As mentioned earlier, being able to represent sellers or buyers in a real estate transaction is a great way to make money. However, before you can do that, you’ll first need to be licensed!
Fortunately for all those aspiring real estate agents out there, we have some very helpful information for you here at The Realtor® School. Starting today and for just $99, our Comprehensive Certification Course will take you through everything you need to know about becoming an agent.
We’ve gathered together over 10 modules (learners usually refer to these as courses) which cover every aspect of the profession. Each one is designed to last 1–2 hours and is easily accessible via your device of choice.
The course comes with a 30-day money back guarantee so if you are not fully satisfied, you can request a refund without any problem.
Pay a fee
The next step is to determine if you are eligible to take the real estate exam by checking to see whether you have paid your dues already or not! If so, great! You can move onto the next stage.
If you happen to be in this situation then don’t worry about it! Just go ahead and pay your fees at another location and make sure to follow up with us later to confirm that payment was processed successfully.
We cannot stress enough how important it is for people to check their eligibility before paying any licensing fees!
It will save you time as well as money in the long run.
Provide your documentation
Now that you have determined that you want to get your real estate license, you will need to prove your eligibility. You can do this by confirming two things: that you are legally eligible to work as an agent and that you know the rules for agents.
To be licensed, you must first show that you possess the required state licenses. These include having a business licence, working with lenders’ permission, and being certified as a salesperson or broker.
After showing these documents, you will then need to take and pass the exam given by either the State Board of Realtors (SRB) or The National Association of REALTORS® (NAR). Both offer licensing exams at different times so check out which one makes sense for you and when they hold their test!
Both require you to sit a written test and possibly a practical examination as well.
Establish your business
As mentioned before, being licensed is only part of getting started as a real estate professional. The other important piece is having a business you can use to fulfill that license!
You will need to have a source of income to do this job, so make sure you know what businesses are needed for professionals like yourself.
Also, be aware of state regulations related to brokers, agents, and owners. For example, broker’s must satisfy certain requirements, such as education and experience, but there are not very many rules about agents.
That’s why it is helpful to know if an individual agent or broker is under-qualified, because you could still work for them as their assistant (which does not require a license).
Apply for licenses
The next step is to apply for your real estate license. This will require you to prove that you have read the rules, regulations, and laws related to real estate sales in our state. You can do this by visiting the Department of Business & Professional Regulations (DBPR) website at www.floridar ealrlicenses.com.
There you can find all of the necessary forms as well as instructions on how to fill them out properly. Make sure to pay close attention to deadlines because if you are waiting for answers or proof of something, it may be too late!
Once everything has been received we can move onto the next stage which is passing the test. While most people can pick up some basic skills through informal education and experience, having a formal education gives you more confidence and certainty in yourself as an agent.
Be aware of tax implications
As mentioned earlier, being licensed is not free! There are costs involved with taking the licensing exam as well as applying for your license. In fact, it’s very common to pay somewhere around $1,000 to take the real estate agent certification test.
On top of that, you will be paying sales taxes when you sell a home which can add up quickly. In addition, there are often licensure fees depending on where you live and what kind of license you want.
These additional costs can easily total more than just the initial testing fee. This is why it is important to know how to get your real estate license in FL efficiently. Here are some strategies for doing so.
Know your laws
The next step is to know what state regulations apply to you as an agent. In some states, like Texas for example, agents are not required to have a license until they represent themselves as such. This is referred to as being self-representing or having direct representation.
In other words, before becoming licensed, agents must go through a process where they prove that they can handle real estate transactions without supervision of a broker or lawyer. This process varies from state to state and sometimes even within each individual state.
Most commonly, this proof comes in the form of taking the test administered by the National Association Of Realtors (NAR). There may be additional requirements depending on whether you are representing yourself as a buyer’s agent, seller’s agent, or both.
There are also various state associations that offer similar certification programs.
Get your insurance
Having a real estate license does not give you permission to go into business, so making sure that you are financially prepared is an important step before taking the test!
You will need to make sure that you have adequate liability coverage as well as personal property protection through renters’ or homeowners’ insurance. You can also check with your lender to see if they require proof of insurance, but most do not.
Most states allow agents without a broker’s license to sell residential real estate up to $250,000 per transaction (this amount is usually for the house being sold, not including any upgrades or improvements). Beyond this limit, you must be licensed as either a salesperson, agent, or broker.
There are many ways to prepare for the exam, some free while others cost money. The best way depends on your budget and how much preparation you want to put into it.
Create a plan
Now that you are ready to take your real estate license test, it is time to make a plan. You can choose to go through one of our pre-made study packages here at BinderExpert or you can create your own studying schedule.
Either way, you must be sure that you have studied enough material to pass the exam!
Good luck out there today!
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Article written by Amanda from BinderExperts.com.
This article was published online on May 3, 2017 as part of the Inforce Online Study Series sponsored by Flexicourse and Varsity Tutors.