The Complete Guide to Passing Your Real Estate Sales License Exam on the First Attempt: Everything You Need to Know Explained Simply
Taking a real estate sales license exam is tough. But what if we told you that you can pass on your first try? Our guarantee: If you do not pass your test on the first try, return this book within 30 days, and we will refund the purchase price. Tests change over time, but this book is the very latest published on the subject; do not be fooled by out-of-date material.\ In a January 2007 study, it was found that 4,306 candidates for a real estate sales associate license sat for the exam. Those...
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Taking a real estate sales license exam is tough. But what if we told you that you can pass on your first try? Our guarantee: If you do not pass your test on the first try, return this book within 30 days, and we will refund the purchase price. Tests change over time, but this book is the very latest published on the subject; do not be fooled by out-of-date material.In a January 2007 study, it was found that 4,306 candidates for a real estate sales associate license sat for the exam. Those who were taking the exam for the first time (1,891) had a pass rate of 44 percent, a little below the previous year’s average pass rate of 46 percent. Retesting statistics are even worse: 72 percent of the 2,415 sales associate candidates retaking the exam failed. Do not be one of the statistics. You can pass the exam on the first try with the help of this new book.This valuable new book presents a clear and complete overview of all the main topics covered on the real estate salesperson examination and gives exam applicants the information and tools they need to successfully pass the exam — on the first attempt. You will improve your test taking skills by completing the included sample test. Subjects covered include real estate legal issues, encumbrances, real estate law, financing real estate purchases, leasing, escrow accounts, contracts and legal documents including leases, taxes and taxation, land descriptions, and real estate math, terms, and definitions.
Foreword 9Preface 11History Behind Licensing 11A Profession Is Born 12Chapter 1 Preparing for Your Exam 13Understanding Licensing Requirements 13Examinations 14State Questions 15Testing Formats 16Difference Between Sales Agent & Broker 17What Is a Realtor&Reg;? 17What to Take to Your Exam 18Preparing for the Exam 19Tips to Manage Test Anxiety 20Test-Taking Strategies 21Arriving at the Exam 22Mastering the Real Estate Exam 23Additional Tips 24Chapter 2 Real Estate Practices & Principles 27Real versus Personal Property 27Land Descriptions 33Contracts and Deeds 34Purchase and Sale Agreements 38Deeds 44Leases & Property Management 49Property Management Basics 53Real Estate Brokerage 55Marketing Strategies and Basics 59Land Development and Construction 62Chapter 3 Real Estate Law 71Real Estate Law & Regulations by State 71Basics Of License Law 72Contracts & Legal Documents 76Federal Fair Housing Law 80Truth in Lending Act (a.k.a. "Regulation Z") 84Advertising Disclosure Requirements 86Property Disclosures & Transferring Ownership 87Chapter 4 Real Estate Finances (Mortgages) 91Taxes/Taxation 92RESPA (Real Estate Settlement and Procedures Act) 93Controlled Business Arrangement (CBA) 94Computerized Loan Originations (CLO) 95Mortgage Basics & the Loan Process 98Special/Customizable Financing Arrangements 108Chapter 5 Real Estate Appraisal 117When an Appraisal is Suggested or Needed 120Value Elements 121Appraisal Basics 123Market (or Comparison) Approach 131Income Approach 131Cost Approach 132Chapter 6 Math Review for the Real Estate Professional135Decimal 135Fractions 137Percent 141Measurement of Distance, Area, & Volume 143Area 144Volume 146Perimeter 149Formulas and Formula Aids 150Other Mathematics Notes & Useful Terms 151Answers To Math Review Questions: 157Chapter 7 Sample Tests & Answer Keys 159National Practice Exam #1 159National Practice Exam #2 185Answers for Practice Exam #1 211Answers for Practice Exam #2 219Chapter 8 Decreasing Anxiety & Maintaining a Positive Attitude 227Advice on Being & Staying Positive 227Conclusion 233Glossary 237Appendix: State Real Estate Commissions & Bureaus 325Bibliography 331Author Biography 333Index 335
