Getting a real estate broker license allows you to represent buyers and sellers in real estate transactions. It opens up career opportunities in real estate brokerage, property management, and more. However, obtaining your broker license requires completing education requirements and passing an exam. This article outlines the typical steps involved in getting a real estate broker license.
Complete Prelicensing Education
The first step is to complete prelicensing education courses. Requirements vary by state but typically involve around 60-90 hours of classroom instruction or online courses. Coursework covers topics like real estate principles and practices, law, contracts, financing, and ethics.
Most states require prelicensing education from state-approved providers. Look for courses from local real estate schools, community colleges, or online education platforms. Make sure any online course you take is approved in your state. Completing the prelicensing education lays the foundation for passing your state’s broker exam.
Pass the Broker Exam
After finishing your prelicensing education, you’ll need to pass a state broker exam. Exams are administered by your state’s real estate commission and test your knowledge of real estate laws, principles, and practices.
Most states use the national portion of the real estate license exam produced by Pearson VUE. This includes 85-125 multiple choice questions to be completed in 2 hours. Some states also require a state portion of the exam focusing on local real estate laws.
Be sure to study your state’s license handbook, review class notes, and take practice exams. Having a solid understanding of all material covered in your prelicensing courses is key to passing the exam on the first try. You’ll need to receive a score of 75% or higher to pass.
Apply for a Real Estate License
With your prelicensing education and exam out of the way, it’s time to formally apply for your real estate broker license. Application requirements vary by state but generally involve:
- Completing a license application form available on your state real estate commission website. Provide personal information like name, address, Social Security number.
- Paying an application and license fee. Fees help cover the costs of processing your application.
- Providing proof of identity like a valid driver’s license or passport.
- Submitting fingerprints for a background check if required by your state.
- Signing an oath that you will uphold all real estate laws and regulations.
Be sure to allow plenty of time for your application to be processed, which usually takes 2-4 weeks. You’ll receive your broker license number once approved.
Find a Real Estate Brokerage
Now that you have your broker license, it’s time to find an employing real estate brokerage to hang your license with. Larger brokerages may have new agent training programs to help you get started. When interviewing brokerages, consider their:
- Office location – Find one conveniently located for your clientele.
- Support services – Look for brokerages providing mentoring, tech support, marketing assistance.
- Commission structure – Understand how you’ll earn money from transactions.
- Brand reputation – Choose a well-known brand that will attract clients.
Once hired, make the most of any training offered to boost your skills and client base. Developing strong relationships across the brokerage will also help your career growth.
Maintain Your License
As a final step, be aware of requirements to maintain your real estate broker license in active status:
- Complete continuing education (CE) – Most states require 12-30 hours of CE annually to stay current on industry changes.
- Renew your license periodically – This usually needs done every 1-2 years by paying a renewal fee and providing proof of CE.
- Report any license-related complaints/judgments – Your state commission must be notified of any issues.
- Maintain E&O insurance – Errors & omissions coverage protects you from client lawsuits.
Staying on top of maintenance ensures your license remains active so you can continue practicing real estate. It also demonstrates your commitment to professionalism.
Conclusion
Obtaining a real estate broker license takes some work upfront but opens many career opportunities. By completing education and exam requirements, applying for licensure, finding a brokerage, and maintaining your Virginia real estate license status – you’ll be well on your way to starting a new career in real estate. With hard work and strong client service, real estate brokering can be a very rewarding long-term profession.
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