Pearson VUE administers several real estate sales exams across the United States, including state-specific exams designed for realtors and brokers, as well as a national exam for real estate salespersons and brokers. Depending on the state in which you live, the specifics of your real estate sales exam may differ; however, commonalities exist between real estate sales exams, and the national exam is necessary for most candidates seeking licensure as realtors, salespeople, and brokers. Make sure to check with your state’s real estate board or commission to ensure you are taking every necessary step toward becoming a licensed realtor or broker.
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How do I register to take the Real Estate Sales Exam?
Candidates who desire to become licensed realtors, salespeople, or brokers must complete all pre-licensure coursework and education before applying to sit for the real estate sales exam. Again, every state has its own specific requirements for licensure in the real estate field; however, to take the national exam, you will want to have completed relevant education before registering and reserving your seat via the Pearson VUE website. In the State of Texas, for instance, candidates must submit a broker or real estate salesperson licensure application to the Texas Real Estate Commission (TREC) before registering for the exam. Once candidates receive notification of their eligibility, registration for the exam is possible via the Pearson VUE website or by calling Pearson VUE. Electronic fingerprinting is also required in multiple states, including Texas.
How much does the Real Estate Sales Exam cost?
Fees for the various real estate exams required nationally and by state vary; in the State of Texas, the fee is $54 for the real estate sales exam. Make sure to check with your particular state to determine what fees you will be assessed.
What is the passing score for the Real Estate Sales Exam?
Because there are multiple versions of each real estate sales exam, at the state level and nationally, there are multiple scoring criteria. Make sure to check with your state to ensure you understand the scoring criteria. At the completion of the exam, you will receive an immediate ‘pass’ or ‘fail’ score, and official score reports are generally available, depending on the state, within 5-10 business days. If you need to retake the exam, you can register to do so after waiting at least 24 hours.
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What does the Real Estate Sales Exam cover?
The national real estate exam, designed for sales agents and brokers, consists of 80 scored multiple-choice questions that cover several imperative areas. The national exam also contains 5 pretest questions that are un-scored. Because you will not be able to tell the difference between un-scored and scored questions, make sure to answer each item to the best of your ability. The following outline provides the categories and general content for each area assessed on the national real estate exam:
- Real property characteristics, property use, and legal descriptions
- Real property versus personal property
- Real property characteristics
- Legal descriptions
- Encumbrances, and public and private land use
- Forms of ownership, including title transfers and recording
- Ownership, rights, interests, and estates
- Deed, title, recording and transfer of title
- Appraisal and property value
- Concept of value
- Appraisal process
- Methods of estimating value, Broker Price Opinions (BPO)
- Real estate contracts and agency
- Types of contracts
- Elements of valid contracts
- Contract performance
- Sales contract
- Licensee-client relationship, types of agency
- Creation and termination of agency
- Parties of a transaction, licensee obligations
- Real estate practice
- Responsibilities of brokers
- Brokerage agreements
- Fair Housing
- Risk management
- Property disclosures and environmental issues
- Property conditions, environmental issues
- Disclosure obligations and liability
- Financing and settlement
- Financing concepts, components
- Lender requirements
- Federal financing regulations, regulatory bodies
- Settlement and closing transactions
- Real estate math calculations
- Property area calculations
- Property valuation
- Compensation and commission
- Loan financing costs
- Settlement costs
- Property management calculations
Now that you know the basic expectations and general content of the Real Estate Sales Exam, your next step is preparation. The best means of passing the Real Estate Sales Exam on your first attempt is to thoroughly prepare using the most comprehensive test preparation materials you can find. For test-takers like you, Mometrix Test Preparation has designed the Real Estate Sales Exam Secrets study guide. The Real Estate Sales Exam Secrets study guide includes authentic practice test questions, along with expertly written tips for improving memory, reducing test anxiety, and enhancing overall test performance. In addition to the Real Estate Sales Exam Secrets study guide, Mometrix offers the most comprehensive Real Estate Sales Exam Flashcards. Read the Real Estate Sales Exam Secrets study guide, test your knowledge with the Real Estate Sales Exam Flashcards and practice test questions, and pass the Real Estate Sales Exam on your first attempt.