What Is Required to Become a Real Estate Broker?

Real estate brokers manage the sales transaction of residential and commercial real estate.

A real estate broker manages the sales transaction of residential and commercial real estate. He can employ, on a contract basis, a team of real estate agents. There are ethical and legal responsibilities that come with being a broker. Because of these responsibilities, there are a number of requirements an individual needs to to meet in order to become a real estate broker.

Licensing

Every state and Washington D.C. requires individuals to obtain a license to become a real estate broker. To receive this license, the prospective broker has to pass a written examination. The examination contains basic questions about real estate transactions. Prospective brokers are also tested on their knowledge of real estate law involving sale transactions. Once a broker receives a license, she can open her own real estate business in the state where the license was issued.

Education

Prospective brokers have to be at least 18 years old and a high school graduate. A broker candidate can also have a high school equivalency degree if he didn't graduate from high school. An increasing number of brokers have taken some college-level courses, some on the topic of real estate. College courses have grown in popularity because of the increasing complexity of real estate law.

Experience

A prospective broker has to have experience in the area of real estate sales for between one and three years minimum depending on the state. She also has to have a real estate salesperson license in good standing with the state where she applies to become a broker. In some states, the licensing board will allow an individual to forgo the sales experience if she has a college bachelor's degree in real estate.

Training

Prospective brokers must receive training. Some universities and community colleges offer real estate classes that qualify for pre-licensure. There are also schools dedicated to real estate training in a variety of areas, including broker pre-licensure. Some schools also offer these courses and study materials online. An individual needs 60 to 90 hours of training. Training is followed by a state-sanctioned test to assess the broker's knowledge. Individuals that do not pass the test are allowed to retest after a waiting period dependent upon the state.

Traits

A real estate broker has to have good judgment and be honest and hardworking. An interest and enthusiasm about real estate are also required. An individual needs to have a friendly personality and be good with names in order to develop relationship with potential clients. A broker must be knowledgeable of the areas where he lists and sells real estate.

References

• U.S. Bureau of Labor Statistics: Real Estate Brokers and Sales Agents