Real Estate exam Vs. State test. Anyone here a licensed Real Estate Agent?

[Andrew Shaw]

I completed my 8 1/2 week Long and Foster Real Estate class today. I took both exams, passed the law section, and failed the national section by 5%. State law (In Maryland) requires a 75% or higher to pass and I received a 70%.

My question to anyone that aquired thier real estate license is: Besides book material provided at the start of the class, does anyone know of any other good materials to use to study for the class exam?

Also, (Im assuming each state is different.) With the State test, is it usually easier or harder then the class exam?

Thanks in advance.
Andrew Shaw

 

[Domagon]

This will seem off the wall, but if you have extra funds, invest in real estate ... both residential and commercial - that alone will give one much experience with real estate and the various issues that can arise.

Book knowledge is all well and good, but "hands on" experience can make the difference when one's knowledge set is limited.

If you are already invested in real estate, congrats ... but if not, consider putting some funds into that ... still good deals out there.

I can't comment on the difficulty level of the exams, since I've never tried to get a real estate license - though I'm consider it in the future ... however, yes, each state has differing (in some instances quite so) laws on real estate transactions and the qualifications required; there is more than one type of license one can acquire for real estate related transactions.

With all that said, I'd bet if you did nothing beyond simply reviewing your course materials (books, notes, etc) and took the test again, you'd likely pass ... if you're only 5% short, it shouldn't take much to close the gap - just study up a bit and restest.

Lastly, if possible, try to meet up with a licensed real estate agent / broker and spend some time discussing real estate - merely talking it out and listening to their experiences in the business could make the difference; likely be more interesting than sitting alone reading another book, etc.

Hope this helps. Good luck

Ron

 

[dmyre]

When I interviewed brokers before taking my exam, one of them had some software with hundreds of questions. It must have been taken from a braindump, because most of the test questions were on the software. Ask some sponsoring brokers, as you interview...

 

[Techs4Less]

I passed my real estate exam at the begining of this year. Now I'm in Florida so I'm not sure if it relates 100%. But I purchased the South Atlantic Real Estate Exam Prep CD-ROM for Windows. It was a great CD that had a ton of practice questions. In addition, the program allowed you to create your own practice tests by chosing which chapters you are weak in. Finally, if you got a question right it would tell you why it's right, and if you get it wrong it tells you the right answer and why it's right. I'm sure they have a CD for your region. Just pop online and search around for one.

Good luck on your studying and re-test.

 

[Steen]

Doesn't it become a huge hassle to invest in real estate once you have acquired your license?

 

[dmyre]

No, you just have to disclose that you're a licensed agent. I acted as my own buyer's agent when I purchased my condo. My broker waived their commission which gave me the entire 3%...

It's a rough business though. I only did it for about 4 months because my office had 200+ other agents, and the market area was over saturated. I still have my license, but it's in inactive status.

Good luck with your retest.

 

[scizza]

Stay away from Residential Real Estate. There is no money in it unless you are the king of getting waterfront listings!! (Or a retired housewife who knows everybody in the neighborhood)

Get into commercial real estate. Even in a bad economy and slow stretches of home sales, vacant land and retail space leasing never stops.

Unfortunately, they teach you nothing about commercial real estate in the course and its a hands on learning experience. The commissions are HUGE and its a fun industry.

I have taken the real estate test in 2 states and the State Exam is harder than the class test. Just keep reading over your notes or important points in the book and you will pass it. Good Luck!

 

[namewaiter]

i just finished my continuing education courses for the first time earlier this week. when it comes to the test just keep going over the practice questions in the books and for the law part read over the glossary a few times until the terms make sense. good luck

 

[Andrew Shaw]

Thanks to all of you for your suggestions. Im sure I will pass this time. The CD that you are referring to Techs4Less may be the "TEST-BUILDING CD-ROM Modern Real Estate Practice - by Dearborn. I found it quite useful as well, if that is the software you are talking about.

I should have been more clear, as I took the "salespersons" licensing class. Although I believe that may be your only choice just coming into the business, as far as actual licensing goes.

Thanks again to everyone that posted. You all brought up some very good points.

 

[jazzpetals]

I passed federal portion of exam, but failed state portion on first try. Federal portion is more common sense than anything...the state portion is tougher and you must memorize a lot of the laws, try concentrating on memorization and you will find it easier to pass.