Real Estate Licensing Requirements
From a historical viewpoint, land had always previously been considered as the property of royalty. After this right was diluted and the ownership transferred into private hands, real estate has since become a major area of business for many people. More legally speaking, of late, real estate dealings have become more complicated. The once simple vocation of assisting buyers and sellers has now developed into a fully fledged profession. The states in various countries have designed courses and enacted laws meant to educate, train and allot licenses to all the aspirants. Thus, an individual may be licensed as either a real estate salesperson/agent or as a real estate broker.
In the U.S.A, depending on the state in which you live, the basic requirements are:
Age - Usually 18 years of age
Residency - The state you live in
Education - A set number of hours in real estate training and a high school certificate
Real Estate Salesperson
An applicant for a real estate salesperson license, as a pre-licensing requirement should complete 90 hours of class room instruction and pass the real estate salesperson licensing examination. He should also work under a licensed broker for a minimum of one year.
Since real estate transactions also involve thousands of dollars, real estate salesperson must therefore posses some good character qualities such as trust, loyalty and honesty. This is why, several states will consequently require from real estate salespersons to spend their first few years working under licensed real estate brokers. Thus, in real terms, the brokers sponsor and attest to the integrity of the real estate sales agents.
A real estate license is issued only when a completely filled application with fee, broker’s signature and a current letter of good moral character is received from the proper department.
Real Estate Broker
In order to be eligible for a real estate broker license, an individual must have been actively licensed as a real estate salesperson for at least two years in any state. He must also try to submit proof of completing 150 hours of classroom instruction. The applicant must also pass the broker licensing examination and be able to provide a letter of good moral character.
The applicant then will be licensed as either an Individual Broker, who will practice on his own, or as an Associate Broker, who will practice under another licensed broker.
Further Education
All real estate licensees, regardless of whether they might be brokers or agents, holding active licenses will be required to complete the mandatory eight hours of class room instruction one year after next in order to be eligible to obtain license renewal.