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Michigan Real Estate Academy Blog

Getting Ready for Real Estate 101? Here's Everything You Need to Know!

Heaven Dunning

Posted by Heaven Dunning
Jul 6, 2017 2:46:47 PM

Real Estate 101 is probably the first course you will take at the Michigan Real Estate Academy (MREA) and we know you have A LOT of questions. We've compiled answers to the most frequently asked questions from incoming students just like you, so you're sure to show up confident and prepared on the first day!

Click on a topic heading below or scroll down so you don't miss any of this important information. If you have a question that you do not see answered below, please send us an email.

What to Study

  • Pre-reading
  • Practice Quizzes
  • Study Groups
  • Study Tools

What to Wear

  • First. Impressions. Matter
  • Helpful Articles

What to Bring

  • Food and Beverages
  • Supplies 
  • Electronic Devices

What to Expect

  • Daily Agenda
  • Attendance Policy
  • Session Objectives
  • Final Exam
  • Re-take Exam
  • Course Evaluations


 

What to Study

Pre-reading

There is A LOT of material to cover in five days, so we HIGHLY RECOMMEND you pick up your course materials and read the material for Sessions 1 and 2 BEFORE your first day of class. Then, you are STRONGLY ENCOURAGED to read the material for the remaining sessions over the weekend. 

You should plan on a minimum of 45 minutes of reading per session. Also, be sure to make notes of any questions you have while doing your pre-reading so you can bring them to class to ask your instructor.

Regardless of how you schedule your reading time, we think that you will find you are better prepared for the final exam. 

Practice Quizzes

Each chapter includes a practice quiz at the end. Taking these is a great way to test your knowledge and determine if you are retaining what you've read in the chapter. Be sure to study the answers to the questions you miss on your practice quizzes!

Study Groups

Many students have found study groups to be beneficial when preparing for the exam. If you are interested, be sure to connect with your classmates. Not only will you be able to help each other study, you could also be making connections you'll be glad you have in your real estate career.

Study Tools

  • Flash Cards - Available for purchase at MREA for $34.99
  • Practice Guide - Available for purchase at MREA for $18.99
  • Textbook App
  • PSI App
  • Practice Take-home Exam - Provided by MREA at Session 6

What to Wear

First. Impressions. Matter.

There's a chance you'll do business with some of your classmates or even instructors at some point during your real estate career, so we encourage you to dress and carry yourself in a professional manner.

We suggest you choose comfortable, business or business casual attire. And, it's always a good idea to dress in layers so you have a jacket or sweater to put on if you get too cold or take off if you get too warm. 

Here are some helpful articles:

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What to Bring

Food and Beverages

Soda, coffee, and water are provided for you as part of your registration. Please bring any snacks you may want as these are not provided and there are no vending machines at the MREA.

You will have a lunch break each day from 12:00 pm to 1:00 pm.  A microwave and refrigerator are available for your use if you wish to bring your lunch. You are welcome to leave the building to pick up lunch as long as you return and are ready for instruction by 1:00 pm. See a list of area restaurants. 

Supplies

A pen, binder, and paper are provided for you. All you will need to bring are your course materials/textbooks. 

Electronic Devices

Basic calculators are provided for sessions that cover real estate math (sessions 2, 7, and 8). Smartphones and scientific calculators are not permitted during math sessions.

Smartphones, tablets, and laptops are not needed for this course, and must be silenced and put away during instruction. These items may be used during breaks only.

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What to Expect

This course consists of five full days (8:00 am - 5:00 pm) of instruction over a two-week period.

Sample Session Schedule

Session # Subject Day/Time Reading Assignment
1 Intro to the Real Estate Business, Real Property and the Law, Interest in Real Estate, and Land Use Controls and Property Development  Thursday 8:00 am Modern Real Estate Practice Ch. 1, 2, 4, 20 
2 Transfer of Title, Forms of Real Estate Ownership, Land Descriptions, and Title Records Thursday 1:00 pm  Modern Real Estate Practice Ch. 5, 6, 7, 8 
3 Real Estate Taxes and Other Liens, Closing the Real Estate Transaction, and Real Estate Appraisal Friday 8:00 am    Modern Real Estate Practice Ch. 13, 16, 17
4 Real Estate Contracts, Leases, and Property Management  Friday 1:00 pm   Modern Real Estate Practice Ch. 12, 18, 19
5 Real Estate Agency, Real Estate Brokerage, and Client Representation Agreements  Wednesday 8:00 am Modern Real Estate Practice Ch. 10, 9, 11 
6 Michigan License Law and Departmental Rules, and Take Home Practice Exam Wednesday 1:00 pm  Law Book P. 1-41 
7 Real Estate Financing and Government Involvement in Real Estate Financing  Thursday 8:00 am    Modern Real Estate Practice Ch. 14, 15
8 MI Specific Statutes, Environmental Issues and The Real Estate Transaction, and Math FAQ’s  Thursday 1:00 pm  Michigan Real Estate Basics Ch. 21; Law Book P. 42-50 
9  Fair Housing Friday 8:00 am Modern Real Estate Practice Ch. 3; Law Book P. 51-85 
10  Final Exam and Review Friday 1:00 pm  No Reading Assignments

 

Daily Agenda

8:00 am Morning session begins
8:10 am Sign-in sheet is collected*
12:00 pm Lunch
1:00 pm Afternoon session begins
1:10 pm Sign-in sheet is collected*
5:00 pm Afternoon session ends
 

Attendance Policy

The State of Michigan requires 40 full hours of course instruction to take the State Licensing Exam. *Sign-in sheets are collected at 8:10 am and 1:10 pm each day and those not present will be required to re-take the missed session within 12 months of their course date (regardless of whether or not they pass their final exam).

Session Objectives

As you learn the foundation of your new career, you will cover A LOT of material, so be sure that you come prepared each day, well-rested, and ready to give your full attention to your instructors. Knowing these important concepts, terms, and legalities of the real estate business can directly impact your earning potential and even protect you from fines or legal issues in the future.

  • An Introduction to the Real Estate Business; Real Property & the Law; Interests in Real Estate
  • Transfer of Title; Forms of Ownership; Legal Descriptions; Title Records
  • Real Estate Contracts; Leases; Property Management
  • Land Use Controls & Property Development; Concepts of Home Ownership; Real Estate Taxes; Other
  • Liens; Closing the Transaction; Real Estate Appraisal
  • Agency; Real Estate Brokerage; Listing Agreements; Buyer Representation
  • Michigan License Law & Departmental Rules
  • Fair Housing
  • Financing Principles & Practice; Usury Laws; Land Contracts
  • Michigan Specific Statutes; Environmental Issues & The Real Estate Transaction; Math FAQ’s

 

The Final Exam

The final exam is given immediately after Session 9 on the final day of the course. This exam is designed to directly prepare you for taking the State Licensing Exam, therefore it is proctored in the same exact manner:

  • Electronic
  • Closed Book
  • Timed

You will also find out your score immediately after completing your exam. A score of 70% or higher is considered passing, but is not required.

Retake Exams

Students who do not pass their initial final exam may retake their exam on specific days and times scheduled by the MREA. TIP! All students, even those who pass their initial final exam are encouraged to take as many retake exams as are available; as prior students report that their score increased each time they took a practice exam. 

Course Evaluations

At the end of your course, you will be asked to fill out an evaluation. Please take time to provide honest feedback about your experience. The MREA uses these evaluations to shape future courses and educational offerings. We thank you in advance for your feedback!

Sign Up Today!

If you haven't signed up for Real Estate 101 yet, there's no better time than right now. Courses are offered monthly so you're sure to find one that will work for your schedule. Learn more today!

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The Michigan Real Estate Academy Blog is your destination for real estate education information, Continuing Education updates, and much more.

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