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What Is the Florida Real Estate Broker Exam?
The Florida Real Estate Broker Exam is intended to gauge a test-taker's knowledge of key real estate topics relevant to Florida and see if they're ready for what this position entails. Some of the domains covered on the Florida Real Estate Broker License Exam include the real estate brokerage business as a whole, contracts, financing, and closing transactions.
What Is on the Florida Real Estate Broker Exam?
The Florida Real Estate Broker State Exam focuses on real estate law and principles. There are a total of twelve content areas that are covered. They include Real Estate Brokerage Business, Valuing Real Property, Listing and Selling Real Property, and Contracts. Other content areas include Financing, Closing Transactions, Federal Income Tax Laws, Investment, and Zoning and Planning. Lastly, Environmental Issues, Property Management, and the Real Estate Market are also covered. There are a total of one hundred multiple-choice questions, which test takers have three and a half hours to complete.
Real Estate Brokerage Business
This content area focuses on the real estate brokerage business as a whole, including the different types of brokerage entities, how escrow is managed, and the requirements for licensing. Florida law as it pertains to the realty brokerage business also will be a core topic test takers need to understand.
Valuing Real Property
In this content area, test takers will need to know the process of how to value real property. They'll be assessed on real estate appraisals, such as basic concepts that apply to the state of Florida. They'll also need to know the difference between an appraisal and CMA. The different appraisal approaches are in this content area as well.
Listing and Selling Real Property
The Listing and Selling Real Property content area focuses on a couple of key concepts, such as the concept of agency and legal topics about titles and deeds. Different relationships make up the rest of this domain, such as the no-brokerage relationship and terminating broker relationship.
The different types of contracts involved in real estate are the central focus of this content area. Purchase and sales contracts are covered, including listing agreements and how they're structured. Additionally, test takers should be familiar with disclosures and required paperwork for listing contracts.
In this content area, questions are all related to the concepts of financing in real estate. A couple of different mortgage loans will be addressed, such as government loans and conventional loans. There will also be questions about mortgage best practices and legislation on federal consumer protection. The final topic involves finance-related math.
In order to prepare for this content area on the Florida Real Estate Broker Exam, test takers need to know about closing transactions. That includes the broker's role in guiding their clients through these transactions, as well as the various steps involved in the closing. Test takers are also assessed on procedures that relate to prorating.
Federal Income Tax Laws
Federal income tax laws are the main subject matter in this content area of the Florida Real Estate Broker License Exam. Test takers can expect to be assessed on operations that deal with investments, the concept of principal residence, and tax deferments. Lastly, examinees need to comprehend principal residence and how it's sold.
This content area is concerned with the principles of investments including investments with mortgages and leases. Different types of property expenses are also in this content area. There will also be a math section that focuses on calculations used for real estate investments.
Zoning and Planning
In this content area of the Florida Real Estate Broker Exam, regulations involving zoning and planning will be covered. Questions will cover concepts on how land is developed and zoned. As far as real estate planning, test takers need to familiarize themselves with wetlands and ecological issues that could surface throughout land development around these areas.
The primary subject matter highlighted in this particular content area involves different environmental issues that could come up in the real estate industry. The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), its history, and its intended purpose will be covered in this portion. Hazards that could become relevant factors to real estate development will also be covered.
The topics covered in this content area of the Florida Real Estate Exam all revolve around property management concepts and rules. Questions assess test takers' knowledge of the relationship between owners and managers of a property. The Residential Landlord/Tenant Act is another central topic in this content area of the licensing exam for brokers.
The Real Estate Market
In this content area, test takers should take their time to review topics that deal with the real estate market. In addition to knowing how it's set up and understanding its common characteristics, test takers will also be required to do some basic math that relates to this real estate market.
Frequently asked Questions
How hard is the Florida Real Estate Broker Exam?
The Florida Real Estate Broker Exam covers many different real estate topics, including regulations and principles. Its difficulty is moderate considering the diverse materials covered.
How long is the Florida Real Estate Broker Exam?
The Real Estate Broker Exam Florida has exactly 100 multiple-choice questions that deal with real estate principles and Florida real estate law. Test takers have 3.5 hours to answer each question.
What is a passing score for the Florida Real Estate Broker Exam?
In order to pass the Florida Real Estate Broker Exam, test takers will need to earn a score of at least 75. Preparation materials are readily available to help achieve a passing score upon the first attempt.
Can I retake the Florida Real Estate Broker Exam?
Test takers are allowed one retake if they fail the exam on their first attempt. Candidates must wait thirty days before they retake the exam.
How much does the Florida Real Estate Broker Exam cost?
To take the Florida Real Estate Broker Exam, test takers must pay a fee of $36.75. This fee must be paid again if one needs to retake the exam.
Can I use a calculator on the Florida Real Estate Broker Exam?
Within the Real Estate Broker Florida Exam are questions that require calculations. As such, test takers are allowed to bring a a non-alpha programmable calculator if they so choose.