If you a Real Estate Professional and are planning to become a Broker, then this is for you. We are here to give you the Exam Weightings for Real Estate Broker Course in Alberta with a clear understanding of who a Broker is in the Real Estate Industry and the Eligibility criteria to become a Real Estate Broker in Alberta.
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Who is a Real Estate Broker?
A Broker is one of the types of License Classes in Real Estate. A Broker is a person who owns a Brokerage. He is the highest in the hierarchy of the other Real Estate License Classes as Real Estate Agents and Professionals work for a Broker under a Brokerage.
What is the difference between a Real Estate Agent and A Broker?
The primary difference between a Broker and a Real Estate Agent is that of the qualifications and experience. The 4 Areas of Specialization in a Real Estate Practice – Residential, Commercial, Rural or Property Management. A person can become a Real Estate Agent if he has specialized in any one of the Real Estate Practice Areas (along with the mandatory Fundamentals of Real Estate Course, of course). A Broker on the other hand, has to complete all the areas of specialization in the Real Estate Practice and should have a significant experience as a Real Estate Professional in his tenure of being a Real Estate Agent.
Minimum Eligibility Requirements for becoming a Real Estate Broker in Alberta
There are 3 main criteria:
Complete All the Real Estate Practice Areas in the Real Estate Associate Program, namely – Residential, Commercial, Rural or Property Management.
Complete the Real Estate Broker Program
A minimum 2 years of Real Estate experience in Alberta as a Real Estate Associate within the last 5 years of his tenure.
Exam Weightings for the Real Estate Broker Course
The Broker Course covers the detail understanding of all the Real Estate areas of specialization. A broker should have a through knowledge of all the areas. Only then he will be able to manage a Brokerage of his own with all kinds of Real Estate Associates working under his brokerage. It is a huge responsibility and thus, the criteria to pass the Broker’s Exam is designed to be difficult.
One needs to know the important topics that are relevant in the Broker’s Exam. We have identified the exam weightings for the Broker’s Course based on individual units and their weightings in the Alberta Real Estate Exam. Have a look –
Questions in the Exam
You can expect a total of 150 Questions in the Broker Exam by RECA. All the questions are multiple choice. The Exam duration is 3 hours. So, based on the basic math, you have around 1.20 minutes per question to be dedicate in the exam.
Passing the Exam
The Broker’s Exam is worth150 Marks. To Pass the exam, you need a minimum score of 70% i.e., 105 marks in the exam.
This is all you need to pass your Broker Course in Alberta. Although, it is a difficult course as it requires expertise from all the real estate license programs, you can still pass the Broker’s Course in the first attempt. Becoming a Broker is the biggest career objective for a Real Estate Agent. Once you become a Broker, you have a number of career opportunities with a big team to back it up and shine successfully.
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions customized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Happy Studying!
We hope you found this information useful. You can also listen to this blog on the Podcast Channel below. Stick to us for our latest updates.
The 10 Most Important Real Estate Definitions are essential for people trying to make a career in the Real Estate Industry. In order to become a Real Estate Professional, you need to pass the Licensing Exams for Real Estate. And if you want to pass the real estate exams, then it is very important to understand and learn the terminology of that industry.
Every industry has a specific group of jargons and terms that define a particular state to that specific industry. For Eg, medical jargons includingHypertension, Malignant, etc. are used by medical professionals that a person from a non-medical background might not understand. Another example can be – Due Diligence. In general terms, it refers to a pre-performed investigation and research done before taking the final decision. Real Estate definitions like Due Diligence refers to a process that has some specific steps that needs to be taken. It’s the same term but with slightly different specifications.
We have therefore chosen 10Most ImportantReal Estate Definitions from the Fundamentals Real Estate Course to make others understand their actual concept in real estate terms. Have a look –
LAND
Land refers to the ground and that which is beneath it and above it. Land includes the surface resources ( For example – soil, sand, gravel). It may or may not include the deep resources (For example – coal, gas, oil), depending on the description of the ownership rights and any exclusions found on the Certificate of Title. Learn more about the Concept of Land here.
REAL ESTATE
Real estate includes the unimproved (raw) land plus buildings, and other fixed improvements to the land. Fixed improvements are items permanently attached to the land. Examples of fixed improvements to the land include a house, garage, barn, shed, shop, fence, landscaping, or a pool. Therefore, real estate is the land as well as the improvement to the land. Real Estate is a broad and very important concept. Learn more about the term Here.
REAL PROPERTY
Real property is the land, any permanent (fixed) improvements to the land, and the property rights that go with the ownership of the land. Real property includes the tangible attributes of real estate plus the intangible attributes of property ownership. Learn in-depth about the concept of Real Property Here.
INCENTIVE
Anything that is advertised or offered by a brokerage to attract business to the brokerage. It can include a promise, good, service, game of chance, contest, or anything else of value. It can only be offered by a brokerage and not by a real estate professional.
INDUCEMENT
Anything offered by a brokerage to persuade a person to enter into a particular real estate or mortgage transaction. It can include a promise, good, service, game of chance, contest, or anything else of value. An Inducement can also be offered by a brokerage only and not a real estate professional.
Money Laundering is the process of taking money from illegal sources (like selling drugs) and making it appear as if it’s coming from a legitimate source. It normally involves organized crimes and terrorist groups. Try out some Sample Questions on Money Laundering here.
The Goals of the money include:
Converting the proceeds of a crime into less suspicious forms
Concealing the criminal origins and the ownership of the funds
Creating legitimate explanations for the source of the funds
ETHICS
Ethics are voluntary set of conduct rules, values and beliefs held by an individual that guide his or her behaviour.
There are 2 types of ethics:
Utilitarian Ethics:Promote conduct that maximizes others’ welfare while reducing harm or injury
Duty-based Ethics:Focuses on the intention behind an individual’s actions as opposed to the consequences of the actions
STATUTE OF FRAUDS
According to the Statute of Frauds, certain contracts must be in writing and be signed by all parties who will be bound by that contract.
For example:
Contracts for the sale of an interest in land
Contracts for debt or duty
Contracts that cannot be performed within one year
SURFACE RIGHTS
Surface rights include the rights to the physical ground, the air space above the ground, and any materials from the top layer of land. This includes materials that can be excavated from the ground, such as sand or gravel. However, Surface rights do not typically include rights to minerals below the ground. For example – coal, oil etc.
MINERAL RIGHTS
Mineral rights include the natural resources below the top layer of land. For example –coal, oil, gold, silver, diamonds etc. Most land titles exclude to the mineral’s rights.
These were some important real estate definitions for the Real Estate Exam. There are other important topics for the course from each unit. Connect with us for more of such important updates.
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions personalized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt! Visit our list of Real Estate Tutoring Sessions for details.
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Happy Studying!
We hope you found this information useful. You can also listen to this blog on the Podcast Channel below. Stick to us for our latest updates.
Are you interested to know the procedure for becoming aMortgage Broker in Alberta? This is a question that may come to your mind if you are planning to make a career in the real estate or the brokerage industry in Alberta. The Alberta Real Estate Industry is booming and has almost doubled after the pandemic. This is eventually creating great career opportunities for people in the real estate industry. With a growing population of working professionals moving to Alberta, there is a good scope for mortgage brokers to kickstart their career.
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Let’s find out steps towards becoming a broker in Alberta. Each province has certain specific rules and guidelines when it comes to eligibility requirements for becoming a broker. Alberta has its own set of rules that abide by Alberta Mortgage Brokers Association (AMBA).
RECA(Real Estate Council of Alberta) is the Educational Institution for issuing all the Real Estate and Mortgage Licensing rules in Alberta. RECA issues the Mortgage Broker Licensing Exam in Alberta. One needs to take the Mortgage Broker Course and pass the exam to get a License of Mortgage Associate in Alberta.
In order to become eligible to give the brokerage Exam, an individual should meet the minimum eligibility requirements.
Did You Know?
Here, the term Mortgage Broker is used for the actual designation of a Mortgage Associate. They are both different. When you pass the Mortgage Brokerage Course from AMBA – you become a Licensed Mortgage Associate and NOT a Mortgage Broker.
STEP 1 : MINIMUM ELIGIBILITY REQUIREMENTS
A person should be:
At least 18 years of age
A Canadian Citizen or have a valid Permanent Resident (PR) Card or Open Work Permit
Have a Canadian High School Diploma or an Equivalent (post college diploma or university) Degree
Be Proficient in English
Set up a myRECA Account
You also need to set up an account with myRECA. myRECA is RECA’s educational platform that allows you to enroll for the Real Estate and Mortgage Brokerage Exams in Alberta. This account is free, it just takes a couple of minutes to set up. So, you would set up an account there and this is where you would start your eligibility application.
The option you want to pick there is called theEducation Eligibility Application. They have a couple of different options in case of a person who has moved here from a different province, and they hold a license there, which is not the case for someone who is starting a brand new with the licensing.
Fees
Go to myRECA.ca and start the eligibility application. It will cost you a $100 fee. This is a non-refundable fee. Once paid, RECA will start your application process.
STEP 2 : PRE-LICENSING EDUCATION
Course 1 – Fundamentals of Mortgage Brokerage
Details: This course covers a wide range of information foundational information related to mortgage brokerage in Alberta.
Details: This course provides learners with the opportunity to apply their knowledge through practice-related scenarios that cover a wide variety of situations.
Between the 2 courses you get 12 months to complete the education requirements. Within 1 year from the date you enroll in the first course, you have to finish both of these courses.
STEP 3 : CERTIFIED CRIMINAL RECORD CHECK (CCRC)
Once you have completed your pre-licensing courses, the next step is to get a Certified Criminal Record Check (CCRC).
There are a couple of different types of criminal record checks, the one that you’re looking for is the one with fingerprinting. It takes a little bit longer, they have to send everything out to Royal Canadian Mounted Police (RCMP) in Ottawa and then you get the results.
Now it will take about two to three weeks for RECA to receive your results, and you can have the results sent directly to RECA. So you do not receive the results directly, but RECA does, which is a quicker process.
And if you already have a certified criminal record check which is within a period of six months, then you can still submit your application by using the same CCRC Account, you don’t need to redo it. Just keep in mind, the criminal record check has to be less than 6 months old.
STEP 4 : JOIN A BROKERAGE
To get licensed as aMortgage Associate, you have to be employed by a brokerage, otherwise you cannot just apply for a license.
We recommend you to consider multiple brokerages, see which brokerage fits your needs the best and go and sign up with them. Once you find a brokerage, they will have you fill out an application which will then be sent to RECA, and then, you will be able to get your license.
Now, how does Alberta Real Estate School fit into all this?
RAMAN –“Being a Licensee myself, I know what are the obstacles one might face while in a position to pass the Alberta Real Estate Exam.”
1.STUDY GUIDES & MOCK EXAMS WITH SOLUTIONS
When you are going through the AMBA Course you will be given big manuals. They are massive with no clear instructions on what is important to focus. The 70% mark is a tricky one to get through, especially in the Alberta Mortgage Brokerage Exams as the questions are trickier than you expect.
Alberta Real Estate School specializes in offering focused, summarized notes that will focus on key areas that you will have on the exam. Our tutoring has helped many students clear the Alberta Mortgage Brokerage Exams in the first attempt. Our theory of understanding the concept and giving point to point instructions about the important topics is exceptional.
We scrape out the excess unnecessary information and guide you towards the most relevant topics that you can expect in the exams. We will give you a chance to understand the concepts in a simpler and more effective way and give you personalized tutoring to make you confident about the topics.
Have a look at our Extensive Study Guides for the Mortgage Brokerage Courses with Summarized Notes, Key Areas of Focus, and Sample Exam Questions:
If you feel that you need more in-depth understanding of the real estate concepts, you can join us online or in-person. This way, we help you understand these concepts by discussing and explaining each one of them in detail. We can answer the questions that you may have, help you break down the concepts, and can also help you with assignments and unit quizzes if you are struggling with getting those correct.
Instead of going through the 500-page manual, our Condensed Guides are much smaller Study Guide where you will only focus on the information that you really need to know in order to prepare for your exam. You’re thus, not wasting your time on the areas that are not relevant for passing the exam. Eventually, you’ll be able to go through the material much quicker.
Have a look at our Personalized Tutoring Services offered for the Mortgage Brokerage Courses:
We will help you prepare for your exams. Our most innovative tutoring techniques introduces a separate session before you attend the exam to help you revise the different key areas that you will need to focus on. We’ll go through sample questions and guide you through the procedure to attempt the exam.
We have Special Exam Preparation and Personal One-on-One Tutoring Sessions for Customized Topics to hold you in your most difficult time.
When we are doing things on our own, it can be quite hard and maybe hard to motivate ourselves. So this is where Alberta Real Estate School is here to support you and help you get through this.
Our specialty is we provide quality education and tutoring that will guarantee to make you pass the Mortgage Exams in the First Attempt!
Join Alberta Real Estate School for expert help with understanding the concepts of Real Estate and getting uncommon and detailed tutoring sessions personalized as per your needs. Get our personalized Notes designed to get you through the Real Estate Exams in the first attempt!
If you have any doubts for Exam Preparation of any of the real estate courses or topics, reach out to us directly at 587.936.7779.
Our extensive expertise can help young applicants become successful Mortgage Associates and get break-through advice and exposure through our voice in the Real Estate Community of Alberta.
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You can also listen to the blog on our Podcast below. We hope you found this information useful. Happy Realtoring!
