What Does it Take to Earn a Broker’s License?
To earn a commercial real estate broker’s license, it is necessary to meet minimum eligibility and training requirements that are laid out by their state for individuals who want to take the licensure exam. Individuals who pass the exam must also periodically complete continuing education courses.
Licensing requirements for commercial real estate brokers often differ depending on the state. However, all U.S. states require the passing of a written test. Most states require taking pre-licensing education courses, and some measure candidates against experience or equivalency standards. To be eligible for the licensure exam, aspiring brokers typically need to meet the following eligibility requirements:
- Be at least 18 years old
- Have a high school diploma or GED
- Have several years of experience as a licensed real estate agent or have a relevant bachelor’s degree
After completing the required training and passing the state licensure test, the licensed broker may work for a company or independently.
Education and Training Options
Students may find courses through local real estate associations. These groups are often members of the National Association of Realtors. Brokerage firms may sponsor private classes, as well. Course topics are:
Human resources management
Real estate law
Real estate appraisal
Real estate accounting
Real estate practices and procedures
Mortgage loan brokering
Exam and Continuing Education
The licensure examination requires that students understand basic real estate laws and transactions of property consistent with both federal and state-specific laws. In addition to this, states can require anywhere from 60-900 hours of classroom instruction to sit for the exam, which may depend on previous sales agent experience. After applying for licensure and passing the exam, brokers must complete their state’s continuing education requirements for license renewal, which usually has to be done every two to four years and includes more coursework.
Students may find information on both licensing and license renewal through the Association of Real Estate License Law Officials. This association focuses on real estate regulations and offers both membership and continuing education courses in real estate brokering. There are also other organizations that provide continuing education opportunities available online.
eXp Realty—The Results Team—is ready to help you buy or sell your home! Stop on by our location at 2623 N. Walnut St, Bloomington, IN 47404. Or call us at: (812)822-2746.