by Nature Coast Real Estate School on March 16, 2011
Effective July 1, 2011, the Florida Real Estate Course and Exam are completely changing. The good news for Broker candidates is...NO MORE COMPOSITE CLOSING STATEMENT! This outdated accounting document accounted for 10 points on the course exam and the state exam and was never used in a Real Estate Broker's career. It is being replaced with the newest version of the HUD-1 Settlement Statement, the closing statement used in every sale where the buyer is procuring a loan. Mathematic calculations will still be required, but they will be relevant to real estate transactions. They will also have to know where these figures will appear on the HUD-1 closing statement.
New to the Florida Real Estate Broker exam, candidates have to read cases based on real estate transactions. They will be required to answer cases based on these cases, and these questions will contribute 8 points toward the candidate's total score. This was implemented by the state due to the fact that until recently, a Florida Real Estate Broker candidate only had to have an active license for one year. This was changed to two years "experience", but no real world experience could be quanified. During the real estate boom, Brokers who had their license parked with a friend could sit for the Florida Real Estate Broker's exam without ever closing a real estate transaction. The new exam requires skill only found through real experience.
The new Fllorida Real Estate Broker exam has 100 questions, each question worth one point. Operating and managing a Real Estate Brokerage business will be 43% of the content of the new exam. Real Estate closings will contribute 12%, Real Estate Contracts will be 11% of the exam, Valuing Real Property will be 9%, Listing and selling 6%, Federal Income Tax Laws 5%, Financing 4%, Investing 4%, the Real Estate Market 3%, Zoning and Planning, Property Management and Environmental will each be 1% of the exam.
These are much needed changes and updates and will positively impact the Real Estate industry in Florida by preparing the Real Estate Broker candidates for the license they will be using.
If you have any questions about a career in real estate in Florida, please call or email me, or visit my website. If you have any questions about the licensing process, the Division of Real Estate has answers to Frequently Asked Questions as well as a complete Candidate Information Booklet to guide yoyu through the process of getting your license. To apply for a real estate license in Florida, follow the link to the license application.
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