Is the real estate exam hard in Michigan?
Passing the Michigan real estate exam
It all seems pretty straightforward — except for the exam. Most people report that the three-hour test is the most difficult part of the real estate licensure process in Michigan. … Your 40 hours of pre-license education should give you all the info you need to ace your exam.
Is it hard to pass the real estate exam?
Real estate exams are designed to be difficult to pass, so they can weed out people who are not going to be skilled agents. Though the pass rate varies based on the state exam, they hover around 50% across the country. This means only about half of the people who take a state licensing exam pass.
Is real estate a good career in 2020?
The real estate market is ever-shifting. … The fluctuations within the real estate market have been worse in 2020 due to the COVID-19 pandemic that has caused many sellers to pull off their listings and interest rates to hit a record low. Still, we believe it’s a good time to become a realtor.
How much does the average realtor make in Michigan?
The average salary for a real estate agent in Michigan is around $46,160 per year.
Is the Michigan real estate exam multiple choice?
There are 115 multiple-choice questions on the Michigan state licensing exam. You must answer at least 80 questions correctly (70%) in order to pass. There is a 180-minute time-limit for the exam.
Which state has the hardest real estate exam?
Hardest States to get a Real Estate License
Of all states, Colorado and Texas come on top as the hardest in terms of granting a real estate license. Each of the states requires some education and a test, which you must pass before being issued with a real estate license.
Is getting real estate license worth it?
Getting licensed takes both time and money – not something every new investor has. If you can use your real estate license for deals, networking or to save or earn more money, it is worth the investment. Of course, you can always work with licensed people, but sometimes having your own avoids a lot of hassle.
How many times can you take 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.
What kind of questions are on the Michigan real estate exam?
Five of the exam topics are state-specific.
- Contracts – 17% of the Questions.
- General Principles of Agency – 13% of the Questions.
- Practice of Real Estate – 13% of the Questions.
- Financing – 10% of the Questions.
- Real Estate Calculations – 10% of the Questions.
- Property Ownership – 8% of the Questions.
Where do I take my real estate exam in Michigan?
You must take the Michigan state licensing exam at a PSI testing center. There are seven PSI locations within the state of Michigan. However, you can take the state exam at any PSI testing center throughout the country.