If you think you have a future in real estate business and want to obtain the proper credentials to maximize your potential, you need to know about certain vital concepts when it comes to getting a real estate license. For one, you should know that the requirements, the requirements for eligibility in obtaining a license in real estate, application process and the fees involved differ by state. On the other hand, you are obliged to get a pre-licensing education and pass the appropriate state exam in all states. The type of pre-licensing education, however, the number of hours to be completed as well as the passing scores of the exam required varies by state. So, before you take any courses on real estate make the time to learn the requirements set forth by your state.
In obtaining your pre-licensing education, ensure that you get to enroll in an accredited institution that is duly licensed by your state. If you had taken your real estate course in another state, you need to ascertain whether such a course will be accredited in the present state you are living in. If it’s not, you need to take proper measures to complete the required course before you are allowed to take the state exam.
After finishing your real estate course, you are now ready to file your application to obtain your license. You will have to know the fees and the process involved in the filing. Majority of the states have information on the expenses involved, the process as well as the forms on websites dedicated to your state’s government real estate.
You should know that most states subcontract the real estate exams to independent testing centers. Thus, it is vital that you verify the testing center provider in your place since states may alter their budgets which can mean change of testing provider.
After verifying your states’ testing center provider, ascertain the date of the exam and prepare for it. Since testing centers deliver and score exams differently, you should also ask them their methods of providing the test as well as their scoring system so that you can prepare for it.
Before you can obtain your real estate license, you will be required to pass a background check and be fingerprinted successfully. You will have to pay corresponding fees for the background check and fingerprinting, which depends on your state.
After getting your license, you should know that you will not be allowed to work independently for the first 2 or more years (depending on your state) of your real estate career. For the period as mentioned above, you are required by the state to work with a managing broker. A managing or sponsoring broker is someone who is licensed to manage the people working for his brokerage company. If you want to become one of the best (if not the best) real estate broker in your state, you should find a managing broker whom you think can bring you to places in your chosen career.
It is worthy to mention that many states require licensed real estate agents to obtain errors and omissions insurance to lessen the risks to the brokerage firms they represent against possible litigations. Some states, however, require this insurance from people who have applied for the license and are just awaiting its activation.