PrevPrev Go to previous topic
NextNext Go to next topic
What is the format for the California real estate broker's exam?
Last Post 03/03/2015 4:05 AM by renicco
8 Replies
AddThis - Bookmarking and Sharing Button
Sort:

--

06/08/2012 12:55 AM
Author: Broker Atty [21813]
  •  Quote
  •  Reply


Essays or Multiple Choice?

Is it a good idea to become a broker while you are practicing? What's the use? Do we have time to sell houses and practice as well? How do we make money by becoming a real estate broker? Just look for agents and collect commission? 


0


--
06/08/2012 3:21 PM
Author: SanDiegoJD [21813]
  •  Quote
  •  Reply

I have my broker's license.  The exam is 200 questions - all multiple choice.  It's been a few years but I think I ordered some materials from Allied.  It included books and a lot of practice exams.  I was able to sell my used books on Craigslist after I passed.

The exam itself is not difficult, just do as many practice exams as you can and you will pass.  I will say it is somewhat tricky at times because real estate law on the exam doesn't always make sense to someone who has been to law school or is practicing. 

I used to be a broker for my dad's real estate office and received commission for every loan. It also helps when I buy/sell homes for myself or for friends/family.  No longer have to pay commission to a real estate agent, etc. 

Since I am studying for the bar exam, I can't really say if an attorney would have time to sell houses and practice.  It has been helpful to me and I can't imagine it would be a bad thing to have.  You have to renew your broker's license every four years (just take some online classes)....very easy to maintain. 


0


--
06/08/2012 5:06 PM
Author: Broker Atty [21813]
  •  Quote
  •  Reply

Thanks for your time, SanDiegoJD,

 I hope you don't mind answering few more questions. 

 Can a Broker just rely on Agents? I have few Agent friends who would like to work for me. They will find clients but will sell the real estate under my broker's license. Can I do that? Just earn commission via "my" agents? Since I won't be doing any work I don't mind 10%-90% sharing.

As a Broker what do I have to provide to my Agents?

 Thanks again.


0


--
06/08/2012 9:23 PM
Author: BrokerEsq [21813]
  •  Quote
  •  Reply

Usually the commission rate on the sale of a property is 6% to be shared evenly between listing and selling broker (3 each). So as a broker you would have 3% commission and that is usually split down the middle with your agents (1.5 each). The split between you and your agents is negotiable.....I got my brokers license a little bit after I passed the bar and still haven't used it. Looking forward to it though. Also check out the CEB Practice Guide on "Real Estate Broker Practice" 


0


--
06/08/2012 11:37 PM
Author: ThisWasTorture [21813]
  •  Quote
  •  Reply

I'm thinking about taking the agents exam in August and was wondering whether it makes more sense to take the brokers or the agents exam.  I am admitted to the CA State Bar but am not sure if that is enough to waive the requirements to sit for the brokers exam.  I have no interest in listing homes; I just wanted to be able to buy/sell for myself and my family.  Does anyone have any insight?

Thanks!



0


--
06/09/2012 1:19 PM
Author: SanDiegoJD [21813]
  •  Quote
  •  Reply

BrokerEsq. is correct re commission. You can negotiate commission depending on the deal. You want to be sure the agents that work for you know what they are doing because you may be held liable for their actions. I am sure you already know that though but just thought I would mention it because the agent's exam is very easy and from my experience a lot of them don't know what they are doing.

If you are a licensed attorney, you should take the broker's exam. Check out the CA DRE website for more details. If you have passed the bar, passing the broker's exam will be very easy. Just buy the materials online and take the practice tests. Good luck!!

0


--
06/11/2012 1:06 AM
Author: JD/Agent [21813]
  •  Quote
  •  Reply

I have a JD and I am a licensed attorney out of state. I have a CA agents lic. I work for a broker and my split with him is usually 50/50.

FYI: If you are a licensed attorney in CA you don't need a brokers license. Check into joining your local "board" (MLS provider)  to see about joining as a "Real Estate Professional." You will not be able to call your self a "REALTOR". That name is copy righted and have to be a member of their club basically. As a member of your local board, you get access to all the contracts and forms you would need. The program is called ZipForms on their website. check out C.A.R.E website as well.

You need to figure out what specially you want to do. From the sounds of it, you may be incurring lots of liability for little gain. You will need to carry E and O insurance to cover you and your agents. -- Think about this: Unless you are lucky and get both sides of the deal and the listing calls for a 6%. Usually 3% goes to either the seller or buyer agent. Figure 500K house would get you 15K before all your costs and doc fees, escrow fees etc. If you took 15% of the remaining amount you might end up with 1500.00 to 1800.00. Sounds like a lot, but not really after you pay all your insurance and other costs.  Remember all that agency stuff from Barbri??? Yep. It actually comes into play quit a bit.

 Also, note: I just came a from CLE work shop about Professional Responsibility. Guess who the mostly likely to get sued and highest to cover group of attorneys make up the E/O insurance group? Yep. Real Estate Attorney in a practice of 1-5 professionals with 2-5 yrs experiences. Think about how long it takes for a statute to run and who is left money after escrow closes and all funds have been distributed.

Also, I would consider not being a Lic Broker b/c this changes the rules under the CA Prof Code as to what you have to disclose to potential buyers and sellers.

Do all your homework first. 

Sorry for the ramble and typos. its late, going to bed.


0


--
06/11/2012 5:13 PM
Author: Double ESQ. [9]
  •  Quote
  •  Reply

I am a CA RE broker and am an attorney licensed in two states. I also have my study materials for sale on this website. http://www.all4jds.com/buy-sell/jd/...aspx 

I passed the CA RE broker's exam shortly after I took the bar exam. As I had my JD degree and was an out-of-state attorney, I was required to take two real estate classes, RE Finance and RE Appraisal before I could take the CA broker's exam. Had I been a CA licensed attorney when I took the CA broker's exam, I would not have had to take any additional classes.

Being a RE broker definitely provides more opportunities than being an agent because you do not necessarily have to share your commission with anyone and you can potentially work for yourself. If you prefer to work for someone else and get some training, you can also work as a Broker-Agent for a RE company. 

As I own a small law office and have some flexibility in my schedule, I am able to use my broker's license as well. Some RE companies require a full-time commitment, but not all do, so it really depends on where you work or whether you decide to work for yourself.


0


--
03/03/2015 4:05 AM
Author: renicco [1]
  •  Quote
  •  Reply

Well i don't know about the format but i really wanna know about the exam as well as the scenario of the exam that how and who can give this exam to be the real estate agent.

0

Add Reply


Copyright by All4JDs.com