If you’re pondering over a career in real estate, you’ll need to know how to earn a real estate license. The good news is that being a real estate agent takes less time than most other professions. In addition, a real estate license can help you build credibility as a real estate professional and allow you to network with other licensed agents. Regardless of your chosen real estate specialty, having a license will boost your chances of success.
Earning a real estate license is beneficial to your profession, but it involves thorough knowledge of the market in your state as well as passing an examination. In this article, we’ll go over the seven steps to get a real estate license.
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1. Research the Requirements in Your State
It’s essential to conduct your research because each state has its unique set of education and training requirements for real estate agents and brokers. Various real estate-related aspects, such as property ownership, titles, deeds, and contracts, usually necessitate a college-level degree. Applicants typically require between 60 and 90 credit hours, with classes available in person or online. Here’s a sample list of requirements and eligibility, which may or may not be applicable in your state.
- Education requirements
- Pre-licensing courses and post-licensing requirements
- Exams and exam eligibility
- Application and fees
- Background checks
- Ongoing education
- How to get your license to the next level
- Clear criminal history
2. Pick a Licence
In most states, there are two types of real estate licenses: salesperson and broker. As a broker, you have complete authority to represent any party in a property purchase, whereas a licensed real estate agent must supervise salespeople at all times.
Most salespeople eventually obtain their broker’s license, which opens up more career prospects and allows them to earn a more significant portion of transaction commissions. Real estate licenses are unique to each state. However, some have reciprocal agreements with other countries that allow licensed real estate agents and brokers to work without retaking the exam.
3. Register in a Pre-Licensing Course
Before you sit for the license exam, you must take a pre-licensing course from a recognized real estate licensing school, regardless of where you live. The amount of hours necessary varies by state. When it comes to selecting a program, do your research and be selective. The quality of the instructors and resources will impact how effectively you prepare for the exam.
4. Fees and Application
You must apply for a real estate license in your state and pay the required fees. The website of your state’s government real estate commission will have forms and fee information. Most states have filing deadlines, so be sure to keep track of them. Such procedure differs by state. Before applying, certain states require you to obtain E&O insurance, pass the exam, complete the background check, fingerprints and have a sponsoring/managing broker in place.
5. Take the Exam
The duration of the licensing exam varies by state, but it usually takes between 1.5 and 3.5 hours to complete. Around 100 multiple-choice questions comprise the exam. Most states require applicants to answer 60 to 75 of the 100 exam questions correctly.
6. Apply for a Real Estate License
When you pass the exam, go to your state’s real estate regulating agency and apply. Your real estate license certificate will be mailed to you once your application is issued. Remember that you can’t work as a real estate agent until the state’s real estate authority has published your license, so wait until you have that license.
7. Find a Real Estate Agent to Hold Your Licence and Join the National Association of Realtors
It would be preferable if you collaborated with a sponsoring or managing agent for the first two (or more) years of your real estate career. Although you are theoretically self-employed, you will not be able to work autonomously when you initially begin. You’ll need to work for a real estate broker who is authorized to sponsor or supervise employees at their brokerage firm. The next step is to join the NAR.
It takes time and money to obtain a real estate license, but it can help you land a fulfilling job in the real estate sector. Remember that a real estate agent’s career can be as flexible as you want it to be. However, it is critical to meet all of the requirements to be a successful real estate agent. Need help in beginning your real estate career? Sigma Properties is here to assist you!
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Sigma Properties |Taj Residencia. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.