DC Real Estate study guide
DC Real Estate · Work through your exam, one topic at a time.
The DC Real Estate Salesperson Examination - also referred to as the District of Columbia Real Estate Licensing Examination - is the credentialing test that candidates must pass as one step toward becoming licensed to practice real estate in the District of Columbia. It is meant for people entering the field for the first time as salespersons or associate brokers, and for licensees whose advancement toward a broker credential runs through the same testing structure. The DC Real Estate study guide has 8 sections and about 2,551 words.
01District of Columbia Real Estate Law, Rules, and Commission Regulations
The Real Estate Commission is the center of this domain. It is an occupational licensing body housed in the Department of Licensing and Consumer Protection (DLCP, successor to DCRA).
337 words, about 2 min02Licensing, Registration, and Licensee Supervision
DC licenses people and entities separately, and items love that distinction. Individuals hold a salesperson, associate broker, or broker license; a brokerage entity holds its own firm license and designates a broker of record who is answerable for the office.
345 words, about 2 min03Agency Relationships, Fiduciary Duties, and Disclosures
Agency in the District is created by agreement - ideally a written brokerage agreement stating term, scope, and how compensation is earned - and by the conduct of the parties. The core exam skill is identifying who represents whom at each moment.
307 words, about 2 min04Listing and Buyer Representation Practices
Listing items test three things: the type of agreement, the flow of compensation, and the rules that attach once a tenant occupies the property. An exclusive right to sell earns the broker a fee no matter who produces the buyer; exclusive agency leaves the owner free to sell without a fee; open listings are non-exclusive.
317 words, about 2 min05Contracts, Purchase and Sale Agreements, and Conveyancing
Contract items are mostly about formation and deadlines. A contract for the sale of land must be written and signed by the party to be charged; an offer may be revoked before acceptance; a counteroffer terminates the original offer and restarts the process.
298 words, about 1 min06Financing, Settlement, and Real Estate Mathematics
Financing items combine vocabulary with arithmetic. Know loan-to-value, down payment, points (one point = 1% of the loan amount), private mortgage insurance, escrow or impound accounts, and the difference between the note rate and the APR.
302 words, about 2 min07Property Ownership, Interests, and Land Use in the District
Ownership in DC carries a historical wrinkle: much of the city was developed on ground rent, so a "purchase" may convey a renewable leasehold subject to an annual ground rent rather than the fee. Items hinge on recognizing the estate - fee simple, leasehold, life estate, easement - and on the co-ownership form.
323 words, about 2 min08Fair Housing, Consumer Protection, and Ethical Practice
Fair housing items test whether you know that the District's law exceeds the federal Fair Housing Act. The federal act protects race, color, religion, sex, national origin, familial status, and disability.
322 words, about 2 min