Petersons - Master the Real Estate License Exams

Copyright 2010 by Petersons, a Nelnet company

All rights reserved. Except as permitted under the U.S. Copyright Act of 1976, no part of this publication may be reproduced, distributed, or transmitted in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher.

Petersons a Nelnet Company

2000 Lenox Drive,

Lawrenceville, NJ 08648

Visit our website at www.petersons.com

First eBook Edition: October 2010

ISBN: 978-0-7689-3041-2

You may have bought Petersons Master the Real Estate License Exams because you are thinking about becoming a real estate salesperson and want to see what you will need to learn. Or, you may have bought this book because you have finished your coursework and want to review before taking your salesperson or broker licensing exam. In either case, Petersons Master the Real Estate License Exams will provide you with a thorough review of the exam with chapters on law of agency, types of ownership, contracts and deeds, and much more. In addition, Petersons Master the Real Estate License Exams reviews those aspects of real estate laws, rules, and regulations that may vary by state, the District of Columbia, and the U.S. Virgin Islands.

Petersons Master the Real Estate License Exams is divided into five parts to facilitate your study.

• explains basic information about the real estate licensing exam and offers strategies to help you score high on it.
• provides a Diagnostic Test to help you identify your areas of strength and those topics where you need to place more emphasis in your review.
• reviews in easy-to-follow, step-by-step explanations the types of math problems that appear on the exam. The chapter also provides sample problems for practice.
• contains five more Practice Tests. Like the Diagnostic Test, the answer section for each Practice Test provides detailed explanations for why the incorrect answers are wrong, so you can quickly identify information you need to review. The major concepts and federal laws related to real estate are assessed in these tests. However, because of the variety of state laws governing real estate, it is impossible to test every aspect of a states real estate laws, rules, and regulations. At times, a concept may be referred to in a test by a term different from the one used in your state. Be sure that you know what the concept is called in your state. In addition, some states may allow something that your state does not or vice versa. For that reason, the final test in this section is a Do-It-Yourself Test. The topics are provided and you fill in the correct information.
• The provides a glossary of important real estate terms that will both help you as you study for the exam and provide a quick review of concepts right before the exam. Appendixes B and C also list contact information for the real estate commissions and appraisal boards for the fifty states, the District of Columbia, and the U.S. Virgin Islands.

Petersons Master the Real Estate License Exams has several features that will help you get the most out of your study time.

Each chapter begins with a listing of the major topics in that chapter followed by an introduction that explains what you will be reviewing in the chapter.

Each chapter ends with a point-by-point summary of the main points of the chapter. It can be a handy last-minute study guide before the exam. The exception is , which ends with some important math test-taking tips as well as review points.

You will find three types of notes in the margins of Petersons Master the Real Estate License Exams that alert you to important information or remind you to check your own state requirements.

Notes in the margins highlight important information about the real estate profession and remind you to check your state for specific laws, rules, and regulations.

Tips point out valuable concepts and advice for taking the real estate exam.

Alerts caution you about common problems in marketing real estate.

Youve made a decision to pursue a career in real estate and have taken a very important step in that process. Petersons Master the Real Estate License Exams will help you increase your score and prepare you for the day of your states real estate license exam.

Join the Real Estate License conversation on Facebook and TwitterTM at www.facebook.com/relexam and www.twitter.com/relexam and receive additional test-prep tips and advice. Petersons resources are available to help you do your best on this important examand others in your future.

Petersons publishes a full line of bookstest prep, education exploration, financial aid, and career preparation. Petersons publications can be found at high school guidance offices, college libraries and career centers, and your local bookstore and library. Petersons books are now also available as eBooks.

We welcome any comments or suggestions you may have about this publication. Your feedback will help us make educational dreams possible for youand others like you.

1. Find out about the real estate exam that is given in your state. If you havent already, go online to your states real estate commission (see Appendix B) and find out which test is given in your state, where its given, how often its given, how much it costs, how to register for it, and what kind of identification you need to get into the testing site. If you have a choice, decide if you want to take the computer-based test or the paper-and-pencil version. Find out also if you can use a calculator. Download any handbook or content outline that is posted for the exam.
2. Use the Diagnostic Test as a tool. Taking the test and studying the answers will help you identify the content that you need to spend the most time reviewing.
3. Schedule your study time. Between now and the time you will take the exam, set aside time six days a week to study. Try to give the same amount of time each day. Find a place that is conducive to studying.
4. Budget your time on the topics. Dont move too quickly through the material, but dont get bogged down and spend too much time on one or two topics. Be sure that you are comfortable with each topic before you move on to the next one, but be aware that you can spend too much time early in your schedule on just a couple of topics and then have to rush through the end of your review.
5. PRACTICE, PRACTICE, PRACTICE. Practice may not get you a perfect score on your test, but it will help you score better. Take the Diagnostic Test, complete each set of exercises in each chapter, and take all five Practice Tests, including the Do-It-Yourself Test on the real estate laws, rules, and regulations specific to your state. Dont assume you know all the information and brush this test aside because it will take time to do.
6. Get rid of any negative attitude you may have toward tests in general. A test is not a device designed to trip you up. Rather, it is an evaluation tool.
7. Find the location of the test center. If you arent familiar with the location of the test site, take a trial run to find it and find out how long it takes to get there. If youre driving, locate a parking lot or garage. This may seem like overkill, but who wants to arrive at the testing site out of breath with 5 minutes to spare because you got lost on the way or spent 20 minutes trying to find a parking lot that turned out to be eight blocks away?