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The real estate exam is often considered difficult by many aspiring real estate agents and brokers. This is because the exam is intentionally designed to be difficult to pass, as a way to filter out those who may not have the required skills and knowledge to be successful as a real estate professional. [1]
Chika Sunquist was appointed Commissioner of the California Department of Real Estate (DRE) by Governor Gavin Newsom on November 28, 2023, and she assumed office on January 3, 2024. [5] Real estate licensing is subject to both the Real Estate Law and the Regulations of the Commissioner, which have the force and effect of law.
Grading begins once the examination window is closed, and Level I results are posted within three weeks after the final examination day. Level II exam results are available within six weeks after the last exam day, due to the need to grade essay questions. The percentage of candidates that pass the CAIA exams changes from exam to exam.
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The Series 7 is a three-hour, forty-five-minute exam. [1] It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72% to pass. The SIE Exam and the Series 7 Exam are co-requisite exams. [9] Average study time is between 80 and 150 hours depending on current financial knowledge. [10]
The California Real Estate Act has two core components: licensing and enforcement. [1] [2] Both licensing and enforcement functions are required by the Appraisal Subcommittee (ASC), the federal government organization which oversees all state real estate appraiser licensing agencies. [2]
The total time allowed for taking the 300 questions on the exam is 10.5 hours (i.e., 3.5 hours for each of the three parts, with each part containing 100 questions). [4] Candidates who wish to schedule an exam need a Preparer Tax Identification Number (PTIN). [5] To obtain a PTIN, the applicant must complete a W-12 by mail, fax or online at irs ...
The passing score varies between jurisdictions. The lowest score accepted by any jurisdiction is 75 (several). The highest required by any state is 86 (Utah and California). [4] [5] All states have a window either preceding or surrounding the bar exam outside of which MPRE scores are not recognized.