If you have decided to pursue a career in real estate, the next step is get prepared for the journey ahead, for which you obvious need your license. In this post, we will guide you through the seven steps that must be followed to get your license.
- Start with state licensing requirements.
Every state requires prospective agents to take up the real estate broker course, and the requirements of which can vary. The first part is about checking with the relevant commission and finding the process. The course will teach you everything about titles, property trends, contracts and other aspects, and duration is usually between 60 and 90 hours.
- Take the pre-licensing course
In some states, it is possible to take up the pre-licensing course online. Now before you check for real estate broker online classes, make sure that the school is recognized by the state real estate commission. Also, check the course price and the kind of support you get from the concerned school. Please note that taking up the pre-licensing course isn’t a choice in most states and must be completed.
- Pass the licensing exam
Once you are done with the course, you get a period during which you must pass the licensing exam. The duration for the example can vary again in each state but expect anywhere from 1.5 to 3.5 hours. To take up the exam, you must also pay a fee, which also can be different in each state. The test will have multiple choice questions related to state and federal real estate law, and in most states, you need at least 60% to pass. Before you apply for the real estate license, make sure that the school has provided a certification of completion.
- Submit get your application
Next, you must submit the test results, license application and fee. Note that the license application fee can differ in each state, but at best, you may need to pay $250. Top online real estate courses will mention the same for the concerned state. A background check might be required, which can cost about $50. In some states, Errors and Omissions (E&O) insurance is required.
- Select a real estate brokerage
In most states, you must work with a real estate agency or broker for at least one year before you can sell homes on your own. Consider the type of brokerage, national franchises and virtual brokerages as options.
- Join National Association of Realtors
While this is not a legal compulsion, you will need to join National Association of Realtors to become a Realtor. This also allows you to have access to multiple listing services, which gives you the choice to check and find details from other agent listings.
- Renew your license
Yes, you need to renew your license, usually after two to four years, depending on the state you live in. A set number of course hours must be completed every time before renewal.
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