The initial financial and time commitment required to pursue a career as a real estate agent varies based on where you obtain your license. These are the standard criteria to become a real estate agent, though they vary by state. Below are the steps involved in how to become a real estate agent:
1. Find Out Your State Requirements.
You have to fulfil the particular licensing criteria of your state. Visit the website of your state’s real estate regulatory office, which you can locate by going to the regulatory agency database of the Association of Real Estate License Law Officials (ARELLO).
2. Enroll in a Prelicensing Program
Before taking the real estate license exam, you must, regardless of where you live, complete a prelicensing course from an approved real estate licensing school, which should cost around $350. States have different criteria for courses. The majority of states provide community college courses, real estate school education in person, and online courses.
3. Take the Test for License
How to register for, schedule, and pay for the licensure exam should be covered by your instructor. The test typically costs between $100 and $300. The computerized exams are divided into two sections: a national section covering fundamental real estate concepts and practices and a state-specific half covering the real estate laws of your state.
The multiple-choice structure of the tests is different for each state, as is the number of questions and time allocated for each. You need to pass both sections to obtain a passing grade, as each component is graded independently. You will be able to retake the exam in the event that you fail any or both portions. The number of times you can repeat a test, the interval between exams, and the deadline for finishing any retakes are all governed by state regulations.
4. Get Your Real Estate Agent License Activated
Once you pass the test, you need to send an application to the real estate regulating body in your state, along with any necessary paperwork and fees (which range from $200 to $400).
Your real estate license certificate will be mailed to you by the state upon approval of your application, and you will be able to search for yourself on its website under the licensees’ area. Remember that until your license is granted by the state’s real estate authority, you are not permitted to practice as a real estate agent.
5. Acquire a Brokerage in Real Estate
As a real estate agent, you are employed by a supervising broker who holds a state license to supervise real estate transactions and ensure that you adhere to all legal and ethical requirements. You won’t often receive an hourly wage. Rather, you will probably receive a portion of the commissions that the brokerage receives from your real estate transactions. Expenses can quickly mount up to several thousand dollars annually, so while determining whether a real estate job is suited for you, make sure to account for them in your budget.
Conclusion
From the above-mentioned steps of how to become a real estate broker, you get an idea about how things work. Although obtaining a real estate license is time- and money-consuming, doing so can help you land a fulfilling position in the field, and working as a real estate agent can be flexible. Like a real estate agent, you can work part-time, but most people consider it like a full-time job, making themselves available to customers on the weekends and during the week.