How to become a Real Estate Broker
If you are a Real Estate Broker, you can work for yourself, be your own boss and start your own brokerage or mortgage loan company. You can even have other real estate agents working in your office.There has been enormous growth in real estate in the last few years in most parts of the country and especially in California. The real estate business is very competitive but can be very rewarding for those who are successful.
Here's what you need to know to become a real estate broker in California:
1) Licensing Requirements in California
2) Duties of a Real Estate Broker
3) What is a REALTOR®?
4) Show me the money!
5) Real Estate Schools
How to Become a Real Estate Broker in California
1) Licensing Requirements in California
In California, real estate brokers MUST be licensed by the California Department of Real Estate.
To obtain your brokers license, you must:
- Satisfy the minimum requirements requirements to apply for the real estate brokers exam:
- Age: You must be 18 years of age or older to be licensed.
- Residence: Proof of Legal Presence in the United States is required.
- Honesty: Applicants must be honest and truthful. Conviction of a crime may result in the denial of a license. Failure to disclose any criminal violation or disciplinary action in an applicant's entire history may also result in the denial of a license.
- Experience: Minimum of 2 years full-time licensed salesperson experience within the last 5 years OR have a 4-year degree from an accredited college.
- Education:
Successful completion of 8 college-level courses is required to
become a real estate salesperson:
- Real Estate Practice
- Real Estate Finance
- Real Estate Appraisal
- Real Estate Economics or Accounting
- Legal Aspects of Real Estate
- And 3 courses from the following list :
- Real Estate Principles
- Business Law
- Property Management
- Escrows
- Real Estate Office Administration
- Mortgage Loan Brokering and Lending
- Advanced Legal Aspects of Real Estate
- Advanced Real Estate Finance
- Advanced Real Estate Appraisal
- Computer Applications in Real Estate
- Common Interest Developments
Note: The minimum time to complete each course is 18 calendar days.
- Apply to take the State exam (the exam is 5 hours long, administered in a 2.5 hours morning session and a 2.5 hours afternoon session).
- Pass the exam by answering at least 75% and above correctly
- Apply for the Real Estate Broker License
- Submit one set of fingerprints that is acceptable to the State Department of Justice (DOJ)
2) Duties of Real Estate Brokers
In addition to all the duties of real estate agents, brokers must also maintain and operate their real estate offices.
Their list of duties include:
- Maintain knowledge of current income tax regulations, local zoning, building laws, and local growth potential.
- Maintain knowledge of real estate law, local economies, fair housing laws, and types of available mortgages, financing options and government programs.
- Manage and operate real estate offices.
- Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
- Submit buyers' offer to purchase to seller for consideration
- Work with escrow officers, lenders, home inspectors, and pest control operators to ensure that terms and conditions of purchase agreements are met before closing dates.
4) Show me the money!
The annual median salary of real estate brokers is $76,000. In California, salaries can range from $34,000 to over $145,000 per year.
5) Real Estate Schools
Real estate classes are offered at most colleges, community colleges and even at the larger real estate brokerage companies. In Fresno, you can also check out Fresno City College, London Properties or Century 21.
Or if you prefer to take classes at your own pace and from the comfort of your home, check out these real estate schools instead:
| School | Phone # |
| Allied Schools | 888.751.2286 |
| Anthony Schools | 800.373.7277 |
| Chamberlin Real Estate School | 800.672.4665 |