Real Estate Exam Practice Test (OCTOBER 2023)
Watch our free real estate practice exam video for this month to help study for your real estate exam.
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Is The Real Estate Exam Hard In 2023?
What Is On The Real Estate Exam In 2023?
- Agency Relationships
- Real Estate Brokerage
- Buyer and Listing Agency Agreements
- Contract Law
- Bundle Of Rights
- Transfer of Property Title
- Financing Principles
- Real Estate Puffing
- Property Management
- Real Estate Vocabulary
How Many Questions Are On The Real Estate Exam In 2023?
Every state has a different number of questions on their exams. However, the majority have between 100-150 questions. Each state generally requires at least a 70% correct score in order to pass. It's important to check with your specific state's real estate regulatory agency for exact information on the number of questions and format of the exam.
How To Get Your Real Estate License In 2023?
Every state has their own requirements for the real estate license. However, an easy and convenient way to get your real estate license is online from home. You can check out this option to get your real estate license online. To find out what is specifically required by your state, you can scroll down to the bottom of this page and click your state's real estate resources page.
What Kind Of Questions Are On The Real Estate Exam In 2023?
Every state has different questions for their exams. However, each one will always cover national topics that are included as part of the exam. Some states combine both national and state topics together (like California) and others separate them into two exams (one national exam and one state exam). Some example questions might look like:
What is the difference between a mortgagee and a mortgagor? Answer: The mortgagor is the borrower. The mortgagee is the lender.
What is the difference between a grantor and a grantee? Answer: The grantor gives, sells, or transfers the property to the grantee. The grantee receives the property.
The primary purpose of Truth in Lending is to: Answer: Truth in Lending (otherwise known as Regulation Z) is intended to do away with deceptive financing tactics.
What are the 6 fiduciary duties of a real estate agent? Answer: Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable Care. These are called fiduciary duties and can be remembered by using the acronym OLDCAR.
- What are the four kinds of real estate ownership? Answer: Tenancy In Severalty, Tenancy In Common, Joint Tenancy, and Tenancy by the Entirety.
What About Real Estate Math?
The type of math on a real estate licensing exam typically includes basic arithmetic, algebra, and geometry. The questions on the exam may require you to use mathematical concepts and formulas to solve real-world real estate problems, such as calculating commissions, determining property taxes, or figuring out financing options.
The emphasis is generally on practical, real-world math problems rather than abstract or theoretical mathematical concepts. You will need to be able to perform simple mathematical calculations accurately and quickly, but a strong background in advanced mathematics is not typically necessary to pass the exam.
The exact math formulas that appear on a real estate licensing exam can vary depending on the state and jurisdiction, but some common examples include:
Commission calculation: To determine the commission earned by a real estate agent, you may need to use a formula that involves multiplying the sale price of a property by a certain percentage.
Property tax calculation: To determine the property tax owed on a property, you may need to use a formula that involves multiplying the assessed value of the property by the tax rate.
Mortgage payment calculation: To determine the monthly mortgage payment on a loan, you may need to use the formula for an amortized loan, which takes into account the loan amount, interest rate, and loan term.
Square footage calculation: To determine the square footage of a property, you may need to use formulas for calculating the area of basic shapes such as rectangles and triangles.
Loan-to-value (LTV) ratio: To determine the loan-to-value (LTV) ratio for a property, you may need to use a formula that involves dividing the loan amount by the appraised value of the property.
It's important to note that while these are common examples of the types of formulas you may encounter on a real estate licensing exam, the specific formulas used can vary by state and jurisdiction.
See our animated explainer video for real estate math concepts below:
How Is The Real Estate Exam Organized?
Every state has different exams. However, you will generally see the exam covers the areas below:PROPERTY OWNERSHIP AND LAND USE CONTROLS AND REGULATIONS
(15% OF EXAM)
- Classes of Property
- Property Characteristics
- Encumbrances
- Types of Ownership
- Descriptions of Property
- Government Rights in Land
- Public Controls
- Environmental Hazards and Regulations
- Private Controls
- Water Rights
- Special Categories of Land
PROPERTY VALUATION AND FINANCIAL ANALYSIS
(APPROXIMATELY 14% OF EXAM)
- Value
- Methods of Estimating Value
- Financial Analysis
TRANSFER OF PROPERTY
(8% OF EXAM)
- Title Insurance
- Deeds
- Escrow
- Tax Aspects
- Special Processes
- Transfer through Court Supervision
- Types of Vesting
CONTRACTS
(APPROXIMATELY 12% OF EXAM)
- General
- Listing Agreements
- Buyer Broker Agreements
- Offers/Purchase Contracts
- Agreements
- Promissory Notes/Securities
- Purchase/Lease Options
- Advanced Fee
LAWS OF AGENCY AND FIDUCIARY DUTIES
(17% OF EXAM)
- Law, Definition and Nature of Agency Relationships, Types of Agencies, and Agents
- Creation of Agency and Agency Agreements
- Responsibilities of Agent to Seller/Buyer as Principal
- Disclosure of Agency
- Disclosure of Acting as Principal or Other Interest
- Termination of Agency
- Commission and Fees
- Responsibilities of Agent to Non-Client Third Parties
FINANCING
(APPROXIMATELY 9% OF EXAM)
- General Real Estate Math
- Types of Loans
- Sources of Financing
- Government Programs
- Mortgages/Deeds of Trust/Notes
- Financing/Credit Laws
- Loan Brokerage
- Types of Loan Originators
PRACTICE OF REAL ESTATE AND DISCLOSURES
(25% OF EXAM)
- Trust Account Management
- Fair Housing
- Truth in Advertising
- Record Keeping
- Agency Supervision
- Permitted Activities of Unlicensed Sales Assistants
- Licensing, and Continuing Education Requirements and Procedures
- General Ethics
- Technology
- Property Management
- Commercial/Industrial/Income Properties
- Specialty Areas
- Transfer Disclosure Statement
- Natural Hazard Disclosure Statements
- Disclosure of Material Facts Affecting Property Value
- Need for Inspection and
- Obtaining/Verifying Information
- Reports
- Servicing Diverse Populations
Free Real Estate Exam Preparation Resources
Quizlet offers a multitude of real estate exam educational material. However, be aware that it is all "user created" material so you cannot be 100% sure that what you are seeing here is accurate. It is still a good starting point. Check out this link for some good study sets:
Dummies.com offers a real estate exam preparation "cheat sheet" for free. You can access that below:
You can also check out our free real estate exam prep videos on our YouTube channel here:
Questions About The Real Estate Exam
How Do I Study For The Real Estate Exam?
Answer: You can study in many different ways. You don't necessarily need a preparation course, but using one is a good shortcut because everything is up to date, checked for accuracy, and organized in a way to help maximize your study time and chances of passing. If you want to study the old fashioned way, you can simply scour resources online and also read your books you have from your required readings.
How Long Should I Study For The Exam?
Answer: It depends. We recommend aiming for a period of 2-4 weeks if using our exam preparation course. However, some people can study for just a single day and pass the exam while others take more than 6 months. It really depends on your ability to retain information and your dedication to studying.
What types of questions will be on the real estate exam?
Answer: The real estate exam typically contains questions about laws related to real estate, principles of real estate, real estate calculations, and real estate terminology.
How do I prepare for the real estate exam?
Answer: Preparation for the real estate exam should include studying real estate laws, principles, calculations, and terminology. Additionally, applicants should take practice exams to become familiar with the format of the exam and the types of questions that may be asked.
Is The Real Estate Exam Multiple Choice?
Answer: In most states, yes it is. However, in certain states you may find "scenario" based questions being included more and more. These types of questions will be on exams in states that are moving toward this style. You should research to find out what your exam will look like in your state. In most states however, the exams will be multiple choice only.
Is A Real Estate License Worth Getting?
Answer: In most cases the answer is yes. It will benefit you to have the option of having a career choice that is flexible with a huge upside for potential earning. However, it takes dedication, perseverance, and a personality type that loves to work with people. If you don't have those characteristics, then you may want to choose another option. If it sounds like you, then it is absolutely worth getting.
How long is the real estate exam?
Answer: The real estate exam typically takes 3-4 hours to complete.
Is the real estate exam timed?
Answer: Yes, the real estate exam is timed. Depending on the state, applicants may have between 2 and 4 hours to complete the exam.
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