Real Estate Broker Exam FAQs
Real estate brokers represent either the interests of a buyer or a seller of real estate in a real estate sale transaction. In limited circumstances, a broker can represent both the buyer and the seller in the same transaction. Generally, becoming a licensed broker involves considerable work experience as an agent or salesperson because brokers must be knowledgeable enough to work independently and seek out potential buyers and sellers. An important distinction between agents or salespersons and brokers is that brokers are licensed to run their own businesses and agents must work under a broker.
Every state requires real estate brokers to be licensed prior to engaging in the practice of real estate within the state. Licensure is generally earned with the successful completion of an exam. Licensure is granted by the state's real estate commission or real estate department.
Real estate broker exams typically consist of multiple choice questions.
The average Real Estate Broker exam has about 120 questions and consists of a national section and a state-specific section. Typically, the national section of the exam will consist of 80 questions and the state section will consist of 40 questions.
Many states conduct their real estate tests through national testing companies, like PSI Exams or Pearson VUE. See your state and local jurisdiction board website for more information on license and continuing education requirements.
Every state has its own set of eligibility requirements for licensure requirements for the Real Estate Broker. Generally, in order to pass the exam, one must get 70-75 percent of the questions correct. See your state and local jurisdiction board website for more information on license and continuing education requirements.
Although the topics can vary from state to state, generally a Real Estate Broker exam will cover the following topics:
Property Description
Property Ownership
Laws of Agency
Contracts
Property Valuation
Land Use Controls and Regulations
Transfer of Property
Settlement Procedures
Financing and Mortgages
Practice of Real Estate
Property Disclosures
Property Management
Most states use national testing organizations, such as PSI Exams, to administer the real estate brokers licensure exams. These organizations offer the exams year round. See your state and local jurisdiction board website for more information on license and continuing education requirements.
State law and regulations require that real estate sales brokers obtain a license before working within the state. Individuals seeking a rewarding and interesting career that can be both lucrative and flexible will consider getting their Real Estate Broker License.
An aspiring broker can prepare for the real estate broker exam in a number of ways. First, most states have a training and education requirement; the Bureau of Labor Statistics estimates that one must have between one and three years of work experience and between 60 and 90 educational hours. The education requirement may be met by taking college-level courses in areas like finance, law and business administration, as well as in real estate-specific courses.
Normally, after the state licensing board has approved you to sit for the examination, the board will send you an approval letter with an approval code to start the application process. Candidates for the Real Estate Broker exam must contact their state licensing board for application and eligibility requirements
Practice tests, such as Tests.com's Real Estate Broker Practice Exam, are a good way to study as it goes over the material you need to know while giving you a chance to practice your test taking skills. Additionally, study guides, text books, class notes, flashcards and videos are important study tools. It is best to use a wide range of test prep to get the most comprehensive coverage of the subject matter.
Tests.com has worked with instructors in real estate practice to develop a Real Estate Broker Practice Test to help you prepare for the Real Estate Broker Exam. Tests.com's TestSim online interactive platform allows you to tailor tests to the subjects you want to study and to form tests to fit your study schedule. You can even simulate the actual Real Estate Broker Exam by setting the number of questions and timer to the time period allowed for the actual test. Get experience reading multiple-choice questions and taking timed tests. Tests.com will help you pass your Real Estate Broker Exam on your way to a successful career as a Real Estate broker. Click here for a free Real Estate Broker Practice Exam.
