Principles of Real Estate Practice in Michigan contains the essentials of the national and Michigan real estate law, principles, and practices necessary for basic competence as a real estate professional and as mandated by Michigan license law. It is based on our highly successful and popular national publication, Principles of Real Estate Practice, which is in use in real estate schools nationwide.
Nevada Real Estate Principles covers the principles guiding the real estate industry in Nevada. Designed to be used with our Modern Real Estate Practice text. Updated with the latest Nevada Revised Statutes, as well as general real estate law. Each unit contains multiple-choice review questions that mimic items on the real estate licensing exam.
Increasingly, integrating racial equity in the development life cycle is becoming a high priority, and the industry is recognizing that an elevated focus on equity can have benefits for financial and social returns. 10 Principles for Embedding Racial Equity in Real Estate Development shares 10 guiding ideas that can help developers, investors, and other practitioners make racial equity a central part of their real estate practice. Each principle distills insights from industry leaders and includes specific best practices that can be applied to different sectors, markets, and geographies.
These principles will help equip real estate professionals to deliver the financial and social benefits of equity to all stakeholders: developers and partners, the local community, and cities. This focus on racial equity (as one aspect of social equity, a broader concept) is necessary because racist policies and practices such as redlining have historically shaped land use. Their legacy continues to undermine the health, wealth, and economic opportunity of racialized communities in the United States, and current practices often perpetuate these inequities.
You can download the report and an expanded edition, which includes the full description of each principle and their applications. To further reflect on the principles and help you apply them to your real estate practice, a downloadable worksheet is also provided.
Purpose: This report summarizes ten guiding ideas on embedding racial equity in real estate development based on a ULI workshop and member engagement process, serves as a call to action for the real estate industry to make racial equity central to development, and provides best practices to help translate motivation to work on racial equity into action.
Principle One: Embed racial equity across all aspects of your real estate development practice. Although many people have been prioritizing racial equity for years, societal expectations about racial equity are becoming more widespread, with significant implications for the real estate landscape. Real estate professionals must start making racial equity central to their professional practice so that they are prepared to operate and thrive in a new environment. This requires changing standard real estate development practices and policies in ways that center racial equity at all stages. Achieving just and fair inclusion requires real estate practitioners to apply a racial equity lens to all aspects of their work: their own organizations; the communities in which they operate; their consultants, vendors, and contractors; and their customers, investors, and capital partners.
Principle Three: Articulate the racial equity business case. Embedding racial equity into real estate development can reduce risk and increase value. When setting a business strategy, real estate professionals must begin by better understanding risk (e.g., the risk of not prioritizing racial equity), gaining a more complete understanding of return on investment (ROI) that recognizes the value of equitable development, and tailoring the racial equity business case to individual projects. Because racial equity has not been a mainstream part of real estate education or development practice, real estate professionals often believe that they need to make the case for racial equity or that it will add costs; however, investing in equitable development has repeatedly demonstrated its ability to increase returns and reduce risks.
Principle Four: Use data to ensure equitable processes and outcomes. Real estate professionals can use community-informed data and measurement in service of enhancing racial equity and accountability before, during, and after development. It is important to set measurable goals for outcomes (rather than outputs) and report progress in a transparent manner. These metrics can help real estate professionals understand the benefits of racial equity and enhance the adoption of equity-promoting practices. Data can demonstrate progress to community stakeholders and hold developers accountable to others and themselves. Internally, data and communication are just as important in creating and building on diversity, equity, and inclusion (DEI) strategies.
Principle Seven: Recognize the power of language. Language matters, and by using terms in a thoughtful, inclusive, and actionable way, real estate professionals can more accurately talk about and more effectively work toward a vision of racial equity. This report does not develop a shared language or framework for racial equity, but it does highlight the need for a common understanding of racial equity, particularly as it applies to real estate. Although creating such a shared language and framework will likely take an industry-wide effort, individual practitioners can seek to accomplish this on a smaller scale, including within their companies and their projects.
These key takeaways came up throughout the workshop, are infused throughout the principles, and are reflected throughout this report. Although these takeaways are not principles themselves, they are integral to understanding the thinking behind each principle and can help inform work on racial equity in real estate development.
This introductory course prepares the individual to take the real estate licensing examination and meet the minimum educational requirements set forth by the State Real Estate Commission for the real estate licensee. Students intending to sit for the State of Connecticut Real Estate exam must attend 60 hours and pass this course with a grade of 70 or above.
How many questions are on the real estate exam?All states have their own exam. Check your state for specific information.In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts.You will have between 2-4 hours to complete your exam.What is the best way to study for the Real Estate Licensing Exam?Before you qualify to take the exam, you will be required to take a number of hours of prelicensure classes.This curriculum is meant to help prepare you for your state-specific exam, so make sure you keep these materials and continue to study them after the course has been completed.Beyond that, it is absolutely vital that you use all available free real estate practice exams and study resources available online.You can find a comprehensive list of free real estate practice exams, sample questions, study guides, flashcards, and more resources linked above. Is the Real Estate Licensing Exam multiple choice?Yes. In general, you should expect 60-80 state-specific multiple choice questions, and around 80-100 multiple choice questions on general real estate concepts.The exam is usually given in two sections and candidates are expected to pass both sections. You will have between 2-4 hours to complete your exam.What score is needed to pass the real estate licensing exam?Most states require a minimum score of at least 70-75% correct in order to pass the real estate exam. Below are some example passing scores. Check the exact score requirements for your state here.StateNo. of QuestionsPassing Score (%)California15070%Florida10075% New York7570%Texas12562%Virginia12082%How much does it cost to get your real estate license?There are more costs associated with earning your real estate license than just the cost of the exam itself.While the exam itself is usually around $100, you should expect to spend an additional $200-$500 on pre-licensing classes, license applications, background checks, and other costs.Here are a few examples of costs you can expect:StateExam FeeApplication FeeTotalCalifornia$60$245$305Florida$36.75$83.75$120.50New York$15$55$70Texas$54$205$259Virginia$60$170$230
The Policies and Procedures Manual has been designed to be a guide for the preparation of your real estate office Policies and Procedures Manual. It is in an attractive binder, and comes with a disk (cd-rom) so you can make changes to meet your company's operating style! Thorough and concise, it has procedures for over 80 different subject areas. What a time-saver for any broker! 2b1af7f3a8