FOLLOW US
The moment has arrived! You have already passed your state’s mandatory prelicensing courses, and the big day is near. What now? Don’t let the nerves get the best of you; focus on your goal. The key is to practice, practice, and practice some more. A great way to start is with these study tips for the real estate exam, prepared exclusively for you.
We could give you common and too general study tips, like learning the vocabulary, using flashcards, or getting a good night’s sleep before the test, all of which are valid. However, we want to go further and give you something more meaningful.
After all, we’ve made our task to help you pass the exam on the first try. Is that your end game, too? Then, follow these seven study hacks to improve your test results.
These may seem obvious, but you must understand the difference between the main real estate professionals.
This industry has three main types of work: agent, broker, and Realtor. Although they may seem the same to someone outside the real estate business, each has different roles and responsibilities.
Learning them is essential for the test and determining your career path:
We are starting with the basics, but keep reading because we saved the better study tips for the real estate exam for the end!
After agency, the other central part of real estate is, of course, property. As you can see, sometimes all you need for the test is to learn the difference between concepts, like, in this case, real property and personal property.
Let’s see an easy way to explain each one:
Now, here are tips to memorize these concepts:
On the exam, it’s important to note that “chattel” and “personalty” are synonymous with personal property.
Fixtures are personal property that becomes real estate property. They are objects permanently attached to a property using bolts, screws, nails, glue, cement, or similar methods. They weren’t originally in it but became part of it. So, when you think of a fixture, think of attachment.
Imagine you buy a home and then buy a ceiling fan for the living room. At first, the ceiling fan is personal property. But when you attach it to the ceiling, it becomes part of the house, a fixture.
But to say something is a fixture, and by it, part of the real estate, there are several criteria. To ease understanding, many real estate students use the acronym “M.A.R.I.A”:
Remembering acronyms for the real estate exams is a great study tip to help you memorize all the content for the test.
12 Tips For Your Real Estate Exam
These suffixes could give you a big headache if you don’t learn them right: (-or) and (-ee). Here is the study tip to remember them: -or is for the active subject (the giver), and -ee is for the passive (receiver).
Let’s explain this better with an example:
A grantor is a person or entity that transfers the property rights to another. They are the giver. In comparison, the grantee is the person or entity that receives the property at the end of the transaction. They are the receiver.
Other words with those terminations in real estate transactions are lessor and lessee, optionor and optionee, vendor and vendee, and mortgagor and mortgagee.
Grantor vs Grantee: Learning Real Estate Terms
Applying for a mortgage is a complex process. Two of the first steps are to pre-qualify and to be pre-approved by the lender. What does it mean, and what’s the difference between those terms?
Let’s see this comparison to learn it faster:
Listing Agreements and Buyer Agency Agreements are very common contracts agents or brokers have with their principal or client.
A listing agreement is a contract between a property owner and a real estate broker that gives the broker the authority to act as the owner’s agent in the property sale. A Buyer Agency Agreement, also known as a “Buyer’s Broker Agreement,” is a contract that establishes a formal relationship between the principal and a broker to get help to buy real estate. It also specifies the broker’s rights, often including the terms under which the broker will receive a commission for their services.
Keep this in mind:
Try our FREE practice exam and test your knowledge!
Appraised and market values are important factors in determining a property’s worth and the price it can be sold or bought for. Lenders rely on them to underwrite mortgage terms and determine loan amounts.
Here’s the difference:
Getting ready for the real estate exam is a big step. It’s not just about memorizing all the content but understanding any question that comes your way with confidence. That’s why real estate study tips are so helpful.
But, if you’re serious about passing that exam on your first try, it’s time to take it a step further and consider a real estate exam prep. Trust us, it’s a game-changer. With Lexawise’s real estate exam prep, you’ll get to take practice exams as close to the real deal as possible, so you’ll know what to expect when the big day arrives. Plus, they’ll help you master the real estate jargon like a pro and take as many practice tests with detailed explanations as you need. Investing in a real estate exam prep can seriously up your exam game. Your success awaits!
Get 100 FREE practice questions and unlock an exclusive discount on our top-rated exam prep – your first step to passing with confidence!