You may want to become a real estate professional, but you are probably unaware of the process. We are here to help you out with a simple seven-step procedure to get your real estate license. In this article, we shall cover the two key parts — the licensing process and the application process. By following these steps, you will be able to achieve your dreams of becoming a real estate professional.
Get A Real Estate License By Following These Steps
The first step is to acquaint yourself with your state’s real estate licensing requirements. The rules and guidelines vary by state. The best avenue for getting this information would be your state’s real estate commission portal. Over there you would get all of the detailed information about the following key aspects. Although every state has its own criteria, there are certain aspects that are similar and common across all states. The following are the key points for you to verify.
• Minimum age requirements — You have to be 18 years old/19 years old. You need to have completed your school and have obtained a high school diploma.
• Number of hours of pre-licensing courses. Most states require 55-90 hours.
•Details regarding the real estate licensing exam.
• Cost of education.
The next step is to enroll in one of the real estate schools in your state and complete the requirements of your real estate pre-licensing course. For instance, in North Carolina, you need to complete licensing classes of around 75 hours. You have the option of opting for online pre-licensing courses or in-person classes. You need to get a course completion certificate from the school. It will be needed at a later stage.
In these courses, you will be taught all the rules and regulations of both the national and state-level real estate laws. You will study courses such as Fair Housing Laws, Real Estate Brokerage And Law of Agency, Legal Descriptions, Contracts, and many more.
3. Attempt And Pass The Exam For Getting Real Estate License
The real estate exam requirement varies by state. From the cost of the licensing exam to the number of questions in the exam, it differs. However, in all the states, the examination is in the form of a multiple-choice question format and the exam duration is around 1.5 hours to approximately 3.5 hours. There are two sections, the first will be regarding the national real estate laws and regulations. The second will be about your state’s regulations. You need to pass the real estate test to become a licensed real estate professional. The passing percentage is around 65%. Once you have cleared the test, make sure that you get the official score report.
4. Fill Out And Submit The Real Estate License Application
After having completed the course and cleared the real estate exam, you need to fill out your official real estate license application forms and submit them along with the necessary fees. The application fees range from $50 t0 around $250 in various states.
To start your career in real estate, you would have to undergo a background check, submit your fingerprints, and clear other state’s requirements.
Once you have received your real estate license, it is mandatory for real estate agents to work under a real estate broker for the initial 2-3 years. You are supposed to gain a better understanding of the real estate industry. You need to find a real estate broker who can help you to learn and mentor you.
Make sure you find a real estate brokerage where you have maximum opportunity to widen your real estate agent knowledge. In fact, in some states like New York, they require a broker to sponsor you and the details need to be provided in your real estate license application.
6. Become A Member Of The National Association Of Realtors
After joining a brokerage, the next step is to become a member of the National Association Of Realtors (NAR) , the apex body for realtors. If you want to utilize the Multiple Listing Services (MLS), then you need to be an accredited member of the NAR. Only members are permitted to use the term REALTOR®.
Joining NAR will also give you other opportunities. You widen your professional network. You have the opportunities to attend seminars and conferences, but most importantly, you get access to a wide range of real estate-related information and data.
7. Fulfill Continuing Education Requirements
Once you have become a real estate agent, you cannot forget the license renewal requirements. The real estate license validity is usually between 2-4 years. Many states require you to undergo a fixed number of hours of additional training as part of your license renewal process.
These courses are meant to keep you abreast of the latest changes in the policies, rules, and regulations in the national and state-level real estate regulations. This is a mandatory part and in some states, you may even have to complete 90+ hours of additional training.
Real estate agents could be one of the best career paths you can choose. After getting your real estate license, you will be part of a profession that will give you the flexibility to choose the number of hours to work, the kind of clients you wish to work with, and the direction in which you wish to take your real estate career forward.
To be a successful real estate agent, you would need to put in the required hard work. The best aspect of the real estate business is that once you are licensed, you are in charge of the entire process. You can continue working as a real estate agent or diversify and move into one of the related real estate careers. All of this starts with the simple step of getting your real estate license.