How To Get A Real Estate License

Real estate is a booming business in America. With millions of dollars worth of property being bought and sold every day, real estate is definitely a popular commodity. To deal in real estate, a person needs to acquire a real estate license. This could be considered a passport to a lucrative career in real estate.

The process of acquiring a real estate license is simple. There are a few eligibility criteria to be observed. Any applicant must be at least 18 years of age when applying for a real estate license. The applicant should not have had a real estate license denied within one year, or revoked within two years from the date of application. More importantly, if the applicant was originally licensed more than ten years ago, he may not be able to use his prior pre-licensure education unless he has worked in a related field. All new salesperson licensees must also take a six-hour continuing education course in contract law and contract writing before they activate their licenses. It is essential to verify that the applicant is honest, truthful, of good character and competent. Information and documentation relating to the applicant’s background must be provided on an application. Additionally, all new salesperson licensees must have at least three years of experience as a salesperson or broker during the five years immediately preceding application for a broker’s license.

There are various institutes and online education portals that help in guiding the applicant through the application process. They also provide adequate tutoring to enable applicants to prepare sufficiently for the examinations. There are fees required to take both the salesperson’s and broker’s exams. On passing the exam, the candidate may have to pay between $100 and $200 for the license.

Once the license is received, a person is fully eligible to practice in real estate as an authorized real estate broker.

The Real Estate Licensing Process

There is no doubt that a career in real estate can be very advantageous, as well as exciting. Of course, in order to obtain a career in this field, the first thing that you will need to do is go through the real estate licensing process. This does not need to be difficult, as long as you have a good idea of what it is that you will be facing. Here, we will take a closer look at some of the most important things that you should know when it comes to real estate licensing.

One of the things that you may be wondering about is what type of requirements there are for you to be eligible for real estate licensing. For starters, you need to be of at least eighteen years of age. You also must have graduated from high school, or have obtained a degree of equivalency, such as a GED in order to go through the real estate licensing process. Before you can take the exam that is required for real estate licensing, the first thing that you will need to do is learn more about what other requirements your state has prior to the real estate licensing process.

Most states will require you to take a course, or some form of training before you will be eligible to complete the real estate licensing exam. These types of real estate training courses are often offered by community colleges or real estate schools. You should be able to find one within your local area. It is important to make sure that you learn about all of the state requirements beforehand. Completing them is the first step of the real estate licensing process, as you cannot continue the process without these requirements.

Once you have completed all of the requirements of your state, the next thing that you will need to do is find a test center which offers real estate licensing. The cost of this examination will vary according to where you live, but it is typically around a hundred dollars. Keep in mind that is necessary for you to get your real estate licensing done from the state that you are planning on working in. For example, if you are planning on working as a real estate agent in California, you would not want to get your real estate license in Washington.

In order to prepare yourself for the real estate licensing examination, it is important to make sure that you look over all of the information that you learned in your real estate classes. It will also be very beneficial for you to buy a real estate licensing test kit, which will provide you with a good idea of what types of questions you can expect to see on the real examination.

Keep in mind that if you do not pass your real estate licensing test the first time, it is quite okay. You will be able to take it again, but you will probably need to wait a certain period of time. Once you have actually passed the real estate licensing examination, you will be ready to find a job with a reputable real estate agency to work for. While you may have to spend money, time and hard work to get through the real estate licensing process, you will find that it is well worth it in the end.

How to Get a Real Estate License in Queensland

Real estate has become one of the most lucrative businesses in recent times. The positive global economic progress has opened new doors of opportunity for all businesses resulting in a real estate boom that is bound to last. To be a real-estate agent in Queensland, like most of everywhere else in Australia, you require a real estate agent license.
So how to you go about getting one…

To be eligible to get a real estate license in Queensland there are certain criteria that must be fulfilled. Here is a simplistic view of these requirements:

1)The candidate must be over 18 years of age
2)Must have at least one place of business in Queensland
3)Must have the requisite training from a recognised organization
4)The candidate must be a suitable person, which means that he/she must not be bankrupt and must not be convicted for any serious offence that carries three or more years in jail at least five years before applying for the license. Further, the candidate must not have been previously disqualified from holding a license for any reason. Also, the person should not also have been the director or one of the board of directors of a disqualified company.
5)Most importantly the person must be a citizen of Australia or an immigrant who has the required work visa.

To get a real estate license in Queensland, criminal history checks are also done for every applicant; and an applicant is required to pay the specified fee for criminal history checks to be carried out.

The processing time for the license is 4-6 weeks. It is usually never longer than this except when the authorities need to get in touch with the applicant for any missing documents or fees that need to be paid.

In order to ensure that there is no delay in obtaining the real estate license in Queensland, all photocopies of the original document must be attested. This means that the signature of the applicant is necessary as well as the signature of one of the following people – Solicitor, justice of peace, commissioner of declarations, barrister or a notary public. The applicant must take the original as well as the photocopy to the above-mentioned people and they will stamp it saying that the document is true. In Australia, photocopies of original documents are not accepted as proof of identity.

The most important thing needed for acquiring a real estate license in Queensland is training. There are many organizations that provide this type of training and it can be done in training classes or through correspondence mode as well. The advantage of correspondence mode is that the applicants can do the course in their own time, after regular work hours or after school.

In order to obtain a real estate license in Queensland, an applicant must fulfil as many as 19 units in the Property Services training package. For those who are already part of the real estate industry and are working as a salesperson, a resident letting agent or a property manager they would have completed at least six of the necessary units.

Once you attain a real estate license in Queensland, you can do any of the following

1)You can negotiate buying, selling, renting or exchange of apartments or houses, land or businesses.
2)Own a real estate agency. You can also manage a real estate agency that is not necessarily owned by you.
3)The license holder can directly buy, sell, rent or exchange houses or apartments, businesses or lands.
4)The license holder can look at, access and inspect any property that is up for sale or rent.
5)The property can be shown to interested buyers.
6)They can open property for rent or sale.
7)They can advertise a property that needs to be put up on rent or sold if they want to attract potential buyers. They can do this in the form of putting up signs as well.
8)They can take an apartment complex and sell in parts or however is suitable to them without going through an established agency.
9)They can sell, buy or exchange livestock (or an interest in them)
10)The license holders can operate a trust account in the name of either the buyers or sellers.

The real estate industry has seen a lot of positive changes in recent times. A real estate agent not only enjoys a great life but also helps people find homes like they always wanted. However, you need to be well trained and procure the real estate license in order to make the most of this career opportunity.

How To Get Your Exciting Real Estate License and What Does It Offer?

First to obtain your Real Estate license you will need to do a 63 hours pre licensing course. Many online educational sites offer this and can be done in the comfort of your home. If you are more of an In class person, your local community college might offer the course. When taken in actual class, the course may take 4 to 6 weeks due to their scheduling. Online classes you can do at your own pace. So if you want, you may do the entire course in one week.

Below are some requirements for the state of Florida to obtain your Real Estate License

General Requirements:

Must be 18 Years of age, have a high school diploma or GED to get your Real Estate License.

Educational Requirements:

Complete the 63 Hour pre licensing course and pass.

Exam and Application Requirements:

· Submit a completed real estate license application, submit your finger prints and pay any fees associated.

· Pass the Florida Real Estate Sales Associate state exam with at least a score of 75 points out of 100 points or pass the Florida Real Estate Law exam with a score of 30 points out of 40 points.

· Activate your license with a Real Estate Broker using the DBPR proper forms or may be activated online by your broker.

These are the basic steps needed to obtain your Real Estate license in Florida. How to get your Real Estate license sounds easy and to some extent, it is. However, the exam and amount of studying shall not be taken lightly. I would recommend searching online a bit more before you decide on a Real Estate license. If you want to make a career change, this is definitely a great one.

So How Do You Actually Start In Real Estate and What Does It Offer?

Firstly of course once you have obtained your License, activate it with a broker. This is where you have to decide what path you want in Real Estate. Different companies offer different options, splits, fees, training and so on. Let take for example:

Property Management: It is best to search for local property management companies. There are also national property management companies which you can join. Once you join them, through out your time in this field, you’ll gain knowledge and experience on all legal aspects of property management. There are a lot of them, from how to evict a tenant to how to post the notices on their door and within what time frames. Property management involves a lot of work and at the same time is rewarding. Many agents lean towards this field due to the steady stream of monthly income. Others don’t want to deal with the tenant headaches. Example, if you manage 150 units and average a 10% call rate, that would be 15 different issues to deal with during that month. These may be from A/C units not working, to plumbing issues; tenants locked out of their homes and need access, to tenants disturbing other neighbors. One the bright side that means 135 units won’t cause any issues. On average, the management companies charge around 10% of the monthly rent to owners (all Companies and State are different), in return, you as on agent might get a percentage of that. Since all companies offer different payments, let’s just average a monthly income for the company. Let’s say 150 Units rented for $1000 each monthly that would be 10% of $1000 which is $100 X 150 units ‘equals’ $15K monthly income. Now you see the steady income I mentioned above.

Luxury Real Estate: This also a very nice niche once you obtain your license. There are pros and cons as there is with Property Management. When speaking about Luxury Real Estate we are speaking about homes from 1M and up. The obvious benefit to this is the amount of money you earn on each transaction. Example, 1M sale at 3% commission gets you 30K income, now subtract your splits with your broker, let says 80/20 split, agent would receive $24k commission, do that 4 times a year and you are at 96K. Not bad at all for going to a pre licensing 65 hour course. Let’s point out the cons. It’s not as easy as it sounds or as seen on TV. This market is more of a referral based market. You can definitely do it without referral, but at some point, you need to have those buyers or sellers in your sphere. The cost to reach this price range is very costly upfront. We are talking about a marketing campaign in the range of 4k to 5k a month at least in advertising within those areas. After a few months of the campaign you might receive a few calls from sellers or buyers. There is a lot more to it than just mailing, it needs to be done the proper way. Thus a large investment is needed to start right of the bat in that price range.

Real Estate Agent: The two previous paths don’t appear to everyone, I would say 90% of agents go with the traditional Real Estate Agent path. This path in a sense leads to the two previous ones as well. As you are in the field, you’ll be learning from other agents, property managers and so on. Why so many agents go with the traditional Real Estate Agent is due to its training and perhaps quicker income earning. If you put in the work, you can earning income in as little as 30 days, while property management and Luxury Real Estate does take its time for the business to start coming in. The cons of this path is the amount of training, start up and hard work you will need to put upfront due to inexperience and mistakes you will make before have a steady and stable income (whatever stable means to you). Agents usually earn 3% of whatever the sale amount of the home is. Example, 200K home, commission would be 6K, let’s take the same split as before 80/20, agent receives $4,800 X 1 a month X 12, agent would earn $57,600 yearly. Not bad at all. Do keep in mind that some, the majority or most Real Estate companies do charge a transaction fee, desk if, yearly fee and so on.

All In all, the path when you obtain your Real Estate Licenses totally depends on you. Do note that whichever you decide on will require hard work, countless hours of training and possibly working Saturdays and Sundays. All of these have their pros and cons. There is a lot more to each of these then I described and you should research more shall you want a Real Estate Career.

Should Real Estate Investors Get A Real Estate License?

One of the most common questions that I am asked on a daily basis from new investors is whether or not it is beneficial for them to get their real estate license. I spent many years as a real estate investor wholesaling, rehabbing, fixing, flipping and renting without getting a license. Ultimately I decided that it was beneficial to get my license and that having a license does not hinder your ability to operate as an investor.

If you are thinking about whether or not you should get your license then here are some points for you to consider:

Why are you thinking about getting your license?
Are you required to get a license?
How will having a license benefit or hinder your ability to operate as an investor?

The first question you should ask yourself is why you are thinking about getting a license. If the answer is because you want to be an agent and show properties to buyers and sellers in exchange for a commission then obviously you need a real estate license. However for most investors that are interested in investing for themselves the lines become much more blurry.

The second question for you to ask yourself is if you are required to get a license? Many investors are not aware of when and if they need a license and often assume that they don’t when they do. If you are a full time wholesaler and you assign contracts to other investors for an assignment fee or you double close your own transactions for a profit then you probably do not need to get a license. However you must have beneficial interest in the property meaning that you must have a valid contract indicating that you are the buyer of that specific property and that you have equitable interest in it. If you do not have beneficial interest then this means that you cannot find buyers for other wholesalers.

If you are an active wholesaler with an active buyers list then you probably network with other active wholesalers in your area. If you do then invariably you will find yourself in a position where you know buyers that are looking for a house in a certain area and one of your wholesaling associates might have a house under contract in that area. In this scenario you would be stepping over the line since you do not have an interest in that particular property and you are marketing it. This would require you to be licensed. Keep in mind that this applies regardless of whether or not your associate gave you permission to find a buyer for their deal. Do not rely on joint venture agreements or beneficial Interest agreements to help you to get around this regulation. The local real estate licensing authorities might ask you for proof of your beneficial interest and they will be looking for your name on either the deed or the contract. So in summary if you are marketing your own deals you don’t need a license but if you are marketing other people’s deals then you do. If you do not have a real estate license then you cannot find buyers for other investors. You also cannot help other investors sell their properties. or a property for someone else (with a few exceptions).

The final question that you should ask yourself is how having a license will hinder or benefit you as an investor. If you only wholesale your own deals, manage your own properties or fix and flip your own properties then you do not need a license. However, the more active you get as an investor the more opportunities there will be for you to benefit from having a license. You will be able to list properties, manage properties for others, wholesale other investor’s deals, find sellers for other investors, find buyers for other investors, save money on purchases and sales and get access to the MLS. In short there are a lot of benefits to having your real estate license.

What are the negatives to having your license? I don’t really see any. You will have to disclose that you have a license and you will be bound to act ethically (which you should already be doing). Having a license will give you more opportunities to make money and if you are considering being a full time real estate investor then having a license will benefit you in the long run.