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Real Estate Salesperson License Requirement: 135 hours salesperson + 225 hours additional for broker license = 360 hours minimum. If it seems like a hassle to get a real estate license, remember real estate agents can make a lot of money! Daniel Bortz has written for the New York Times, Washington Post, Money magazine, Consumer Reports, Entrepreneur magazine, and more. You must be 18 years old and have passed the 10th grade. After licensing, you must then complete 24 hours of continuing education every two years. LEARN HOW I INCREASED MY NET WORTH BY $600,000 IN THREE YEARS WITH RENTAL PROPERTIES WITH THIS FREE REPORT. Is there a way that I can get a Real Estate license in the state of Arkansas for example if dont live there? But that might not mean you can start selling houses right away. The course will teach you real estate principles (terms likelien, escrow, andencumbrance), real estate practices (likehow to determine apropertys value),and the legal aspects of the business. I am located in Colorado, which has one of the more stringent real estate licensing requirements. Becoming a real estate agent is a big decision requiring time, attention, and dedication. You must be 18 years old, have a high school diploma, and be an honest and upright citizen. Be at least 18 years old. 28. Becoming a real estate agentis not an overnight process. Selling real estate is an attractive career for many people because of the flexibility, autonomy, and of course pay. d. the broker and the listing salesperson. Your regions unemployment statistics can give you an idea of A typical broker-salesperson employment contract should include all of the following EXCEPT How do I proceed if I want to sell homes in NC, but my license is in MN ? States vary greatly, each State has its own definition of "reciprocity," along with their own requirements for obtaining a reciprocal license. I point this out because there seems to be a lot of trust in just checking a box. Subscribe to the Sales Blog below. Additionally, your real estate license application, fingerprinting, and background check, and state licensing exam fees will usually run you between $100-$200, so you should budget for $500-$1,200 total. Getting Started with Real Estate Investing, Rental Property Cash on Cash Return Calculator, stringent real estate licensing requirements. Both typically consist of 60 to 100 multiple-choice questions, including math questionsthat require you to use a calculator (e.g., prorating taxes for a specific property). Other states still require applicants to pass the real estate license exam again. If you want to earn your real estate license, you have to take classes to help you prepare for the Federal Department of Real Estate Licenses Not a bad deal! You must pass 75 hours of pre-license classes before taking the real estate exam. 9. Most states have license applications available for viewing and print out on their websites. Copyright 2019 InvestFourMore. When a broker fell on hard times, he stopped paying his dues to NAR for two years. According to theBureau of Labor Statistics, real estate agents make an average of $49,000 per yearand the top 10% tier of agents can earn more than three times that amount. a. failure to pay REALTORS dues. I was in Colorado where I, after completing 172ish hours of education and passing both the state and unified national exams, received my Broker license.