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Real Estate License Questions

Discussion in 'Off Topic [BG]' started by bobbykokinos, Mar 10, 2006.


  1. Ok, I've seen a couple other threads about real estate licenses so I'll try not to repeat the same questions.

    Right now, I work in commercial real estate contracting and we lease out what we build. But, Im looking at getting my real estate license for some extra income.. I dont want it as my main source of income though so I'm not looking at turning it into a career. Can I make a decent amount of extra money doing this?

    I'm getting my real estate license with the intention of getting my brokers license. I see how much some of the brokers make that we deal with for, essentially, gathering the purchasers information and finding a lender. I'm not saying its totally easy, but its not rocket science either. I'd much rather do the brokering myself and give myself the commission rather than paying someone else.

    Also, locally, FC Tucker does exam courses. They offer a 9 day, 2 1/2 week, and 1 1/2 month course for $399. I'm thinking of taking a week off of work and just going the 9 day course and get it done. Its 9a-5p every day but atleast I can knock it out quickly. Is this a good idea?

    Also, is there a wait before going to get my brokers license? I heard a year, I heard two years, I also heard if you have a college degree (which I do), I can go straight from my sales exam to the brokers exam.. Any ideas?

    Thanks
     
  2. Thor

    Thor Moderator Staff Member Gold Supporting Member

    The only guy I know on the board for sure that is in
    this field and may be able to give you advice is
    P.Aaron. I'll PM him with the thread link for you.
     
  3. P. Aaron

    P. Aaron Supporting Member

    First off, if there's even the remote chance that anything I say here is relevant: Thank Thor for flagging this.

    Currently I am a full-time licensed Realtor in the state of Michigan. I am an independent contractor with Century 21 Town & Country in Royal Oak, MI.

    The "broker" is licensed to own and operate the 16 offices in the tri-county area here and manages us 'Realtors' with regards to our activities, conduct, and the deals we draw up for the sale of residential and some commercial real estate.

    Brokers and Licensees are bound by: "The Realtor Code of Ehtics", and the laws covering the marketing and sales of real estate that are on the books here in MI. To get an RE license, it requires a state mandated amount of education hours, and then passing an exam. Also there is continuing ED every year to keep us "up to speed" on new laws and how court rulings affect our conduct.

    Residential realty can be lucrative, but to excel at any profession you must give it everything you have. Similar to being a great bassist, you won't get there "phoning it in". To make it work for you, you should be full time. To stay in business, the phone has to ring everyday. Folks are always wanting to know this or that, or wanting to see a house or put one on the market. You have to be "there" to make the sale. You have to continually meet and qualify people to perpetuate the business. Besides, it takes a full time realtor to know their market completely. It is constantly being updated with new info. You have to ASK for the business, and that takes your initiative. It doesn't just show up. You have to go out and get it.

    In MI, there's a period of time one has to have a license "in good standing" before one is allowed to take the state's "Broker's Exam". Usually at least a year. Some states may be different.

    If I could get a RE license, I imagine that anybody else should be able to get one. There are a few prerequsites, but few 'hard' requirements. And yes, many places offer licensee training and testing. Ultimately the state exam is what you'll need to pass. And keep up on the aformentioned "Continuing ED".