Here Is What You Need to Know to Get Your Real Estate License

Published: 01-24-23    Category: Marketing

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

Getting Your Real Estate License

It’s no secret that the real estate industry is a popular one, with more than 1.55 million real estate agents out there: The real estate agent profession itself has seen an increase of nearly half a million new real estate agents over the past decade.

With an average salary of between $84,867 and $111,351 per year, the career of a CRE agent can be fruitful and rewarding. If you want to join the action yourself, getting your real estate license online is the best way to start.

We’ll guide you through the process from start to finish: Where and how do you start? How do you study and prepare for the exam? How can you apply for your license once you’ve passed?

We’ll answer these questions and more in our guide. Read on to get started.

How Do You Get a Real Estate License?

There are several steps that you need to take in order to acquire a real estate license. Even though it is not as long to get a real estate license as some other professional licenses that can take years of schooling, it will take some time and dedication on your part.

Here are the steps you need to take.

#1 – Research

First things first, no matter what you are doing, doing the necessary research should always be the first step. Find out what requirements you need to meet before you begin.

This is important as every state differs in their requirements for a real estate license such as necessary course hours or documentation needed. Before you pay for your pre-licensing course, check with the real estate commission in your state to make sure it is an accredited course.

You will also need to have permanent residency in that state and also pass a background check for any criminal activities. Lastly, you will need to be at least 18 years old before applying for a real estate license.

#2 – Education

The next step is to determine which state-specific requirements apply to your licensure process. Like with anything else, you need to invest a certain amount of time and effort to complete a selected course.

Again, depending on the state you reside in, the number of course hours you need to complete will differ. For example, the average number of hours you need to complete is 76. However, this ranges from 15 hours in the state of Illinois up to 180 hours in the state of Texas.

This is quite a big difference, so make sure to check how many hours you are required to complete in your state.

Where do you take the real estate exam?

Now that you have completed your pre-licensing course, it is time to take the real estate exam. When you think that you have studied enough and that you are ready, you need to pay an application fee and register for the test. This exam fee will be anywhere from $15 to $100.

You will have to wait a certain amount of time before your application gets reviewed. You can send your application before you finish your pre-licensing course if you know you will finish it in time.

Depending on the state you live in, there will be designated testing centers in major cities. When you finish applying for the exam, you will be provided with the necessary details regarding where you will be taking your test by your local real estate commission.

#3 – Passing the Exam

This might seem like any other test, but the course you completed is really important. The test itself will cover the topics of:

  • Law of agency;
  • Interests;
  • Estates;
  • Ownership;
  • Public land use laws;
  • Environmental laws;
  • Leasing;
  • Mortgages;
  • Taxes and assessments;
  • Closings;
  • Review of formulas, fractions, decimals, percentages, measurement conversions, and;
  • Possibly a few more topics regarding the real estate industry.

The test itself will have about 100 multiple-choice questions of which you will need to answer 70% to pass. This also might differ from state to state, but you should expect something similar.

Additionally, you will have anywhere from an hour and a half to three and a half hours to complete the test.

#4 – Applying for a License

Congratulations! Now that you have passed the exam, you will need to submit your test results together with the license application. You will also have to pay an application fee that will cost anywhere from $50 to $250.

Furthermore, expect that you will most likely have to complete a background check for which you will also have to pay anywhere from $40 to $100. Lastly, once you submit the application, the wait time for your license is between one week and two months.

What do you do after you’ve acquired your real estate license?

Once you have acquired your real estate license, the next step you can take is to find a good real estate brokerage that you can work with to start off your career as a real estate agent.

Find a good mentor who will help and motivate you from the start. Additionally, try implementing as many good habits as possible throughout your day. Increase your database regularly every day. Stay active on the internet and create your web presence to make yourself more accessible.

Lastly, do not be discouraged by a slow season. Starting out can be difficult, but stay the course.

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