 |
 |
|
|
California real estate examIn United States of America, anyone selling a property, whether domestic or commercial, needs a licensed person to deal with. This person is the Real Estate Broker (or his agent) or the Real Estate Salesperson. These people get their working license after passing an exam. Here precisely we will talk about the California Real Estate Exam. This exam is slightly different for a salesperson and a broker otherwise it is mostly the same for both.
Exam Content
As per the Department of Real Estate, California, it contains the following topics:
1. Property Ownership and Land Use Controls and Regulations (forms 15% of exam)
2. Laws of Agency (forms 12% of exam)
3. Valuation and Market Analysis (forms 11% of exam)
4. Financing (forms13% of exam)
5. Transfer of Property (forms 10% of exam)
6. Practice of Real Estate and Mandated Disclosures (forms 27% of exam)
7. Contracts (forms 12% of exam)
Every topic above contains many more sub-topics and to pass the exam for obtaining a working license, a broker must correctly answer at least 75% and a salesperson must correctly answer at least 70% of questions.
Pre-requisites of the Candidate for Real Estate Exam
There are a few requirements which a candidate should meet before giving the exam:
1. He/she should be at least 18 years of age.
2. He/she should submit his/her legal residence proof.
3. He/she should have an honest track record without any criminal or disciplinary background.
4. For Broker Exam: At least two years full-time licensed salesperson experience within the last five years or the equivalent is compulsory.
Aspirants for a real estate broker license examination must have passed the following eight required college-level courses:
Real Estate Practice; and
Legal Aspects of Real Estate; and
Real Estate Finance; and
Real Estate Appraisal; and
Real Estate Economics or Accounting; and
Three courses from the following list:
Real Estate Principles
Business Law
Property Management
Escrow
Real Estate Office Administration
Mortgage Loan Brokering and Lending
Advanced Legal Aspects of Real Estate
Advanced Real Estate Finance
Advanced Real Estate Appraisal
Computer Applications in Real Estate
Common Interest Developments
For a salesperson, first five courses and any one of the rest listed courses should be passed.
Thus we can see that though there are almost similar requirements for the real estate broker and salesperson license, latter is a bit easier as compared to the former.
Prospects of Real-Estate Broker/Salesperson:
In today's recession period, the only sector which can grow is real estate because even the government is relaxing many mortgage norms and reducing interest rates on various mortgage schemes in order to give a boost to the economy. Not only this, even the property rates are on a lower side which expands the buying power of the customer. So, passing the Real Estate Exam and getting a working license of a broker or a salesperson not only opens the prospects of self employment but also an experienced person in this field is in demand in corporate sector also as a regional manager or general manager. Therefore, if one wishes to make a career in this sector, one needs it be serious about the Real Estate Broker/Salesperson Exam
Other Articles |
