Business brokers serve as a liaison between buyers and sellers to sell a product, service or business. They have to estimate the value of a product, advertise the product, negotiate with buyers and finalize the sale of the product. Brokers may work for real estate agencies, retail companies or insurance companies, and licensing will vary depending on the sector in which the broker works.
Real Estate Licensing Requirements
You must be at least 18 years old and reside in the United States. You should also have at least two years experience in sales or real estate. A bachelor's degree in real estate is preferred. Some agencies choose experience over education. If a candidate has an education, he must take at least eight courses to get his license. Some of these courses include Real Estate Practice, Legal Aspects of Real Estate, Real Estate Finance, Real Estate Appraisal and Real Estate Economics or Accounting. Real estate brokers must renew their licenses every one to two years. Requirements vary by state.
Insurance Broker License Requirements
Those who are interested in getting their license must also be 18 years of age. Depending on the state, you may have to submit fingerprints prior to testing. You must pass the examination before applying for your licensing. Candidates must apply within 12 months of passing their examination. Some states may also have pre-education licensing requirements, such as having a degree in business, finance, accounting, or economics.
Stock Broker Licensing Requirements
You must pass an exam from the National Association of Securities Dealers (NASD) or a relative organization to receive proper licensing. Some requirements include taking the exam prep course and completing a background check. If you're working for a stock or trading company, make sure your employer registers you with the NASD. They will have to complete and submit the Uniform Application for Securities Industry Registration Form. You will also have to take two exams and pass them. One is a national product examination and the other is a state specific examination. Each exam will take up to seven hours to complete. A score of 70 percent or higher is required to pass these examinations.
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