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How long does it take to get a real estate license? Almost everyone asks themselves this question before they begin their research process.
Obtaining a real estate license does not happen immediately, but it does not take as long as it does to obtain some other types of professional certifications.
As a bonus, you are not required to hold a bachelor’s degree to work as a licensed real estate salesperson.
To pursue a real estate career, you only need a high school diploma, and in some places, a high school diploma is not even required!
What is the length of a real estate course?
Studying for a real estate license in a traditional classroom setting typically takes at least 4-6 months.
Depending on how quickly you want to move through the material, you can complete your real estate pre-licensing course online in as little as 8 weeks.
What is a real estate license?
A real estate license enables realtors to lawfully sell, broker, or rent real estate to prospective tenants and buyers on their behalf or behalf of a real estate brokerage firm in certain circumstances.
This activity necessitates the possession of a real estate license, and the conditions for obtaining one differ from state to state.
How much does a real estate license cost?
The cost of obtaining a real estate license can vary based on where you choose to complete your needed education course, ranging from $300 to $1,000.
Your real estate license application, fingerprints, background check, and state licensing exam fees will typically cost you $100 and $200. You should budget between $500 and $1,200 for your real estate license.
Factors that determine how long it takes to get a real estate license:
- How many course hours does your state require.
- If you choose to take courses from an online real estate school or in a classroom
- Length of the state application process
What are Real estate education requirements?
The educational requirements can differ significantly from one state to another.
In some states, a significant amount of coursework is required before a candidate can sit for the real estate examination.
Some employers may even require a bachelor’s degree; however, this is not the standard practice.
Most states have a minimum number of hours of specified coursework that must be completed at a real estate school approved and accredited by the state.
The pre-licensing curriculum for real estate can be finished in weeks in many places.
How to get a real estate license:
1. Research your state’s licensing and education requirements:
Start by getting a sense of where you are. Almost every state has its requirements for pre-licensing classes and license applications.
Contact your local real estate commission to determine what steps you need to become a licensed real estate agent.
According to the majority of states,
- College-level education on real estate basics, including titles, deeds, contracts, and property ownership
- Permanent residency in the state of the license application
- Minimum age of 18 years or older
- Criminal background check
Online and in-person courses are accessible; however, your courses and school must be approved by the state’s real estate licensing authority before they can be used to obtain your license.
Before spending your money on a real estate school, make certain that your state is authorized and recognized.
2. Complete the education requirements:
Becoming a real estate agent necessitates a significant time and financial commitment. That means you’ll want to know what resources you’ll need to budget for before starting your project.
Some pre-licensing schools, for example, meet for a defined number of lessons over several weeks, but others allow you to proceed through courses at your speed throughout the year.
Become familiar with your alternatives and select the one that best suits your lifestyle and schedule. Similarly, the cost of pre-licensing classes varies according to the school and state, but you may anticipate paying anywhere between $200 and $1000 for your courses on average.
3. Apply for the real estate licensing exam in your state:
Once you are confident in the material you have gained from your real estate courses, it is time to apply to sit for the examination.
In most cases, this phase entails paying an application fee and registration for the test through a third-party service, such as PSI Exams.
You are not necessary to complete all of your requisite school hours before applying for the exam in several states, such as California.
This can reduce the time it takes you to acquire your license because you can complete your credit hours while waiting for your exam application to be authorized, saving you time.
Note: Do not confuse this step with the process of applying for your real estate license, which you will do after passing the real estate licensing exam.
4. Pass your state licensing exam:
Isn’t it apparent that this is a simple process? Each state has its own set of requirements for obtaining a real estate license, and there’s a good reason for it.
Ensuring that you are well prepared for the exam will significantly increase your chances of passing than simply winging it.
Many states demand a minimum of a 70 percent pass rate to acquire your driver’s license, while the exact percentage varies by state.
Between 1.5 and 3.5 hours will be required to finish the licensure exam. Be prepared to pay a cost ranging from $15 to $100 for your examination.
Check with your school to ensure that you have an official real estate transcript or certification of completion and that you have a copy of your exam score to send in your real estate license application – which leads us to the next step.
5. Apply for your real estate license:
You must submit your test results and your license application and application costs once you have successfully passed the exam.
License application fees will range between $50 and $250, and you may also be needed to submit a background check, which will cost between $40 and $100 if you are selected.
Before you apply, check with your state’s real estate commission to see if you are required to carry Errors and Omissions (E&O) insurance.
Financial losses and lawsuits filed against real estate agents for their real estate services are covered by professional liability insurance (E&O).
E&O insurance may be offered to you by your brokerage firm on occasion. If you do not have this information, you may be required to obtain it before submitting your application.
Every state requires that you be at least 18 years old and possess either a GED or a high school diploma before applying for a real estate license.
Additionally, you must be authorized to work in the United States, and many states require you to be a resident of the state in which you intend to work.
Once you’ve filed your application, it will take one week to two months to process your license.
6. Find a real estate brokerage:
You now own a valid driver’s license. Great! However, this does not necessarily imply that you can begin selling houses immediately.
You must work with a real estate broker who will sponsor your first two to three years as an agent in most states.
A real estate brokerage is an agency or office where real estate brokers are employed. A smart suggestion is to select a broker before graduating from your training course because you will almost certainly require a brokerage to make revenue.
When selecting a brokerage firm, there are a few points to keep in mind:
The types of Brokerages:
The brokerage with which you work determines the type and volume of work you do, the training and mentorship you receive, and the corporate culture you are a part of on a day-to-day basis, among other things.
The following are three types of brokerages that are commonly encountered:
i. National Franchises:
Agents joining national franchises like Keller Williams Realty, RE/MAX LLC, and Coldwell Banker benefit from structured training, immediate name recognition, and access to more resources than they would otherwise have.
ii. Virtual Brokerages:
A new sort of real estate brokerage has emerged due to SaaS, or Software as a Service. This new type of brokerage is fully online.
Working with a virtual brokerage has several advantages: bigger commission splits (more on that below), lower desk fees (the amount you pay your brokerage for desk space), and superior technology.
iii. Boutique-Style Brokerages:
Smaller or more local brokerage firms may be able to give more individualized training and greater opportunities for growth and progress.
Read more: 10 Top Websites where men give you money (Dream lover, Rent a friend)
Common Types of Commission Structures:
Before agreeing to a brokerage’s offer, make certain you understand the commission structure. The following are three common structures:
i. Traditional Split Plans:
You will receive 50% of the commission and 50% to your brokerage firm. Typically, these programs are accompanied by minimal or no desk costs, depending on the plan.
ii. High-Split Plans:
However, you will receive a bigger commission percentage — ranging from 70% to 100% — but these commission plans are frequently coupled with expensive monthly desk fees.
iii. Hybrid Plans:
These plans are a combination of the characteristics of the two previous models. For the first few months of a year, hybrid programs typically offer agents a 70 percent share, increasing to 100 percent if they accomplish specified monetary targets.
Some larger franchises also charge “franchise fees,” ranging from 5 percent to 8 percent of the total revenue.
Inquire with potential employers about any additional costs that will be deducted from your commission to fully know what you are getting into before signing on the dotted line.
7. Join the National Association of Realtors (NAR):
You’ve obtained your license and found a sponsoring brokerage, which means you’re now a licensed realtor, am I correct? Still (kind of) in the wrong.
While not required by law, membership in the National Association of Realtors (NAR) is required to call yourself a Realtor.
You will also need this designation if you intend to participate in most Multiple Listing Services, often known as MLS, allowing you to view other realtors’ listings.
In the absence of NAR membership, you can claim the title of real estate agent and lawfully work in the sector; nevertheless, your earning potential is limited because you do not have access to the Multiple Listing Service (MLS).
8. Renew your license regularly:
It takes a lot of effort to obtain a real estate license, so keep it up to date. Check your state’s regulations to find out when your license will expire. Every two or four years, on average, this occurs.
Many jurisdictions require agents to complete a specified amount of course hours every few years to be eligible for renewal – anywhere from 8 to 90-course hours.
These supplementary courses ensure that you are up to date on the ever-changing national and state marketplaces and regulatory requirements and guidelines.
Determine the renewal requirements for your state’s licensing authority so that you don’t have to scramble to complete 90 hours of study in the four days before your license expires.
Conclusion on “how long those it take to get a real estate license”?
Acquiring the skills and knowledge necessary to become a real estate agent takes time, effort, and commitment.
While this results in virtually limitless earning potential and the chance of being your boss in the future, these are not the only benefits of becoming a salesperson that many individuals value.
I hope this article has answered your questions on “how long those it take to get a real estate license”?
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