Easy Tips To Pass Your Real Estate Exam In Illinois

The most important step of getting your real estate license is passing your real estate exam. This can be a little daunting, and you may be out of practice in your test-taking skills. There is so much information out there to help you pass your exam, but it might feel overwhelming. That is why we made this summarized list of the most important steps you need to take in order to prepare and pass your exam.

1. Use specific exam prep materials and study aids

Studying for your real estate license exam is no small feat. And the resources available to help you seem to be endless. You may be a little confused on where to start, but we got you covered. You will want to start studying with some prep material, and then move to practice exams. The prep material and study guides will give you everything you need to know. You can just take the required courses, or purchase a package that covers more education. We offer multiple packages that include exam prep, building your business education, and post-licensing HERE.

After completing the courses and learning, you can start taking the practice exams. This is the closest thing you can get to the real exam. It helps you test your knowledge, and understand the testing format itself. Practice exams are the best way to test your knowledge and find out your weaknesses. Once you find out your weaknesses, focus on those areas. You will find some study and testing skills later on! 

When you take the practice exams, make sure to treat them like the real thing. Do as many practice questions as you can. Luckly, this exam is multiple choice, so practicing with multiple choice questions will help a great deal. Just studying the material is not enough!

2. Study Real Estate Vocabulary 

The biggest chunk of knowledge used on the exam is going to be the vocab. Keywords and concepts are essential to be an agent, so they are going to be a big part of the test. Use some of the study strategies we mention later to memorize and learn all the terms. 

Navigating through the test will only be possible if you know the terminology. Find a list of all the vocabulary words and categories including contract terminology, ownership types, and fiduciary duties.

3. Study Real Estate Math

Most of us get scared when we hear the term math. Math can be challenging, so it’s no wonder some people are afraid of it on an exam! But avoiding studying math for the real estate exam isn’t really an option. It’s likely around 20% of the questions will involve some sort of math. Try making math one of your strengths! 

Here are some basic formulas you will need to memorize:

• Area (whether interior square footage or outdoor acreage) = length feet x width feet
• 1 acre of land = 43,560 feet
• Property tax rate = assessed value x mill rate
• 1 mill = 1 dollar per thousand dollars of value
• Commission formula = house selling price x commission percentage
• Simple interest = principal amount x rate of interest (over time)

4. Call a real estate friend

Two brains are better than one when it comes to studying for the real estate exam! When you work with others you can have different ideas, inspiration, and have accountability. It usually takes the stress load off a bit! If you are having trouble finding people to connect with, try checking online communities on Reddit about real estate education. 

It also helps to connect with someone who’s already passed the exam. Try to find a recently licensed agent. They have the test concepts fresh in their mind. They can help you come up with study strategies and give you an in on the most challenging parts. When you connect with an agent it also broadens your network. Plus, they might have some old real estate books you could use! Don’t be afraid to reach out!

Last, chat with your soon-to-be broker. If you are already committed to a broker after you pass the exam, use that resource for help and advice as much as you can! They want to get to know you after you get your license, so why not talk sooner? They are likely to have other new agents they can connect you with, and the want you to pass the test! If you are looking for a brokerage in the Chicago, Illinois area – reach out to us HERE and we would love to help!

5. Create a cheat sheet

Everyone has different strengths and weaknesses, so create your own cheat sheet! You can list all of your weaknesses, to have them all in one spot. Bring the cheat sheet everywhere, and take a look at it when you have time! Even bring it on exam day for a last minute review, just study all the way up until it’s time to enter the room!

6. Use study strategies

There are so many studying strategies you can use to make the time you spend more effective. You will find it helpful to use some old-school flashcards. This might sound basic, but it helps you retain information and be able to define scenarios, keywords, and formulas. 

Try using the Pomodoro technique. This sounds complicated, but it is really just studying with a deep focus for 25 minutes, and then taking a five minute break. It allows your brain to take a break before wearing out, so it lasts longer. When you try to study too long at once, you are more likely to face burnout.

Set up some study goals. When you make goals, you have a direction and destination. Without goals, you are just winging it. Establishing goals is the best way to prepare yourself for the exam, and will give your study time some structure. Try setting goals to go over certain topics, questions, or numbers of practice tests or questions. You can make a goal to reach a score on the practice quizzes or full tests. Make the goals with a mix of time-base and merit-base. This way you reach your goals to accomplish tasks within a time-frame.

7. Know testing techniques 

Take advantage of knowing the testing techniques to use beforehand. There are many strategies on taking an exam that don’t just apply to the real estate exam. Here are a few techniques to use once you begin the exam.

Read every word and question carefully. When you start the test, you might feel like speeding through and pouring your knowledge out before you forget anything, but it is important to take your time. Missing the smallest word in a question may result in the wrong answer. Make sure you don’t misread any of the questions. Rephrase a complicated question in your head to identify what you’re being asked to find.

Answer the easy questions first. This is such a helpful technique! It keeps you from getting stuck on the hard questions, and running out of time for the ones you know. Remember, all the easy questions are worth the same amount of points as the hardest ones, so focus on what you’re confident in.

Save the questions you don’t know for the end of the test. This can be with a specific type of question, such as math questions or vocabulary questions. This will also save you wasted time. Sometimes, when you keep working, you might find the answer to a previous question, such as a formula. Make sure you have a way to save or mark the questions you need to go back to, so you don’t submit any blank answers. If you run out of time and still can’t figure some out, just make your best guess so you still have a chance of being right.

Once you have answered a question, don’t change the answer. This is a general rule, because it has been statistically proven that you are much more likely to change it from the right answer to a wrong one. But if you had previously guessed, and then were able to solve the problem, you should change it to what you’re confident in.

Don’t compete with the other applicants! The exam is not a race. You don’t get a better score by finishing earlier. You should take all the time you need to complete your exam. Many people who finish quickly fail.

8. Learn Multiple Choice Hacks

Learning how to answer multiple choice questions will be immeasurably beneficial for this exam. As we mentioned earlier, the whole test is multiple choice! Take advantage of this. Here are some quick strategies when going through questions.

• Look at the answers first. This doesn’t work for everyone, but give it a try on your practice tests! Look for keywords and vocab terms that stand out. 
• Don’t choose answers you have never heard of. Sometimes the tastemakers like to make you feel like you missed something, but if you studied all the material properly, it will be highly unlikely that it’s the right answer.
• Eliminate wrong answers to find the correct one. Each answer you eliminate, you raise your odds 25%. Look at the answers that seem pretty unlikely, and mark them out in your head.
• Don’t be afraid of selecting the same letter answer multiple times. If you have answered “C” five times in a row, that doesn’t mean any of them are wrong. Don’t psych yourself out of the right answers.
• Find opposite answer choices. Usually, if there are two answers that are the opposite of each other, it is likely that one of those will be the correct answer. Look out for the word “NOT” as that will cause the opposite answer to be the right one.
• Detailed answers are probably right. When an answer is wrong, all it needs is a piece of the answer to be incorrect, but when it’s right, all of it has to be correct. To make a correct answer, sometimes it has to have a longer explanation with more details.

9. Identify key words

On the exam, some questions will have specific words that you need to watch out for! You have to be very careful when reading the test questions and answer choices. Here is a list of key words to identify:

• The words “all” or “none” are easily missed when reading too fast, and will totally change the question. Also, reading “if” as “is” will change the meaning of the question.
• Be suspicious of answer choices with the words “always” or “never” in them. These can be triggers to realize the answer is wrong. Make sure the correct answer fits into an absolute positive or negative before spending too much time analyzing that choice.
• The word “except” makes it more likely to be correct. It provides more detail and depth, which makes them more probable. It indicates that the answer isn’t an absolute, like the previous key words.

10. Prepare ahead of time

Mental preparation is the biggest focus, but you can’t forget physical preparation too! You need to be well rested on the day of the test, so that means a good sleep the night before. Eat a good meal before the exam so you don’t get hungry or tired during the exam. You can review your material the day of, but try not to cram study or practice testing, as it might cause you to overthink or tense up before the test. Leave for the test ahead of time, so you aren’t stressed about arriving late. Focus on staying calm and confident. You prepared, so you will pass!

Studying for the real estate exam is challenging, but necessary to be a successful agent! If you prepare with the right tools and strategies, you will pass your exam with flying colors. If you’re looking where to find the courses and education, send us an email with any questions you may have: Team@ParkPlaceRealtyLLC.com.