Though the particular qualifications vary by state, here’s a broad outline of becoming a real estate agent. Below are instructions on How To Get a Real Estate License.
1. Take a Pre-licensing Course
No matter where you reside, you have to attend a pre-licensing course from a recognized real estate licensing school. The needed number of hours varies by state. Most of them are a 75-hour real estate course.
Most states provide various options for meeting pre-licensing course requirements, including online courses, brick-and-mortar real estate schools, and community college coursework. Research and select the right program to save money and time. Remember that it pays to check around.
Choose the technique that fits your learning style and schedule the best. Additionally, do study and use caution while selecting a program. The instructor’s and materials’ quality will affect how well prepared you are to take the test.
2. Pass the real estate examination
Once you’ve finished your pre-licensing classes and passed the final test, it’s time to arrange your state real estate license exam. You may find topics on this test that were not covered in your pre-licensing coursework, so seek exam prep packages that include practice questions specific to your state.
3. Apply for a real estate license.
After you have passed the exam, you have to submit your results, license application, and application costs. Fees for license applications range from $50 to $250, and you may be needed to submit a background check, which costs between $40 and $100.
Before you apply, check with your state’s real estate commission to see if you are required to obtain Errors and Omissions insurance. E&O insurance protects real estate agents from financial loss and litigation arising from their real estate profession. Occasionally, your broker may offer you E&O insurance. If you do not have it, you may be asked to get it before submitting your application.
To apply for a real estate license in any state, you must be 18 years old and possess either a GED or a high school diploma. Additionally, it would help if you were permitted to work in the United States, and many states demand that you be a resident of the state. After you submit your application, it will take between one and two months to process your license.
4. Associating with a Real Estate Brokerage
A real estate agent works under a supervising broker licensed by the state to supervise real estate transactions and ensure that you and all other real estate agents adhere to applicable legal and ethical requirements. In general, you will not be paid on an hourly basis. Rather than that, the brokerage will almost certainly compensate you with a share of the commissions it earns on your real estate transactions.
Depending on the terms of your brokerage agreement, you may be required to pay desk fees, technology fees, business cards, marketing materials, and other standard company expenses. Additionally, you’ll incur one-time and recurring costs like annual license renewal, continuing education, lockbox fees, and Multiple Listing Service subscriptions.
5. Become a member of the National Association of Realtors (NAR).
You’ve obtained your license and identified a sponsoring brokerage, which means you’re now a realtor, correct? Still incorrect. While membership is not legally required, you must join by calling yourself a REALTOR. This accreditation is also essential if you intend to join the majority of Multiple Listing Services, abbreviated as MLS, enabling you to see other realtors’ listings. Without membership in NAR, you may legally use the title of real estate agent and operate in the industry, but your earning potential is restricted without access to the MLS.
Pursuing your license to become a real estate agent is a big decision. While obtaining a real estate license requires time and money, it may assist in securing a successful career in the real estate sector. This profession offers a lot of flexibility. You may work just three mornings a week or never work on weekends. Of course, the trade-off is that this significantly limits your capacity to succeed.