So, you’re an aspiring entrepreneur? Congratulations! The number of people who are real estate agents is constantly increasing along with the housing market frenzy. If you’re someone who prefers to have some flexibility and autonomy, selling houses might be the career for you. The money is good, too. For example, in the U.S, the average realtor earns a salary of a little over $80k a year. 

Before becoming a real estate agent, it’s important to understand that you need to go through a process, earn some qualifications, and know how you can embark on this attractive career. This article is a guide to everything you should expect in this journey.

Requirements and State Licensing

Based on your state, there are some different requirements but most often, they require:

• Minimum age of 18 years
• College-level education
• Criminal record check
• Legal resident status in the state

You can find classes in person and online but those courses must have a real estate licensing authority. And always make sure that the course or school is accredited by your state. If you’re a licensed attorney, this is much easier; and if you already have a degree in real estate, even better!

Time and Financial Cost

Becoming a real estate agent takes a lot of your time and money. Understanding your resources and budget beforehand is important. Managing your time is another crucial point, since some pre-licensing schools or courses have a specific number of classes, while others allow you to be more flexible. 

You need to be smart enough to consider your options and ultimately choose the one that fits your schedule. Also, the cost of pre-licensing courses is different for every state but usually, you’re expected to pay between $99 and $1000.

Apply for the Real Estate Licensing Exam

After gathering all the necessary information about your real estate courses, it’s time to apply for the exam. What you’ll need to do is complete the payment for the application fee and register for the test through PSI Exams. 

For most states, completing all the required hours is not necessary and this can help speed up the time to get you license. In the meantime, you can complete credit hours while your application is getting approved.

Passing the Exam

If you’re prepared to take the exam and you did all the required education hours, you’re probably good to go and your chances of passing are much higher. 

The test includes around 100 choice questions but the minimum score for passing is different for every state, though most of them require a minimum of 70% score to pass the licensing exam. There’s plenty of time to complete the exam, around 1.5 and 3.5 hours. Additionally, you need to pay for an exam fee that costs $15 up to $100.

What you need to have with you:

• Certification of completion from your school/course
• A copy of your exam score

Apply for Real Estate License

Congratulations, you’ve passed the exam! Now, you need to submit the test results, license application, and fees. The fees cost around $50 and $250. You might need to have Errors and Omissions (E&O) insurance before applying for the license. 

One thing every state has in common is that you need to be at least 18 years old and have a high school diploma or a GED to apply to your license. You need to be authorized to work in the U.S and lastly, submitting your application is the final thing to do. 

After this, you’ll wait up to two months for your license to process. After that, it’s time to get to work!