I really thought my days of having to cram large amounts of knowledge into my brain were long gone. The past few years have proved me wrong. Moving into the field of real estate with the goal of having my own brokerage, I have had to attempt to master (if that is even close to possible!) an industry that has changed dramatically in the past 5 to 10 years - updated and more lengthy forms for each transaction, Dodd-Frank, TRID requirements, additional legally mandated disclosures, on-line marketing platforms and the like. Real Estate is an ever changing field and Brokers are expected to keep up.
Currently I am waiting for California Bureau of Real Estate approval of my broker's packet which will allow me to sit for the Broker's Exam. That stimulating 5 hour test covers everything from Real Estate Law and contracts to supervising employees and handing trust funds, and those are only the beginning. After taking 5 college level courses (in addition to the 3 required for the sales person exam) I feel pretty ready to meet the test head on. Well, I did feel ready until I read the following excerpt from the Spring 2016 Real Estate Bulletin written by the Commissioner.
"The former Department of Real Estate and current Bureau
of Real Estate (CalBRE) have expended considerable
effort to make the examinations now given more relevant
to current real estate practice and services, and have
collaborated with and used testing experts and subject
matter experts to validate our examinations and to develop
examinations which test for foundational competencies.
CalBRE does not establish a minimum or maximum
percentage passing rate. Rather, the examinations given
and the applicants’ successes on those examinations set
the rates of passage. During fiscal years 2012/2013,
2013-2014, and 2014-2015, CalBRE’s examination
statistics show an “average” range of between 42-45
percent passage rate for broker examinees, and an
“average” range of between 49-60 percent pass rate for
salesperson examinees.
"
What? The average rate for all years given is LESS THAN 50 PERCENT for the broker examinees. That got my attention. We need 75 percent correct to pass so I am surprised less than 50 percent of the takers passed but I don't want that to be me so now the class notes come out and I start my flash cards. Cramming? Yes. However, it turns out after looking over the materials I know much of this already. It is the little stuff you don't use often that I will have to review such as "What is the time frame to file a Mechanic's Lien? and "What did Shelly vs. Kraemer strike down?" The Bureau is about a month behind in reviewing broker packets which should give me time to get through everything. Wish me luck as I draw upon those rusty test prep skills. With a less than 50 percent pass rate I may need it!
