How to Get a Real Estate Broker License
According to the U.S. Bureau of Labor Statistics May 2008 Occupational Employment Survey, a real estate broker earned a national average salary of $77,240. Real estate broker license requirements vary with each state, but there are specific steps you can take no matter where you are located to become licensed.
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Instructions
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Fulfill the general legal requirements. Real estate brokers must be at least 18 years old to be eligible for licensure. Real estate agents must have a high school degree or GED.
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Acquire formal training. To get a real estate broker license, you must fulfill educational requirements that range from 60 to 90 hours, according to the Bureau of Labor Statistics. Most colleges, universities and community colleges offer classes in real estate, as well as certification programs. According to Collegeboard.com, a nonprofit membership association that connects students to college opportunities, a real estate major often leads to an associate's degree. Typical courses include real estate appraisal, commercial real estate, international real estate, real estate finance, real estate investments, real estate law, real estate principles and practices and residential real estate.
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Gain experience. According to the BLS, experience requirements may include one to three years of selling real estate, depending on your state's rules. Earning a general real estate sales license and working as a real estate sales agent are ways to get the experience needed to become a broker. Some states waive the years of experience if the candidate has a bachelor's degree in real estate.
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Take the real estate broker licensing exam. According to the book "Real Estate Broker Exam (Real Estate Exam Prep and Career Guides)" by the editors of Learning Express, four major national exams exist. The exam that you need to take depends on the state in which you wish to become licensed and work. Some states, such as New York and California, administer their own exams. Other states use independent testing companies. Independent testing companies administer tests that are multiple-choice and taken on a computer. The most common independent testing companies are as follows: Applied Measurement Professionals (AMP) Inc. whose test takes approximately 2 hours and has 100 questions; Thomas Prometric, also 2 hours with 80 questions; Promissor, 4 hours with 80 questions; and Psychological Services, Inc., 2 hours with 80 questions. Depending on your state's requirements, tests may cover agency law, real estate license law and mathematics.
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References
- U.S. Bureau of Labor Statistics: Real Estate Brokers and Sales Agents
- U.S. Bureau of Labor Statistics Occupational Employment Statistics Survey Program, May 2008: Real Estate Brokers
- "Real Estate Broker Exam (Real Estate Exam Prep and Career Guides)"; Learning Express Editors; 2007
- College Board: Real Estate (Major)
Resources
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