Real estate agents and brokers facilitate transactions, with licensing requirements varying by state. An agent must work for a broker, who is licensed to operate their own business. Requirements include completing coursework and passing exams, with additional courses needed to become a sales broker.
Real estate transactions often use the skills and experience of a real estate agent or broker to facilitate the transaction. While requirements may vary slightly by jurisdiction, as a general rule, an individual who wants to become a sales broker must have at least a high school diploma, and most also have some level of higher education. In addition, requirements to become a sales broker include courses and licensing first as an agent and then as a broker by the appropriate state agency.
In the United States, individual states regulate the licensing of real estate brokers and agents. While licensing requirements may differ slightly from state to state, all states require agents and brokers to be licensed. A sales agent and a sales broker essentially do the same type of work; however, an agent must work for a broker. A broker is licensed to operate his own real estate business. To become a sales broker, an individual must first qualify for an agent license in most jurisdictions.
Historically, most states required an agent to have a high school diploma. Some jurisdictions are changing this requirement as real estate transaction laws become more complex. In addition to any prior educational requirements, all states require an applicant for a real estate license to complete a course in the real estate industry before taking the required exam. The exception to the course requirement in some cases is a licensed attorney. Many states allow a licensed attorney to take the exam without completing the required coursework.
The number of hours required for the coursework required for the licensing exam varies by state, but generally lasts between 60 and 80 hours. Upon completion of the course, the candidate must successfully complete the state licensing exam. Once licensed as an agent, a person can work under the supervision of a sales broker.
For anyone aspiring to become a sales broker, most states require the individual to hold an active agent license for a specific period of time before applying to become a sales broker. In addition to holding an agent license before applying for a sales broker license, the individual will also need to complete additional courses. Upon completion, another exam must be taken and passed before a broker license is granted to the applicant.
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