The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
So, you’re thinking about getting into real estate! It can be a very rewarding career; and if you are a self-starter, future-focused, possess leadership qualities, are willing to become tech savvy, and are a problem solver, you can make it happen!
You may already realize that in the United States, every state varies with its licensing requirements, and each state requires a real estate student to pass a licensing exam respective of the state in which it is taken. In New York for example, 75 classroom hours are a pre-requisite to acquire a real estate salesperson’s license and in Florida 63 hours are needed.
Additionally, some states allow for distance learning which offers courses to be completed remotely, be it from the learning facility whether community college, state university or regional real-estate school. E-learning, on-line learning, distance education, and distance learning are all synonymous. An example would be Purvis Real Estate in Texas.
Since requirements vary from state to state, let’s focus on one state that some of you might be fortunate enough to reside in at some point in your life—Hawaii! If you have plans on becoming a resident in this little piece of paradise and wish to pursue a career as a real-estate salesperson, 60 hours of training meet the requirement.
If you’re one of those can take in copious amounts of information and retain it, you might be interested in completing a 60-hour accelerated course, usually covering 8 weekdays, that will prepare you for Hawaii’s State Exam. Like many other states, Hawaii offers on-line classes, which can be a huge convenience for many students.
Upon finishing the 60 hours, a Certificate of Completion is issued and remains valid for two years. It is required to take the State Exam, which consists of a four-hour assessment. Once the State Exam is passed, the student has up to two years to actually apply for the license. Please note, though, that in order to receive an active license, a salesperson applicant must be employed or associated with a licensed real estate broker.
Study in a variety of topics would include the following:
1: Property Ownership—classes of property, encumbrances, types of ownership, etc.
2: Land Use Controls and Regulations—Government Rights, public and private controls, etc.
3: Valuation and Market Analysis—Methods of estimating value, transactions requiring Formal Appraisal, etc.
4: Financing—Types of loans, Government programs, Mortgages/Deeds of Trust, Financing/Credit Laws, etc.
5: Laws of Agency—Law, Definition, Agency duties, Disclosure of Agency, Commission and Fees, etc.
6: Mandated Disclosures—Property Condition Disclosure Forms, Material Facts, etc.
7: Contracts—Contract Law, Offers/Purchase Agreements, Leases as Contracts, etc.
8: Transfer of Property: Title Insurance, Deeds, Escrow or Closing, etc.
9: Practice of Real Estate—Fair Housing Laws, Ethical Issues, etc.
10: Real Estate Calculations—Calculations for Mortgages, Valuation, Transactions, etc.
11: Specialty Areas—Property Management and Landlord/Tenant, Commercial Property/Income Property, etc.
Becoming a professional real estate salesperson can be an exciting endeavor! The income possibilities are enormous, your time can be as flexible as you deem necessary, no two days are the same, and one of the most rewarding results is handing the keys to your client, knowing they trusted you to play a major role in their obtaining the property they’ve worked hard to acquire! You will make a difference!
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From careers in real estate to marinas in South Carolina, Karen is known for her diverse authoring in Nebraska. She is also a retired school teacher and a happy grandmother.