Licensing Requirements
Historically the land had been the royal property. After this right was diluted and the ownership transferred into private hands, real estate has become a major area of business. Legally speaking, of late real estate dealings have gotten more complex. The vocation of assisting buyers and sellers has developed into a full fledged profession. The states in various countries have designed courses and enacted laws to educate, train and allot licenses to 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., depending on the state you live in, 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 work under a licensed broker for a minimum of one year.
Since real estate transactions involve thousands of dollars, real estate salesperson must posses good character qualities such as trust, loyalty and honest. Therefore, many states require 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 by the department.
Real Estate Broker
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 submit proof of completing 150 hours of classroom instruction. The applicant must pass the broker licensing examination and provide a letter of good moral character.
The applicant then will be licensed as either an Individual Broker, who practices on his own, or as an Associate Broker, who practices under another licensed broker.
Continuing Education
All real estate licensees, irrespective of whether they are brokers or agents, holding active licenses are required to complete the mandatory eight hours of class room instruction year after year in order to be eligible to renew their licenses.