How To Prepare for Your Kentucky Real Estate Exam
Are you thinking about starting a real estate career in Kentucky State? Well, that’s a great idea since the housing market in the state is booming. Housing sales records in 2021 broke records with a mind-boggling $14.3 billion total revenue. This represents a 16% increase over last year and more than double the figure achieved five years ago. Obviously, the housing market in the Bluegrass State is doing just fine.
Not only that, but the real estate profession offers so much more than a great paycheck. The ability to choose your work hours, grow a strong professional network and build your brand is not something offered by a lot of jobs. However, like most professional careers, you have to be licensed to practice real estate within the United States.
Passing the licensing exam is not a difficult task if you’re armed with the right information. So I’ll take you through what you’re required to do before writing the exam, how the exam is structured and the beta way to prepare for your Kentucky real estate exams. Keep on reading!
How Difficult Is the Exam?
Well, to be eligible for the Kentucky real estate exam you are required to have a high school diploma or GED. This implies that a certain level of intellectual ability must be expected from candidates. However, that does not mean the exam is difficult. With the right study tools, relevant information, and a reasonable amount of practice you can ace the exam on your first try.
Things You Need to Do Before Writing Your Kentucky Real Estate Exam
There are several steps you have to take before you are eligible to take the licensing exam and become a real estate agent in the state of Kentucky. These criteria were put in place by the Kentucky Real Estate Commission (KREC) and they include:
- You must be at least 18 years old
- You must be a citizen of the United States or a legally qualified alien
- You must have a high school diploma or GED
- Complete all 96 hours of Kentucky real estate pre-licensing classes
- Pass the final exams of your real estate pre-licensing courses
- Submit for fingerprinting and a national background check
- Pass your Kentucky real estate exam
How To Prepare for Your Kentucky Licensing Exam
Preparing for your real estate licensing exam isn’t hard if you follow all the right steps. Here are a few tips on how to most effectively prepare for the exam and increase your chances of success significantly.
Complete 96 Hours of Real Estate Pre-Licensing Course
The first step is to complete 96 hours of real estate pre-licensing courses which have been approved by the Kentucky Real Estate Commission (KREC). These courses involve most of the basic theories and practical concepts that you will need to know as a practicing real estate agent in the State of Kentucky.
The topics covered in the course include:
- 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
- The practice of real estate
- Real estate calculations
- Real estate commission
- Requirements for a license
- Brokerage activities and requirements
- License law requirements for contracts
- Property management
These courses can be taken as physical classes aided by online resources, which usually last between 2-3 months. It can also be taken in the form of solely online classes depending on your preference. The duration of a solely online pre-licensing program depends on your schedule and how quickly you can grasp the material.
These classes will be anchored by experienced real estate professionals at KREC-approved centers. These courses may seem a bit confusing initially since you are learning an entirely new set of languages and concepts. However, with time and dedication, you’ll easily adapt and find yourself gaining a deeper understanding of the real estate industry.
Click here for state approved real estate classes: Real Estate School
Choose Valid Studying Materials
The licensing exam is administered by PSI, a national testing service contracted by the KREC. They provide a candidate handbook and a course outline to help candidates prepare for the exam. You can access the PSI Kentucky real estate license bulletin here for information concerning the course outline, the registration procedure, examination centers near you, and much more.
There are also dozens of study material and updated preparatory questions that candidates can easily download or purchase from various sources online. These study tools as well which include interactive quizzes and short video content covering key areas which usually appear in the exam. Using prep tools can help give you a huge boost in confidence when taking the real estate exam.
Check out this study tool to help pass your exam: Prep Agent
Develop a Unique Studying Technique
Everybody has their own unique studying technique. Some people are visual learners, while others prefer text material. Others are more comfortable with rote memorization, while some people would rather understand general concepts than going too deeply into specifics.
Another good piece of advice is to form study groups with other candidates. Not only does this help you cover the material more quickly, by discussing the topics helps you internalize the information better as well. Cue cards, timed prep quizzes and constant revision goes a long way.
The truth is that the best studying techniques typically involve multiple approaches. No matter which group you belong to, ensure you find what works for you and stick to it. The aim is to master the course material. Nobody is particularly interested in how you managed to achieve that.
What to Do on the Day of the Exam
A good piece of advice is to ensure that you get to the exam venue at least 30 minutes before the designated time. Not only does this give you some freedom in the event of any unforeseen circumstances, but it also helps you stay calm by not having to rush and allows you ample time for registration.
You are expected to present to the examination venue with certain items and identification materials. The identification materials are usually two forms of identification, a picture ID and an additional signature verification ID such as a driver’s license and social security card. Your picture will then be taken for the exam score report and you’ll be required to sign the Candidate Rules Agreement form. You are also allowed to bring along a basic (non-scientific) calculator.
Remember, stay calm. Start with the easy questions before attempting the harder ones. Avoid any form of cheating or suspicious activity. The computer offers a tutorial using sample questions so take out the time to familiarize yourself with the format.
Start the examination whenever you are ready. Most candidates finish well before the allotted time expires so don’t worry too much about time. So if you have been studying with practice questions you’ll have no problem at all. The results of the exam are released immediately, so there’s no prolonged waiting period.
Related: How To Become A Real Estate Agent In Kentucky
How Is the Exam Structured
The Kentucky state salesperson exam is divided into two sections of multiple-choice questions, a national section which has 80 questions and a state section with 50 questions. This gives a total of 130 questions. The time allowed in the national section is 150 minutes, while 90 minutes are allowed in the state section, giving you a total of 240 minutes (2 hours). A passing score of 70 percent is required.
Your score will be displayed immediately after completion of the exams and an official score report with your score and any other diagnostic information will be provided to you. The exam report will also be reported to the Kentucky Real Estate Commission. You must pass both portions of the exam before moving on to the next steps with your license. If you passed one section of the exam and failed the other you can retake only the section you failed.
General Tips for Answering Confusing Questions
- Answers that contain words like ‘only,’ ‘never’ and ‘always’ usually indicate wrong answers
- Answers that contain words like ‘generally,’ ‘often’ or ‘may’ usually indicate correct answers
- Longer answers are usually more likely to be correct than shorter answers
- Use the True/False method. This means trying to attach True/False to each answer
What Happens If You Fail the Exam
If you passed one section of the exam and failed the other you can retake only the section you failed. You can retake that section as many times as you please within 4 months of your application. However, you must pay a $100 fee to the Kentucky Real Estate Commission. Candidates who do not pass both portions of the exam within the 4-month eligibility period must retake both portions of the exam.
In Conclusion
Passing the Kentucky real estate exam is easy if you follow the right steps. Choose the right studying materials, revise your coursework and practice using prep agents and practice questions. Even if they don’t make it on the first attempt, most candidates pass by their second try.