What Will One Learn at Real Estate School?

Answer 1

The primary goal of most real estate schools is to train their students on how to pass a state’s real estate licensing test. In the process of doing that, they also convey some basic information about the practice of real estate.

One of the largest components of any real estate class is training on agency. Because real estate agents have a fiduciary responsibility to their client, properly discharging that duty is crucial. A great deal of time is spent on sometimes conflicting concerns like confidentiality and disclosure. Right in line with agency training, many schools will also give some training on how to be an agent, which means handling both the contracts required to do a real estate transaction as well as the continuum of managing a transaction from listing to closing. While covering legal issues, many states will also cover both federal and state fair housing and equal opportunity laws as they apply to the practice of real estate.

Another major part of the course is to gain a basic understanding of real estate. This is a broad area of the class and covers everything from knowing how many square feet are in an acre to the difference between a joist and a stud. It also includes training on how properties can be owned and on how the title and recording processes work.

Finally, real estate schools also train how to value real estate. They discuss such topics as sales and on-market comparables—looking at similar properties to intuit a value for a different one. The school should also cover the other methods of appraising value such as the income capitalization approach, which is most appropriate for income property, and the replacement cost basis approach, where the property’s value is based on what it would cost to rebuild in the current market.

In addition to training students on how to pass the test for either a salesperson’s or broker’s license, real estate schools also provide continuing education classes. These classes, which are required by most states, can cover any of a range of topics, although they are all real estate related.