Watch Out for These Common Problem Areas on Your Real Estate License Exam!
Whether you're here in Utah or anywhere else in the country, you can't get your real estate license without first passing a massive exam. For most would-be real estate agents, this is their biggest challenge - and their biggest potential stumbling block. Passing your coursework is relatively easy, but the exam is another matter. That's what determines whether you get your license or have to go back for more study.
The real estate license exam covers a lot of ground and is designed to trip up students who don't know their stuff. These are some of the areas of the test that people have the most trouble with.
Four Parts of The Real Estate License Exam You Should Focus On
- Types of listing agreements
Do you know how many types of listing agreements there are, and what the differences are? (There are four types, by the way, although one is only legal in some states.) Listing agreements are what defines the relationship between a real estate agent and the seller, including exclusivity and how the agent will be paid.
Obviously, jargon is a big part of the industry - and you need to have it all straight. Can you quickly define the difference between a condominium and a cooperative? What about the difference between a tax credit and a tax deduction? Or replacement costs vs reproduction costs?
When in doubt, study more vocabulary. It will take you far on the test.
- Ways to gain and lose property
Another major element of vocabulary is all the many ways real estate can be gained, lost, sold, or given away. This is a vital part of the test. Do you know the difference between a dedication and a public grant? Or how avulsion differs from erosion? If not, study up!
- The fiduciary duties of a real estate agent
If you don't know the specifics of your fiduciary duties as a real estate agent, you could get into a lot of trouble once you start practicing. Failure to uphold those duties could expose you to legal liability. Be certain you know all six duties and can define them all.
The Institute of Real Estate Education Makes It Easier to Pass Your Real Estate License Exam
For twenty years, we've provided high-quality real estate training, at highly affordable prices. If you're ready to become a real estate agent, contact us to learn more.