Real Estate Law

An Easy Way To Get Your Real Estate License!

By
1 September, 2023

394 Views

No Comments »

Did you know that real estate agents can make up to $1 million a year? A real estate broker has multiple sources of income.

  • One way is through their agents, and 
  • The other one is through their own deals. 
  • They earn up to $700k per year with an extra $40k to $42k in commission.

Do these figures look attractive to you? Well, me too. Whether you wish to be a real estate agent, a real estate broker, a property manager, a real estate consultant, a real estate appraiser, or even an investor, there is one thing that you need. You guessed it right, a real estate license will make you eligible to be any of those mentioned above.

Today, in this article, we will be discussing the following:

  • How to get a real estate license,
  • What are the requirements to get one and
  • How long does it take to get a real estate license?

So, without any delay, let’s begin.

What Is A Real Estate License?

A real estate license is an official document that gives a citizen of the United States the right to conduct various real estate activities as a professional.  

Necessary Details

It is issued by the state governments after the person obtains the required knowledge and training and passes the licensing exams successfully.

  • If you have a real estate license, it means you can represent your clients when they buy, sell, lease, or even manage real estate properties. 
  • A real estate agent earns a commission from these transactions.
  • There is no federal law in the United States that sets up provisions regarding real estate licenses. 
  • Therefore, each state has its own requirements, procedures, and laws relating to real estate licenses.

Why Do You Need A Real Estate License?

The total cost of getting a real estate license can be up to 800 dollars. However, did you ever wonder why a person spends this much to get the license? 

What Purpose Does This License Serve?

This is a door to a whole new range of opportunities regarding property transactions. From becoming a real estate Mogul to having a side hustle as a real estate agent, this license could open up new paths for you.

If You Have This License, It Can Help You Out In The Following Ways.

You can become a broker or an agent. If you are a license holder, you can become a real estate agent who helps clients rent, sell, and buy properties.

  • You can earn a commission from property sales by showcasing homes and helping clients navigate the process.
  • A consultant helps buyers, agents, and investors understand the nitty-gritty of the industry. 
  • You can become a real estate consultant after getting your license.
  • Property appraisers also need a real estate license. 
  • They are experienced professionals trained to come up with accurate valuations of properties for the purpose of investing, selling, buying, or lending.

If you are looking to earn some extra money by becoming a part-time real estate agent, this license can definitely help you.

What Do You Need To Get A Real Estate License?

If you want to get your license, this is the step-by-step guide for you. First, you need to know that state-wise requirements for getting your license in real estate can differ. Therefore, you should first do a bit of research on what these requirements are for the state that you want to practice in.

Most States Have A Basic Eligibility Criterion

Eligibility criteria can include the following.

  • You will have to be at least more than 18 years of age
  • You should have graduated high school.
  • You should be a legal resident of the United States or a United States Citizen.

Pre-Licensing Hours Of Education

State Law requires you to get a certain number of pre-licensing hours of education. 

  • The number of hours can vary from state to state. It can be anywhere between 60 to 180 hours. 
  • Before you get your license, you will need to take real estate education courses for these specific hours to get your license approved by the state’s relevant real estate authority.
  • The courses on real estate will teach you all about the ethics, practices, principles, and laws of the state.

Submit An Application

Next, you will need to submit your application to the state’s authority. Fill out the correct details regarding: 

  • personal information, 
  • educational qualifications, 
  • and any other required field.

Proceed To Background Check

After your application has been accepted, you will need to go through a background check. State authorities will look into the following:

  • your criminal history, 
  • fingerprint, and 
  • biometric matches. 

On passing the background check, you will be eligible to sit for your real estate license exam. However, do note that if you have a criminal past, it is best, to be honest about it beforehand.

Real Estate License Exam

This is a multiple-choice test. 

  • The state itself provides you with the study materials and practice questions for the test.
  • After passing your exam, you will need to intern under an experienced real estate professional who will teach you the ways around the industry.

Submit Additional Details And Pay The Fee

These are your next steps. You will submit to the court any additional details that they require. It might be the following:

  • sponsorship verification, 
  • insurance details, and 
  • other documents asked of you.
  • Next, you will need to pay a fee to the state.

After you have successfully passed your license examination and cleared all fees, you will obtain your license.

What Is The Cost Of Getting A Real Estate License?

Real estate matters are managed by the state. This means that the cost of getting your license in real estate can vary. However, we will give you an idea about the average cost you need to bear.

Pre-Licensing Program Fee

Pre-licensing programs are carried out at real estate schools. 

  • This is where the students get the educational material required to take their real estate exam. 
  • The cost of these programs can very anywhere between $150 to $400.

State Licensing Exam Fee

After you have graduated from your pre-licensing program, you will have to apply for the state licensing exam. 

  • The application fee is close to $60
  • This fee can also vary from status, but that is the average cost.

Background Check Fee

We have recently talked about the background check you need to go through in the previous section of our article. 

  • However, a fingerprint lifespan which is a part of the background check, will also cost you some bucks. 
  • You are looking to pay anywhere between $22 to $35.

Real Estate License Fee

The final fee that you will have to pay is called the real estate license fee, which can be around $250.

Post Licensing Expenses

After you have gotten your license, you will have to pay a yearly fee of about $150 a year to the National Association of Realtors. The National Association of Realtors is a country-wide real estate body that connects real estate agents throughout the nation.

How Long Does It Take To Get Real Estate License

This is a pertinent question we all ask whether we are looking to get a real estate license online or offline. The time it takes to get a real estate license depends on the state that you live in and its requirements. You can check the state-specific requirements for your state through this Real Estate License Requirements by State Chart.

However, we will give you an overall idea. 

  • Getting a real estate license usually takes around 4 to 6 months if you are doing it physically and not online. 
  • But if you enlist yourself in a pre-licensing course online, you can do it all within a short span of 8 weeks. 
  • The whole process takes about 5 to 6 months on average, based on your state and background. 
  • If you have any doubts about the legal implications of a real estate, be sure to consult with a real estate attorney. Or, if you are facing troubles with your current lawyer, check out the steps to fire a lawyer

Hope you found our article helpful! Do let us know your thoughts in the comments below!

Read More:

Share This Article

Tags

Jyoti Jha is a freelance SEO content writer for tech , health, and education-related content. With 5 years of experience in the industry, I am creating high-quality content that captivates readers and delivers value.

View Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Relatable

Easements
Appurtenance
What Is Legal Insurance?