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About the Alaska Real Estate Salesperson Exam: Study Guide & Practice
The Alaska Real Estate Salesperson Exam is a computer-based exam that must be passed in order to obtain a real estate salesperson license in the state of Alaska. Examinees may take the test in one of eleven locations across the state, and it assesses their knowledge of general real estate concepts as well as state-specific laws and topics. There are 120, scored multiple-choice questions spread across both portions of the exam.
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Alaska Real Estate Salesperson Exam: General Exam
The first portion of the Alaska Real Estate Salesperson Exam is the General Exam section. This portion consists of 85 questions of which only 80 count toward the examinee's score. Content covered in this section of the exam includes:
- Real Property Characteristics, Legal Descriptions, and Property Use: This domain covers what makes property, the legal descriptions of property, and the uses of public and private land. This requires a knowledge of bills of sale, land surveys, and easements, among other concepts.
- Forms of Ownership, Transfer, and Recording of Title: Types of ownership and rights, deeds, titles, and how they're transferred are included in this content area. One should also be familiar with the differences between leasehold and freehold estates, and the purpose of a lien.
- Property Value and Appraisals: This content area asks about the appraisal process and what goes into a property's value. Some approaches to valuation include income, cost, and sales comparison.
- Real Estate Contracts and Agencies: The difference between contract types, what makes a contract valid, and how contracts are enacted, as well as sales contracts are covered here. Knowledge of agency types will also be tested.
- Real Estate Practice: This domain covers the practices of a real estate salesperson, including such things as brokerage agreements, equal opportunity housing, representing buyers, and various laws and regulations in place to manage risk.
- Property Disclosures and Environmental Issues: For this content area, examinees are asked about what environmental issues and property conditions must be disclosed during a listing. These can range from hazardous materials to federally protected types of land.
- Financing and Settlement: This area looks the different types of financing, requirements for lenders, and federal regulations in financing. Examinees will also want to study what goes into the settlement and closing of a transaction.
- Real Estate Math Calculations: The final content area of the General Exam covers the necessary calculations a real estate salesperson will need to be able to make. These calculations include square footage, valuations, commissions, financing, closing costs, investments, and property management.
Alaska Real Estate Salesperson Exam: Alaska State Law
This section of the Alaska Real Estate Salesperson Exam is made up of between 45 and 50 items with only 40 being scored and counting toward the test taker's score. These items assess a prospective real estate salesperson's knowledge of Alaska state law including the following concepts:
- Powers of the Alaska Real Estate Commission: Concepts covered in this content area include sanctions, records, and the process for investigations and hearings. Questions will also appear pertaining to the state's recovery fund.
- Licensing: This part of the exam deals with what activities require a license as well as how to change a license status. The examinee may also be asked about the use of assistants (whether licensed or unlicensed).
- Requirements Governing the Activities of a Licensees: This section covers what things a real estate salesperson can and cannot do, including advertising, conflicts of interest, listings, handling money, and disclosures. Property management and how to handle documents will also come up.
- Additional Topics: Other important topics like common interest ownership and the Landlord and Tenant Act will be covered in this portion of the exam. Questions may ask about transfer disclosures too.
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Frequently asked Questions
There are different forms of the Alaska Real Estate Salesperson Exam which vary by difficulty. Examinees' scores go through a process called equating to make up for any differences in score difficulty. The question content does not change between version, though, so using study guides and practice tests is still one's best bet in preparing for exam day.
The test gives examinees 4 hours to answer every question. Breaks are allowed, but the testing clock does not stop while an examinee takes a break.
Scores on the Alaska Real Estate Salesperson Exam range between 0-100. A passing score is 75, and scores below 75 tell the examinee how close they came to earning a passing score.
Examinees can retake the Alaska Real Estate Salesperson Exam but they must wait 24 hours after failing to make a reservation for their retake. If a test taker fails one portion of the Alaska Real Estate Salesperson Exam (for example, the state portion), they must retake the entire exam.
The Alaska Real Estate Salesperson Exam costs $100, and payments must be made when the examination time is reserved with the testing center. Changes and cancellations must be made 48 hours before the examination in order to receive a full transfer or refund.
Yes. Basic, silent calculators are allowed on the Alaska Real Estate Salesperson Exam. Financial calculators and those with alphabetic keypads, however, are not allowed on the exam.