Property, may it be residential or commercial, is one of the most important components of any economy. The real estate market is ever expanding and highly beneficial for those who decide to pursue the field. The key elements to a career in real estate are: a sound and convincing presence, proper knowledge of the market, and patience coupled with perseverance. Apart from all this, a person requires a real estate license to legally practice as an agent or broker.
With technology growing in leaps and bounds, the Internet is increasingly being used as a means to spread education and knowledge. Today, one need not attend special classes to receive a license. There are several online facilities that offer online courses to help a person acquire a real estate license.
Real estate license training courses can be taken according to the convenience of the user. These online institutions offer some of the best courses, online tools and guidance in the industry. Online courses are designed for personal coaching and private tutoring. Another great feature about these courses is that they are available around the clock.
The requirements for an online license are simple. They do not require the download of any special programs nor is the applicant restricted to when and how long he is online. There is no need of special skills to access and take classes. The online courses are simple to understand and very user-friendly.
The online real estate education portals also cater to applicants who want to renew their licenses. If an applicant submits an application after 90 days of the previous license expiring, he will have to follow the reapplication process all over again, including all the documentation and the fees. However, the license board may exempt the person from re-examination if the application is received within two years of the first license expiring.
Today, an increasing number of people are opting for the online real estate license courses. These not only offer detailed study material and market knowledge but also provide home-based conveniences. With these online license courses, a rewarding career in real estate is just a click away.
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.
A real estate license is the key to a lucrative career in the real estate industry. A real estate license is a powerful tool in the property business. Real estate will always be a dominant market in America. Homes will continue to be bought and sold throughout the state. Getting a real estate license will allow a person to be a part of this booming industry.
People decide to get real estate licenses for many reasons. Many like to work with the public. Some want to be in control of their own schedules. Others are interested in buying real estate for themselves and think that agents have access to ‘the best deals’. For this purpose, a real estate license is mandatory. Real estate brokers are constantly looking for new, ambitious real estate sales people and there is significant money to be made in real estate sales.
Obtaining a real estate license in any state where a person may have interest in doing business is not difficult. However, it is important to know that obtaining a real estate license is not solely about taking a real estate exam. The process may differ from state to state. There is no such thing as a national real estate license. Each state has adopted and enforced its own laws and regulations regarding the sale of real estate, for the general purpose of protecting the consumer. Almost every state requires that the candidate complete some form of real estate pre-licensensing course. The successful completion of that course and the minimum number of training hours must be shown, before they will allow the candidate to schedule a real estate license exam. Most states permit the person to take this course not only online, but also in live classrooms, or even by way of a correspondence course.
For a successful career in the real estate business, it is now required by law to have a valid license. Many online education portals provide guidance for the process of acquiring a license. These agencies also provide adequate information regarding the various laws applicable in different states.
Looking for a very lucrative business opportunity? Real estate brokering is the top choice for a lot of people. Real Estate Brokers and real estate agents are working throughout the nation. Not only are they making excellent incomes, they are also contributing to the economy in direct, as well as, indirect ways. By helping the sellers in selling their property and at the same time helping the buyers in buying a property these agents help satisfy their need for shelter. Creating this transaction often entails many other services to be ordered. So, can anyone start real estate brokering? Well, not really.
Possessing a Real estate license is a pre-requisite for becoming a real estate agent. However, obtaining a real estate license is not difficult. In most states, the qualifications for getting a real estate license are very minimal. So you should first check the eligibility criteria for obtaining a real estate license (rather pre-license) in your state. The real estate license eligibility criterion includes things like the minimum age limit (which is mostly 19 years) and educational qualifications (which is mostly high school). Most states do require a clean criminal record, sorry. Once you know that you satisfy those real estate license (pre-license) eligibility criteria, you can go ahead and enroll for a pre-license training.
There a number of real estate schools that offer real estate license training. Some real estate schools offer online training for a real estate license. Choose a course that is spread over a sufficient duration of time e.g. 1 year so that you are able to grasp the concepts properly (after all you want to become a successful real estate agent and not just another real estate agent). You will be taught a number of topics as part of your real estate license training. All this will help you develop a basic understanding of real estate and various aspects related to real estate (e.g. real estate law, deeds, contracts, ownership transfer, etc)
Once you have undergone this real estate license training, you will be required to undergo a state exam. After you pass this exam, you will generally need to undergo additional training on state approved courses. That’s it, you can now get a real estate license which is worth that effort (as you will find in a couple of years of starting real state brokering). Most states also require you to go for continuous education after you have received your real estate license. However, this is a just a few hours every few years.
So a real estate license is what you need to start your career as a real estate agent. But your success after that will be dependent on how seriously, ethically and effectively you carry out your job. Unfortunately, eighty percent of new agents will have left the business within five years. Remember, this is a very competitive business and you will find that the top twenty percent of agents earn nearly eighty per cent of the money. Being average in the sales business will leave you hurting financially.
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.