You are logged in as customer LOG OUT
6 PrepPacks™
60+ Prepared
600+ Questions

XXX

XXX
XXX

XXX

XXX
XXX

XXX

XXX
XXX

What Is the Real Estate?

The Real Estate is property that comprises land and buildings erected on it. Everything that exists in the land – its flora, fauna, crops, livestock, water, and mineral deposits – is also included in the definition of the Real Estate. Quite appropriately, the etymology of the word “real” is “res” that in Latin means “things.” The concept of the Real Estate further refers to the rights of use of the land and its improvements.


What Are the Types of the Real Estate?

The Real Estate Industry is not monolithic. It is usually divided into four groups:

  • Residential Real Estate – This type of the Real Estate includes buildings, both new constructions and resale homes, where people live. The variety of residential buildings is large, ranging from single-family homes to condominiums, townhouses, duplexes, triple-deckers, quadplexes, multi-generational, and vacation homes.
  • Commercial Real Estate – This group is comprised of shopping centres, malls, hospitals, universities, colleges, hotels, and offices. This category also has apartment buildings, even though they are designed for living, because they are purchased to bring profits.
  • Industrial Real Estates – Included in this category are manufacturing buildings and warehouses. Manufacturing buildings are usually used for research, production, storage, and distribution of goods. Yet sometimes, buildings that distribute goods are grouped under the second category, which means that they are located, constructed, and sold differently from buildings categorized as industrials.
  • Land – This type includes vacant land, farms, or ranches. The vacant land can be undeveloped, in transition, or reused. Undeveloped land is often located close to urban areas and is purchased in sections or in its entirety. The vacant land can be used for any purposes chosen by the owner. In contrast, a purpose of the land in transition has already been established before it is bought.

What Job Opportunities Do You Have in the Real Estate Industry?

To succeed in any position in the Real Estate Industry, you need to love to interact with people, sell smartly, understand economics, have some knowledge of geography, and adhere to service ethics. One of the most profitable industries, the Real Estate usually allows people to make good money. Because pay is often based on commissions, the more you sell, and, more importantly, the more expensive properties you sell, the more profit you reap.  

There are several roles involved in the selling of properties. Although people uninvolved in the process, do not distinguish between, say, the real estate agent and the real estate broker, differences between these professions are essential.

The Real Estate Agent

People selling a house or a building on behalf of the owner are called Real Estate Agents.  As a rule, to become the Real Estate Agent, you need to take a training course, pass required tests, and obtain a Real Estate Agent’s license. There are two types of this license. If you have the lower-level license, you work as a Real estate Agent supervised by a broker.

The Real Estate Broker

If you have a higher-level license, you can work as a Real Estate Broker. This license is obtainable only after you have worked for a specific period of time as an agent, studied more, and passed additional, usually more difficult, exams. These exams are usually also more complex and longer than those administered to real estate agents. If you have a bachelor’s degree, you may receive this license easier. If you have passed a lawyer bar, you still need to take tests to work as a broker.

The Real Estate Broker Associate

A professional called a Broker Associate is a real estate broker working for another real estate broker. Real estate brokers may always work on their own, but, for the sake of financial safety, some of them join a larger real estate network. As a rule, broker associates earn fixed percentages from each transaction. 

The Realtor

To be a realtor, you need to be an agent or a broker. You also need to belong the National Association of Realtors, adhere to the code of ethics of this professional association, and pay annual dues. Adhering to the association’s code of ethics, which means upholding specific duties to clients, public, and other realtors. Among other things, the code of ethics forbids realtors to exaggerate or misrepresent a property they are selling. They should also be honest in all their real estate communications and always promote interests of their clients.

The Listing Agent

Listing agents represent sellers and are, therefore, also referred to as seller’s agents. You should be an agent or a broker to become a listing agent. To work as a listing agent, you need to owe a fiduciary responsibility to sellers with whom you make business; in other words, you need to trust your sellers and be trusted by them. This trust is related to assets, money, or property. The listing agent should faithfully guard the seller’s interest.

The Buyer’s Agent

Buyer’s agents are selling agents, buying agents, or exclusive buyer’s agents. This agent does not work for sellers. Unlike buyer’s agents, other agents do work with both sellers and buyers. In many cases, buyer’s agents ask a buyer to sign a buyer’s broker agreement, indicating who represents the buyer. This agreement is signed before the purchase agreement.

Apart from these job opportunities available in the Real Estate Industry, you may also become appraiser, commercial leasing manager, community development manager, escrow officer, land administration manager, mortgage credit analyst, real estate attorney, real estate zoning manager, and title examiner.


What Skills Should You Possess to Work in the Real Estate?

Real Estate Savvy – You need to have a good knowledge of the area with which you work. Familiarize yourself with schools, local businesses, bus routes, and other details important for people buying a property in this area. Learn also about all zoning laws. You should also constantly update your knowledge of mortgage rates and various laws affecting your job. Read trade publications to sharpen your familiarity with the Real Estate Industry.

Executive Skills – You also need to love new technologies and adapt to them quickly. Changing with the market is crucial for your success in this business. You should also have excellent negotiation skills and always know how to walk away from the deal, if its conditions do not look satisfactory to you. Also, develop negotiation skills in your clients, because they need to be aware both of the best-case and the worst-case scenarios.  

Communication Skills – Real estate agents work with people whom they help make highly important decisions in their lives. Knowing how to communicate with them productively is, therefore, essential for your success in the real estate business. You need always be proactive, getting in touch with your clients before they reach for you, and use different channels of communication to be in contact with them. It will also help you in your business, if you behave with them in a polite and friendly manner rather than officially.   


What Is the Hiring Process for Jobs in the Real Estate Industry?

The application process for employment in the real estate industry includes the following steps:

  1. Online Application: Fill out an application online. Include your CV and a cover letter which summarizes your qualifications and work history. Be sure to check that your contact information is correct and that your application is free of spelling errors.
  2. Phone Interview: The phone interview is a brief conversation during which you will be asked questions relating to your motivation for applying for the position, your knowledge of the market and of the company to which you are applying. If you answer the questions in this interview satisfactorily, you will be invited to complete an in-person test.
  3. Online Test: There are a variety of tests used by employers in the real estate interview to determine if candidates will succeed in the open position. Some of the most common tests include personality tests and logical reasoning tests. You can find details on these tests and more below.
  4. In-Person Interview: The in-person interview, held at the company's offices, is usually conducted by a human resources manager and a senior director. You will be asked questions relating to your personality and relevant skills.
  5. Final In-Person Interview: This interview is usually with the head of the team that you are applying to join. You will likely be asked more in-depth questions relating to your experience and technical knowledge. You should be ready to answer questions about your employment history and know how to respond to queries about any red flags, such as gaps in your work history.

The Numerical Reasoning Test

Working in the Real Estate Industry, you will need to make different calculations. Knowledge of arithmetic is thus indispensable for doing your job well. JobTestPrep’s specifically designed Numerical Reasoning Test can help you improve the precision and speed of your calculations and your ability to work with facts and figures presented in statistical tables, graphs, and diagrams. On the test, you are offered a number of options from which to choose an answer to a given question. Only one of the answers is correct.  The Numerical Reasoning Test is timed. You have only about 30 seconds to answer each question. Calculators are also not permitted on this test. You may use only a scrap of paper and a pen to make your calculations. So difficult, the test will significantly improve your numerical skills, which will make your work in the Real Estate Industry afterwards much easier. Practise with our accurate test simulations and begin to make money in one of the most profitable fields existing now in the world.

JobTestPrep specializes in assisting people with finding jobs in the Real Estate Industry. To achieve this goal, we offer comprehensive information about the industry and different careers that applicants can build working in it. To help them hone various skills useful for working as real estates agents or brokers, we have also compiled a helpful PrepPack™ containing tests, answer keys, study guides, and interview questions and answers. Purchase our resources and succeed in your new role in the Real Estate business.   

Not what you were looking for?
?