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Brokers Examination — Information & Free Practice

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Brokers Examination

Provider
Pearson
Format
Computer-based multiple-choice examination
Exam questions
100 scored items and 5–10 unscored pretest items
Time limit
3.25 hours
Passing score
75 on a scaled score of 0–100
Exam fee
$65
Examination outline
  • I. REAL ESTATE PRACTICE (19 ITEMS)
    • A. Licenses
    • B. Trust accounts
    • C. Duties of licensees
    • D. Confirmation and disclosure of relationships
    • E. Firms providing services to more than one client in a transaction
    • F. Changes in common law duties of brokers and parties
    • G. Disclosures, investigations and inspections by brokers and salespersons
    • H. Disclosure duty; immunity for providing notice about the sex offender registry
    • I. Disclosure requirements for condominiums
    • J. Responsibilities of firms and licensees
    • K. Change of name or address on license, trade name, or form of organization
  • II. TRUST ACCOUNTS (12 ITEMS)
    • A. Definitions
    • B. Deposits and types of accounts
    • C. Number of real estate trust accounts
    • D. Opening and Closing Trust Accounts
    • E. Account designation
    • F. Duty to notify the Department
    • G. Authorization to examine real estate trust accounts and records
    • H. Form for notification and authorization
    • I. Authorization to sign trust account checks
    • J. Receipt for earnest money received by the licensee
    • K. Escrow agreement for earnest money not held by the broker
    • L. After closing escrow agreements
    • M. Disbursement of trust funds
    • N. Commingling prohibited
    • O. Non-depositable items
    • P. Bookkeeping system
    • Q. Violation of rules
  • III. CONDUCT AND ETHICAL PRACTICES FOR REAL ESTATE LICENSEES (22 ITEMS)
    • A. Definitions
    • B. Competent services
    • C. Advertising
    • D. Disclosure of compensation and interests
    • E. Inspection and disclosure duties
    • F. Tie-in arrangements
    • G. Agreements to be in writing
    • H. Securing agency agreements
    • I. Net listings prohibited
    • J. Confidentiality of offers
    • K. Drafting and submission of offers
    • L. Availability of rules
    • M. Miscellaneous requirements
  • IV. APPROVED FORMS AND LEGAL ADVICE (6 ITEMS)
    • A. Definitions
    • B. Approved forms
    • C. When to utilize approved forms
    • D. Legal advice and practice of law
    • E. How to use approved forms
  • V. DRAFTING AND SUPERVISION KNOWLEDGE (37 ITEMS)
    • A. Forms
    • A. Forms — 1. WB-1 Residential Listing Contract
    • A. Forms — 2. WB-11 Residential Offer to Purchase
    • A. Forms — 3. Real estate condition reports
    • A. Forms — 4. WB-25 Bill of Sale
    • A. Forms — 5. WB-36 Buyer Agency/Tenant Representation Agreement
    • A. Forms — 6. WB-40 Amendment to Offer to Purchase
    • A. Forms — 7. WB-41 Notice relating to Offer to Purchase
    • A. Forms — 8. WB-44 Counter-offer
    • A. Forms — 9. WB-45 Cancellation and Mutual Release
    • A. Forms — 10. WB-46 Multiple Counter-Proposal
    • A. Forms — 11. Agency disclosures
    • A. Forms — 12. Lead-based paint disclosures
    • B. Issues related to forms
    • B. Issues related to forms — 1. Requirement to fax all pages of a contract
    • B. Issues related to forms — 2. Proper contingency drafting with stressing the optional contingencies in the offer
    • C. Obligation to furnish copies and maintain records
  • VI. MISCELLANEOUS (4 ITEMS)
    • A. Fair Housing Law
    • B. Federal lead-based paint law
Examination sources