When the exam was first introduced, many brokers didn’t have the resources to take the exam. In July of 2020, the Commercial Real Estate Consulting Certification Institute (CREI) launched the CMCP exam. This exam is open to all licensed brokers in real estate who have a minimum of five years of experience working in this industry. You will qualify if you take any of the following classes offered by BOMA or another BMO-area bank: RPA/FMCA classes, Foundations of Commercial Real Estate, or any classes offered by Lunch & learns. Eligible applicants will be required to submit a resume that includes relevant experience.
When it comes to the exam itself, there are a few different levels to qualify for. For example, the exam can be taken online. You will complete a number of practice tests online to prepare for the actual exam. To become a successful applicant, you must pass all of the practice tests and pass the exam without assistance.
Once you have passed the online exam and become a certified Commercial Mortgage Broker (CCM), you may qualify for an exam retake, which will give you additional practice time with your preparation and questions. Each year, many companies offer a retest to increase their knowledge.
If you are a current or future Licensed Real Estate Broker, you will need to complete the exam in order to keep your license active. To start, contact your local state securities regulators to find out when you will take the exam. You may also want to contact your local exam coordinator. to learn what you need to bring with you to your examination, such as practice questions.
If you plan to take the exam with someone else, be sure to set aside enough time to study before you take the exam. Take as much time off from your job as possible. The more time you can dedicate to studying, the better prepared you will be.
You should expect to have an idea of what questions the exam will ask you to answer at the outset. The exam is not written or timed. You will be asked to answer multiple-choice questions about your experience and knowledge of the market. Your answers are then compared against the information provided in the exam.
The exam will require you to use the knowledge you gained from your previous education and experience to demonstrate the areas of real estate that you have worked with and how they will affect your career options. If you plan to take the exam in a classroom setting, make sure to check with the exam administrator regarding the format of the exam.
Before you begin taking the exam, you should also make a list of all the questions that you expect to be asked. This list will help you prepare for your exams. The exam is not designed to pick someone who is going to “pop out” as the winner, so you have to show the exam administrator why you are better qualified to take the exam.
When taking the exam, pay attention to your answers and make sure that they are based on the information provided. If you do not understand something, ask for clarification. The exam is not written, and you are expected to have the proper understanding of the material to take the exam.
Upon completion of the exam, you will receive a certification. You will also receive a number of endorsements to help you prove your success. to your friends and other real estate professionals that you are prepared to take on the CCM exam. You may have to submit these certificates to your brokers, lenders, or clients to verify that you have completed the exam.
The exam does not have any time limit or grade requirements. So, feel free to take as many practice exams as you want or until you have had enough practice to make a good evaluation. If you feel like you have had enough practice, take the exam again to ensure that you are getting a good score on the exam.