The Complete Guide to Passing Your Real Estate Sales License Exam on the First Attempt: Everything You Need to Know Explained Simply

by Ken Lambert

Overview

A recent study of 4,306 candidates that sat for the real estate sales associate exam provided these shocking results. Those who were taking the examination 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. Re-testing statistics are even worse: 72 per cent of the 2,415 sales associate candidates retaking the examination failed. Do not be one of the statistics. You can pass on the first try with the help of this book.

The 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.

Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice.  Every book has resources, contact information, and web sites of the products or companies discussed.

This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. The print version of this book is 288 pages and you receive exactly the same content. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

Product Details

ISBN-13:	9781601381293
Publisher:	Atlantic Publishing Company FL
Publication date:	05/27/2009
Pages:	336
Sales rank:	743,908
Product dimensions:	5.90(w) x 8.90(h) x 0.90(d)

Table of Contents

Foreword 9

Preface 11

History Behind Licensing 11

A Profession Is Born 12

Chapter 1 Preparing for Your Exam 13

Understanding Licensing Requirements 13

Examinations 14

State Questions 15

Testing Formats 16

Difference Between Sales Agent & Broker 17

What Is a Realtor&Reg;? 17

What to Take to Your Exam 18

Preparing for the Exam 19

Tips to Manage Test Anxiety 20

Test-Taking Strategies 21

Arriving at the Exam 22

Mastering the Real Estate Exam 23

Additional Tips 24

Chapter 2 Real Estate Practices & Principles 27

Real versus Personal Property 27

Land Descriptions 33

Contracts and Deeds 34

Purchase and Sale Agreements 38

Deeds 44

Leases & Property Management 49

Property Management Basics 53

Real Estate Brokerage 55

Marketing Strategies and Basics 59

Land Development and Construction 62

Chapter 3 Real Estate Law 71

Real Estate Law & Regulations by State 71

Basics Of License Law 72

Contracts & Legal Documents 76

Federal Fair Housing Law 80

Truth in Lending Act (a.k.a. "Regulation Z") 84

Advertising Disclosure Requirements 86

Property Disclosures & Transferring Ownership 87

Chapter 4 Real Estate Finances (Mortgages) 91

Taxes/Taxation 92

RESPA (Real Estate Settlement and Procedures Act) 93

Controlled Business Arrangement (CBA) 94

Computerized Loan Originations (CLO) 95

Mortgage Basics & the Loan Process 98

Special/Customizable Financing Arrangements 108

Chapter 5 Real Estate Appraisal 117

When an Appraisal is Suggested or Needed 120

Value Elements 121

Appraisal Basics 123

Market (or Comparison) Approach 131

Income Approach 131

Cost Approach 132

Chapter 6 Math Review for the Real Estate Professional135

Decimal 135

Fractions 137

Percent 141

Measurement of Distance, Area, & Volume 143

Area 144

Volume 146

Perimeter 149

Formulas and Formula Aids 150

Other Mathematics Notes & Useful Terms 151

Answers To Math Review Questions: 157

Chapter 7 Sample Tests & Answer Keys 159

National Practice Exam #1 159

National Practice Exam #2 185

Answers for Practice Exam #1 211

Answers for Practice Exam #2 219

Chapter 8 Decreasing Anxiety & Maintaining a Positive Attitude 227

Advice on Being & Staying Positive 227

Conclusion 233

Glossary 237

Appendix: State Real Estate Commissions & Bureaus 325

Bibliography 331

Author Biography 333

Index 335