Because every real estate transaction is different and each carries its own risks, there is no replacing the value that “experience in the field” offers.  This is why state laws require a new agent to begin working under the supervision of an experienced broker and to complete at least three years as a sales agent, before being allowed to take the assistant broker course and exam.  Experience does have a high correlation to success in the business of real estate. 

Recent years, however, have seen the development of extensive academic applications in real estate education.  Real estate is coming to the academic forefront and undergraduate degrees in real estate are becoming more common.  This recent development has also resulted in higher emphasis on the professionalism and ethics of new real estate professionals.