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It usually takes about six weeks for the results of a Praxis exam to be posted on their website. Whether you pass or fail depends on the requirements set out by each state. If you do not pass, you can take the test again in one month, up to six times per year.
You can retake the GMAT up to 5 times in any 12-month period, but no more than once in any 16-day period. You can request to GMAC in writing if you want to take it more than that, but applications are only considered after you have actually taken the 5th test.