The real estate salesperson exam in Michigan is one of the hardest to pass in the country. In fact, more than 50 percent of those who take it fail one or both sections the first time around. However, you can decrease your risk of first-time failure by making sure you’re fully prepared for the exam.
How hard is it to get your real estate license in Michigan?
How difficult is it to become a real estate agent in Michigan? Michigan is more lenient when it comes to the requirements to become a real estate agent. Only 40 hours of prelicensing education are required, unlike some other states like Texas, where the requirements are 180 hours.
How many questions are on the Michigan real estate exam?
115
The Michigan Real Estate Salesperson Exam consists of 115 total questions and you must answer at least 80 answers correctly in order to pass (70%). The broker and associate broker exam consists of 120 questions. To pass, you must answer correctly at least 75% of the questions.
How many times can you fail the Michigan real estate exam?
How many times can I take the MI pre-license course final exam? You can take the final exam for the 40-hour Michigan real estate salespersons course as many times as needed until you pass.
How long does it take to study for the Michigan real estate exam?
Passing the Michigan real estate exam
Fortunately, we have some tips to help you out. Pick the right education provider. Your 40 hours of pre-license education should give you all the info you need to ace your exam.
How much does a realtor make in Michigan?
The average salary for a realtor is $94,667 per year in Michigan.
Why do most real estate agents fail?
The most common mistakes that agents make is inadequate prospecting, failing to market properties in ways that lead to fast sales, and not following up with their contacts so that strong relationships result in returning clients.
What do I need to know for the Michigan real estate exam?
Michigan Specific Exam Questions
- Statutory Requirements Governing the Activities of Licenses – 10 Questions.
- Licensing Requirements – 5 Questions.
- Contractual Relationships – 5 Questions.
- Duties and Powers of the State Department and the State Board of Real Estate – 3 Questions.
- Additional State Topics – 12 questions.
What type of questions are on the Michigan real estate exam?
Here is an outline of what is on the MI state exam: property ownership, land use controls and regulations, valuation and market analysis, financing, general principles of agency, property disclosures, contracts, leasing and property, management, transfer of title, practice of real estate, real estate calculations.
Can I take my real estate exam online in Michigan?
Prepare With Practice Tests.
Real Estate BROKER licensing examination candidates do NOT need to apply to the state before testing. You can take this test on Computer. Kindly note that this is not an open book test.
How long is a Michigan real estate license good for?
Michigan real estate salesperson and brokers must complete 18-hours of continuing education each 3-year renewal cycle.
What score do you need to pass the Michigan real estate exam?
You need a minimum of 70 percent to pass the salesperson exam, and a minimum of 75 percent to pass the broker exam. This translates to getting 80 questions right on the salesperson exam, and 90 questions correct on the broker exam.
What happens if you don’t pass your final exam?
CA- California has an 18 day wait policy. Students are required to be in each course for a minimum of 18 days before being allowed access to the course final exam. If the first attempt is failed, the student will be required to wait an additional 18 day period to take the second attempt.
How long does it take to get MI real estate license?
According to the DRE, you cannot complete any one, 45-hour course within 2-1/2 weeks. This means it will take a minimum of 7-1/2 weeks to complete all three courses.
Can you get a real estate license with a felony in Michigan?
In Michigan, you can apply for a real estate license even with a felony conviction. At that point, your application goes to the Michigan Department of Licensing and Regulatory Affairs (LARA), which will determine if your conviction should disqualify you for licensure.
How much does it cost to become a real estate agent?
Costs of Getting a Real Estate License. As a real estate agent, you’ll be required to be licensed by the state in which you plan to practice, and you can expect to shell out around $2,000 over the course of becoming licensed.
What is the highest paid job in Michigan?
Detailed List Of Highest Paying Jobs In Michigan
| Rank | Job Title | Average Salary |
|---|---|---|
| 1 | Consultant And Sales Representative | $221,460 |
| 2 | Pain Management Physician | $197,971 |
| 3 | President/chief Executive Officer | $192,342 |
| 4 | Executive Vice President Of Sales | $191,007 |
Where do real estate agents make the most money?
The following are the 10 states where real estate agents earn, on average, the most money:
- New York: $111,800 (average real estate agent salary)
- Massachusetts: $84,180.
- Connecticut: $79,780.
- Alaska: $79,360.
- Colorado: $76,850.
- Utah: $75,170.
- California: $74,140.
- Texas: $72,830.
What are the pros and cons of being a real estate agent?
- Pro: You have the flexibility to choose your own schedule.
- Con: Without set hours, you might end up working more.
- Pro: You have unlimited income potential.
- Con: You have no safety net in the slow periods.
- Pro: You get to help make dreams come true.
- Con: Buying and selling can be stressful for clients.
Is real estate a dying profession?
Real estate isn’t a dying career. In fact, there are more real estate agents in 2021 than perhaps ever before. However, the field is changing dramatically, with the advent of online marketing, VR and virtual tours, and easy online paperwork. To compete in this new world, it’s up to real estate agents to innovate.
Can you make money your first year in real estate?
According to Indeed, the average salary is just over $83,000 for first-year full-time agents — but this rate can vary greatly. As a recent 2020-2021 report reveals, many agents start out by earning a significantly lower salary but actually double their income once that first year is under their belt.