How to Become a Real Estate Agent/Broker
From Picking a Real Estate School to Getting Your Real Estate License, This is the Ultimate Guide to a Career in Real Estate.
Choosing a real estate school, Online vs. Live: deciding which real estate classes are right for you, getting your real estate license, to becoming a REALTOR©, this is the ultimate Guide to Starting a Real Estate Career in Indiana.
There are many reasons why someone considers a career in real estate; flexible schedules be your own boss and know that your potential is unlimited. And, it is a career that you can start right away. However, although becoming a Real Estate Agent is has low barriers for entry, there are some questions many people will have. This guide will attempt to answer all of those.
Steps to Become a Real Estate Agent
1. Know Your State’s Requirements
States vary in their requirements for Real Estate Agents. In Indiana, it is straight forward:
18 years of age
High school diploma or Equivalent
Complete a 90-hour State Approved Real Estate Course, including a General Portion along with Indiana Law, with a passing grade of 75%
Pass a State Exam
2. Research and Choose A Real Estate School
Schools offer (or don’t offer) a variety of services and products, and the difference in cost, initially, can be very different. It is important to compare carefully.
When a school has different levels of costs, you are obviously missing some products or services, and which ones vary by school. There are some common items and services that are eliminated in the lower levels. A printed textbook is replaced by an e-book, or sometimes eliminated completely. Some do not have access to an instructor in the lower levels of Online classes. Exam Prep or Practice Tests are often removed. Some shorten the time frame to finish the class. Often, if you find you need them later, they can be purchased, but that often will increase the final costs substantially. If any of these items are important to you, you should consider them when comparing schools.
In addition, some out-of-State Online schools do not include the required school tests. A sign of this is when the school offers real estate classes for several states and seem to have a surprisingly low cost. To take the tests to complete the course, you must find a proctor, make an appointment, and pay the proctor a total or hourly fee to take your test. Proctored tests can add several hundred dollars to your final costs. If that matters to you, read over the website and reviews carefully while considering your potential schools.
Other schools offer more services and products within their choices.
At IBREA, we offer the most comprehensive LIVE or ONLINE Real Estate Licensing Programs available in Indiana. For instance, our Online Classes include videotaped classes, so you feel like you are in the live class. In addition, we include all school tests with no proctor, unlimited access to live classes and live reviews, 850 question practice test bank, dedicated Math reviews, 365 days to complete the class, and one-on-one tutoring available live, email or phone. And, we have products that are exclusive to IBREA, including Audio Study© and a Proprietary Law Summary©, and so much more. And, there are never any additional costs.
4. Complete the Real Estate Courses
All states require the completion of their State Approved Pre-licensing courses prior to taking the State Exam. It needs to be completed within the school’s timeframe and have a passing grade. In Indiana, the passing grade on the school’s tests is an accumulative 75%, over the three 100 question exams. In other words, you must receive 225 points over the three exams; if one exam is under 75%, you can make it up on the other tests.
5. Schedule Your State Real Estate Exam
Once you pass your real estate pre-licensing coursework, sign up for your state licensing exam. There will be a fee which can vary by State. In Indiana, it is $53.00 and there are a few locations. Make sure you get information about hours, parking, and any materials you’ll need to bring with you, or not bring with you, on test day.
6. Complete the Exam Requirements
You may need to get fingerprinted and complete a background check before you can take your state real estate exam, and these requirements can change. Before you take your exam, ask the testing center what requirements you’ll need to have on test day.
7. Pass Your State Licensing Exam
Each state has different passing requirements for the licensing exam. You can view this information on your state’s website. In Indiana, there are 80 General Real Estate questions and roughly 12 of those are math. You will have 2 ½ hours for that portion. The second section has 50 questions and covers Indiana Law. You will have 1 ½ hours for that portion. A passing grade of 75% is required, and they are scored separately. The goal is to pass both the first attempt. But, if you pass one section and not the other, you only need to take one again.
8. Choose Your Broker
In Indiana, you will be able to choose your employing broker after your test. Choosing a broker is one of the most important choices in your career, especially as you begin in Real Estate. It can determine how much you earn per transaction, and how you work including areas of focus, resources available, and real estate agent training after you become a real estate agent.
9. Join Professional Real Estate Organizations
Once you have passed the State Exam, and if you are interested in becoming a REALTOR©, you will join the National Association of REALTORS®. This will give you many advantages, including giving you access to the local Multiple Listing Services. In Indianapolis, that is called the Broker’s Listing Cooperative (BLC). Many Brokerages require you to join these organizations.
10. Start your Real Estate Career
Create a marketing plan and get started! You are now a real estate agent.
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