents associated with condominiums
Section 9: Title, Deeds and Ownership Restrictions
How do you know if someone owns a property and how is that ownership transferred from one person to another? And what do you do if someone else claims that they have an ownership interest. Section 9 will cover all of this.
Topics Include:
- Differentiate between voluntary and involuntary alienation
- Explain the various methods of acquiring title to real property and describe the conditions necessary to acquire real property by adverse possession
- Distinguish between actual notice and constructive notice
- Distinguish between an abstract of title and a chain of title
- Explain the different types of title insurance
- Describe the parts of a deed and the requirements of a valid deed
- List and describe the four types of statutory deeds and the legal requirements for deeds
- List and describe the various types of governmental and private restrictions on ownership of real property
- Distinguish among the various types of leases
Section 10: Legal Descriptions
How many square feet are in an acre? 43,560. How do I remember this? 7-11. 4+3=7 and 5+6=11. This is key for this section because you will have to do calculations for acres or quarter acres to square feet.
You will also learn about riparian rights. In 20 plus years of being licensed and over 700 sales I only had one time where a transaction involved riparian rights. What does that mean? You will have to take the course to find out…
Topics Include:
- Describe the purpose for legal descriptions
- Understand the licensee’s role and responsibilities as it pertains to legal descriptions
- Explain and distinguish among the three types of legal descriptions
- Describe the process of creating a legal description using the metes-and-bounds method
- Locate a township by township line and range
- Locate a particular section within a township
- Understand how to subdivide a section
- Calculate the number of acres in a parcel based on the legal description, and convert to square feet
- Explain the use of assessor’s parcel numbers
- Apply the measurements associated with checks, townships and sections
Section 11: Real Estate Contracts
Finally, we get to contracts. You will quickly find out that not all contracts are the same. Some properties have been sold on a handshake agreement with nothing in writing in Florida and that is OK, as long as nothing goes wrong in the transaction. But as a licensed agent, you will need to be more formal than that.
Topics Include:
- List and describe the essentials of a contract
- Distinguish among formal, parol, bilateral, unilateral, implied, expressed, executory and executed contracts
- Describe the various ways in which an offer is terminated
- Describe the various methods of terminating a contract
- Explain the remedies for breach of a contract
- Describe the effect of the Statute of Frauds and the Statute of Limitations
- Describe the elements of an option
- Differentiate among the various types of listings
- Explain and describe the various disclosures required in a real estate contract
- Recognize what constitutes fraud
- Recognize what constitutes culpable negligence
Section 12: Residential Mortgages
Even though you are studying to be a real estate agent and not a mortgage loan officer, you need to understand the ins and outs of mortgage loans and how to do the math for the different calculations. By the time you are done with this section you will be able to calculate percentages and fractions better than you ever have in your life.
Topics Include:
- Distinguish between title theory and lien theory
- Describe the essential elements of the mortgage instrument and the note
- Describe the various features of a mortgage including down payment, loan-to-value ratio, equity, interest, loan servicing, escrow account, PITI, discount points and loan origination fee
- Explain assignment of a mortgage and the purpose of an estoppel certificate
- Explain the foreclosure process and distinguish between judicial and nonjudicial foreclosure
- Describe the mortgagor’s and mortgagee’s rights in a foreclosure
- Calculate loan-to-value ratio
- Explain the use of discount points and calculate approximate yield on a loan
- Distinguish among the various methods of purchasing mortgaged property
Section 13: Types of Mortgages and Sources of Financing
More Mortgage information is covered in this section. You will learn about adjustable rate mortgages, FHA and VA Loans and how these loans are funded.
Topics Include:
- Describe the mechanics of an adjustable rate mortgage and the components of an ARM
- Describe the features of an amortized mortgage and amortize a level-payment plan mortgage when given the principal amount, the interest rate and the monthly payment amount
- Distinguish among the various types of mortgages
- Describe the characteristics of FHA mortgages and common FHA loan programs
- Identify the guarantee feature of VA mortgage loans and the characteristics of VA loan programs
- Explain the process of qualifying for a loan and how to calculate qualifying ratios
- Distinguish among the primary sources of home financing
- Describe the role of the secondary mortgage market and know the features of the major agencies active in the secondary market
- Describe the major provisions of the federal laws regarding fair credit and lending procedures
- Recognize and avoid mortgage fraud
Section 14: Real Estate Related Computations and Closing of Transactions
Title and Settlement Companies are the ones that prepare settlement statements, but you as an agent need to be able to check the calculations to make sure they are correct.
You also need to understand what is going to be charged to each party in the transaction. This could come into play during the negotiation of a sales contract.
Topics Include:
- Compute the sales commission
- Calculate the percent of profit or loss, given the original cost of the investment, the sale price and the dollar amount of profit or loss
- Define settlement and title closing
- List the preliminary steps to a closing
- Prorate the buyer’s and seller’s expenses
- Calculate the dollar amount of transfer taxes on deeds, mortgages and notes
- Allocate taxes and fees to the proper parties and compute individual costs
- Explain the rules of thumb for closing statement entries
- Explain the major sections of the Uniform Settlement Statement
- Demonstrate ability to read and check the Uniform Settlement Statement for errors
Section 15: The Real Estate Markets and Analysis
Supply and Demand can vary in real estate from market to market and neighborhood to neighborhood. This section will show you how to spot the differences and some of the sources you can use to determine the market conditions.
This is one section that makes up a very small portion of a final exam, yet students and some instructors spend far to much time on this section and end up derailing class. It can be very frustrating to experience. This is not the case with an online course.
Topics Include:
- Describe the physical characteristics of real estate
- Describe the economic characteristics of real estate
- Identify the factors that influence demand
- Identify the factors that influence supply
- Distinguish among different ways of interpreting market conditions
- Demonstrate understanding of the different market indicators
Section 16: Real Estate Appraisal
How do you determine the sales price for a property and is the property worth that amount? There a number of ways that you can determine the answer to this question and this section will show you how.
Topics Include:
- Describe federal and state regulations pertaining to appraising
- Identify the appraisers fiduciary relationship
- Identify the economic and physical characteristics of real estate that affect market value
- Explain what the Uniform Standards of Professional Appraisal Practice (USPAP) is and how it affects the appraisal process of real property
- Distinguish among the various types of value
- Define market value and describe its underlying assumptions
- Distinguish among value, price and cost
- Describe the four characteristics of value
- Distinguish among the principles of value
- Differentiate among the three approaches to estimating the value of real property
- Estimate value of subject property using Comparable Sales Approach
- Estimate value of subject property using Cost Approach
- Estimate value of subject property using Income Approach
- Reconcile three approaches to establish final value estimate
- Calculate value using gross multiplier analysis
- Explain how to prepare a Comparative Market Analysis (CMA), comparing and contrasting with sales comparison approach
Section 17: Real Estate Investments and Business Opportunity Brokerage
This section will help you understand if an investment is good or bad, and will show you how to do the calculations to help make this determination. From residential homes to larger multi-family and commercial buildings, you will learn the calculations for all of them.
There are also a few agents in each market that focus on business brokerage. These people help business owners sell their business, even if there is not real estate involved.
Topics Include:
- Distinguish among the different types of real estate investments
- Identify the advantages and disadvantages of investing in real estate
- Distinguish among the various types of risk
- Explain the importance of investment analysis
- Describe the similarities and differences between real estate brokerage and business brokerage
- Describe the types of expertise required in business brokerage
- Distinguish among the methods of appraising businesses
- Describe the steps in the sale of a business
Section 18: Taxes Affecting Real Estate
Death, Taxes, Realtor Dues and MLS Fees. All of these are constants in life. (A little real estate humor for you.)
How are real estate taxes calculated and who has to pay them? And who is exempt from paying them? You will all about the answers to these questions in this section.
Topics Include:
- Distinguish among immune, exempt and partially exempt property
- Describe the various personal exemptions available to qualified owners of homestead property
- Compute the property tax on a specific parcel, given the current tax rate, assessed value, eligible exemptions and transfer of assessment limitation difference (save our homes portability) if applicable
- List the steps involved in the tax appeal procedure
- Describe the purpose of Florida’s Green Belt Law
- Calculate the cost of a special assessment, given the conditions and amounts involved
- Describe the tax advantages of home ownership
- Explain how to determine taxable income of investment real estate
- Distinguish between installment sales and like-kind exchange
Section 19: Planning, Zoning, and Environmental Hazards
In the final section, the concept of community planning and zoning are introduced. Sometimes the zoning will change on a property and then the seller wants to sell and you as the agent need to understand what types of uses the new buyer will be able to perform on the property.
In addition, with Florida being nearly surrounded by water and with all of its natural resources, real estate can play a major role on the environment. Laws have been passed that effect the market and you will need to understand their impact on the properties that you represent.
Topics Include:
- Describe the composition and authority of the local planning agency
- Explain the purpose of land-use controls and the role of zoning ordinances
- Identify the provisions of Florida’s comprehensive plan and the Growth Management Act
- Distinguish among the five general zoning classifications
- Distinguish among zoning ordinances, building codes and health ordinances
- Explain the purpose of a variance, special exception and a nonconforming use
- Calculate the number of lots available for development, given the total number of acres contained in a parcel, the percentage of land reserved for streets and other facilities and the minimum number of square feet per lot
- Describe the characteristics of a planned unit development
- Understand the basic provisions of the national flood insurance program
- Describe the impact Comprehensive Environmental Response Compensation and Liability Act (CERCLA)
- Explain the various environmental hazards associated with real estate
So there you go. Each section covers a variety of topics and the sections build upon each other so that you develop a basic understanding and then can apply those concepts to the information you learn in the next section.
How is the final exam structured?
The exam follows a similar outline to the class. Each section that was covered in the class will make up a percentage of the final exam and state exam.
Here is what is covered on the final exam:
Topic & Exam %
1. The Real Estate Business 1%
2. License Law and Qualifications for Licensure 2%
3. Real Estate License Law and Commission Rules 7%
4. Authorized Relationships, Duties, and Disclosures 7%
5. Real Estate Brokerage Activities and Procedures 12%
6. Violations of License Law, Penalties, and Procedures 2%
7. Federal and State Laws About Real Estate 4%
8. Property Rights: Estates, Tenancies; Condominiums, Cooperatives, Community Development Districts, Homeowner Associations, and Timesharing 8%
9. Titles, Deeds, and Ownership Restrictions 7%
10. Legal Descriptions 5%
11. Real Estate Contracts 12%
12. Residential Mortgages 9%
13. Types of Mortgages and Sources of Financing 4%
14. Real Estate Related Computations and Closing of Transactions 6%
15. Real Estate Markets and Analysis 1%
16. Real Estate Appraisal 8%
17. Real Estate Investments and Business Opportunity Brokerage 2%
18. Taxes Affecting Real Estate 3%
19. Planning and Zoning 1%
How can you pass the real estate exam on the first attempt?
Understanding what is and isn’t going to be on the test is a key to passing the real estate exams on the first attempt.
The outline shown above can act as a cheat guide when you understand the structure. It is like being a baseball player for the Houston Astros and knowing what type of pitch (fast ball, curve, slider) the pitcher was going to throw. It sure makes it a lot easier to hit.
For example, Section 1 covering the Real Estate Business only makes up 1% of the overall questions found on the final exam.
The Florida Real Estate Sales Agent Licensing Exam is made up of a 100-question multiple-choice exam.
- 45 questions on real estate principles and practices,
- 45 questions cover Florida and Federal laws,
- 10 questions require math calculations.
So out of all of the questions on the exam, 1 will be about Real Estate Business. This was the section that talked about the roles found in the real estate business including property managers and appraisers.
Story time… I have shared this before, so bear with me if you have heard it. When I took my real estate class for the first time, I made the mistake of taking a classroom based course. I was excited during the first section. I had my highlighter in hand and was ready to mark up my text book.
Everytime the instructor said, this is important or this might be on the test, I dutifully marked that section in yellow.
When I opened my textbook a few days later to review that section, I realized that 80% of the text was highlighted. It looked like a redacted government document, yet mine was yellow instead of black.
It wasn’t until a trip to Barnes and Noble and finding a real estate exam sample question book that I saw that I was stressing out and making the real estate class harder than it needed to be. (You can get this same type of exam prep module included with an online class that you select on The CE Shop.)
I didn’t need to highlight everything. I needed to understand 15-25 key concepts or terms that might be included in a multiple choice test.
Let me show you a sample question from the final exam so that you can see what I am talking about.
Which of the following would NOT be classified as real property?
A. Chattels real
B. Water rights
C. Easements
D. Mineral rights
There is a test taking skill that you can only learn by taking the sample test in the exam prep module.
First you have to read and re-read the question to determine what it is actually asking. In this case it is saying that 3 of the 4 answers are already eliminated.
A mistake that test takers make is that they see a question like this and jump to the conclusion that it is asking what IS an example and quickly look at the answers and 3 of the 4 are correct. They end up picking one of the 3 and it ends up being incorrect.
Or worse, they see the 3 that ARE real property, but then begin to second guess themselves as to which one the correct answer is. They have a moment of panic and sometimes mark the question for review so that they can come back to it again. They start thinking, “Which one is the most like real property?”
But that is not what the question asked. It asked which one is NOT. Our eyes and our brains play tricks on us.
When you understand the question and realize that it is asking for which one is NOT real property, you can then begin the correct process of elimination.
Even if you have never been in a real estate class, you probably have enough knowledge already to answer this question correctly.
You read through the answers one by one.
A = Chattels real. You might look at this and have no clue what this means. It will be included as a term on one of the flashcards included in the exam prep module, but again, as you read this you might not have any idea what this means. Not a problem, we will set it aside and look at the other 3 answers.
B = Water Rights. Well that makes sense. If I own a property and it is on the water, I should be able to get into the water. That would convey with the sale of the property so we know that this is not the right answer.
C = Easements. You might not know what this one means at first reading. But rest assured, the reading material will cover this concept. An easement is where another party is allowed to use a portion of your property, like a driveway or a utility company. If you are a fan of Yellowstone like me you will remember the episode in season 4 where Kayce puts the llama farmer under the cattle guard. There was a real estate law reason for this. The llama farmer bought a property that had an easement, with the driveway, that allowed the cattle farmer to move his cows from one field to another through the llama farmers property. When the llama farmer bought his property, he knew this because the property had an easement attached to it. He was required by law to allow access. Now the way that Kayce taught him a lesson was great entertainment, but you get my point. An easement is real property and is not the correct answer.
D = Mineral rights. If you own the land, you also own what is underneath it. Think of properties that have oil underneath them. The property owner has the right to drill for that oil or lease out the right to drill. This conveys with the property when it is sold. So this is not the correct answer.
So even if you have no idea what Chattels real means, you know by the process of elimination it must be the correct answer. It means personal property, like the contents of the house or garage.
When the property sells, the previous owner takes these items with them and they do not convey as real property in the sale. If the seller wants to sell the house furnished, then they are technically performing 2 sales. One for the real property and one for the chattels real (personal property) The real property sale contract might be for $400,000 and the personal property sale might be for $1, but they are two separate sales.
The correct answer is Answer: A – Chattels real. Personal property: Things that are tangible and movable; not real property.
Let’s look at one more question that is found on the final exam so that you further understand the concept of what you will learn in the real estate class.
Two unrelated friends are buying a home together and want the property to pass to the other when one of them dies. What is the best way for them to take title?
A. Tenants in Common
B. Tenancy in Severalty
C. Tenancy by the Entirety
D. Joint Tenants
This question is not as straightforward as the first question, if you haven’t taken the class.
This is one that you will learn by reading the materials, seeing the different ways that title is issued on a property and then being able to recall it on the exam. Taking sample test questions is a key because you not only see which answers are correct, but you also understand which ones are wrong.
If you guessed Joint Tenants, you would be correct.
Answer: D. Joint tenancy – an estate in real estate that is owned by two or more persons, all owning equal shares with rights of survivorship.
You will have 3 and ½ hours to complete the 100 questions and you need a 75% or higher score to pass the exam.
Understanding this and the questions asked on the test are key. Take math for example. If you didn’t answer any of the math questions on the test, you could still get a 90% score.
Bottom line, don’t get too hung up on one specific question or section.
My key to passing the exam is to take the sample test found in the exam prep a couple of times with a timed period.
Set it for 100 questions and see how you score. If you didn’t pass, then you know what sections and concepts you need to review.
I take it again until I am scoring at 85-100%. That way when I get into the final exam and am nervous and have a brain fade, I still will be able to answer enough questions to pass.
Don’t use the final exam as a practice exam. That can be very expensive and cost you time and frustration. Schedule the time to study beforehand and as you are going through the course. https://asktheearl.com/the-time-frame-needed-to-get-a-real-estate-license/ Practice before that using the exam prep module and sample test questions.
What will you learn in the Virginia Real Estate Class?
Virginia is similar to Florida in the sense that the sections of the course are identified and you know going into the course what is going to be on the exam.
If you end up taking the two classes, like I have, you will see subtle differences in the law that have roots all the way back to Virginia being an English colony and Florida being settled by the Spanish. This creates some slight differences in terminology and laws.
Here is what you will learn in the Virginia real estate pre-licensing course.
National Portion:
1) Property Ownership: 8% of the national portion questions
2) Land use controls and regulations: 5%
3) Valuation and market analysis: 7%
4) Financing: 10%
5) General principles of agency: 13%
6) Property disclosures: 6%
7) Contracts: 17%
8) Leasing and property management: 3%
9) Transfer of title: 8%
10) Practice of real estate: 13%
11) Real estate calculations: 10%
State Portion:
1) Licensing: 8 questions
2) Escrow accounts: 2 questions
3) Disclosure requirements: 10 questions
4) Agency definitions and relationships: 12 questions
5) Virginia fair housing law and regulations: 4 questions
6) Specific Acts pertaining to real estate practice: 4 questions
Both are very similar and the same approach can be applied to learning the material presented in each course and passing the final exam on the first attempt.
You will learn a lot in the real estate class, but there are also things that are not covered, as you can see from the information I have already presented.
When I say to prospective agents that the real estate class does not teach you how to sell real estate they look at me funny.
“What do you mean?” “How is that possible?” “You’re kidding!?”
These are some of the common responses, but it is true. The class teaches the principles and concepts and laws. There is a second phase of your training that you will need to accomplish after you finish real estate school and that is to learn how to actually sell real estate.
What do I mean by learning how to actually sell real estate?
How do you find buyers and sellers to work with? How do you market yourself? How do you write a sales contract or a listing agreement? What about branding and marketing? I could go on, but you get the point.
That is why, as a new agent you need a guide that can help you select the right real estate school and real estate company so that you can actually learn how to sell real estate.
