Frequently Asked Questions:
What if I have a felony conviction. Can I still get a license?
No matter what state you want to start a real estate career in, you will be asked to disclose any actions that may have been considered unprofessional or illegal, with or without a felony conviction. Disclosing this information does not necessarily disqualify you from obtaining a license. However, failure to disclose such behavior, with or without any felony conviction, will most likely lead to a denial of license.
Do any companies provide financial assistance to help me get my Real Estate license?
Unfortunately, most do not provide financial assistance. Having said that, and depending on the broker you choose, one industry practice is to reimburse the sales associates tuition costs. Basically, the sales associate receives a portion of the tuition cost with each closed sale until fully reimbursed.
Are online schools a good option?
This is your personal preference. Many Real Estate schools offer both online and in person classes. While online classes allow you to finish the courses at your own pace, many choose/enjoy the classroom environment. One benefit of the classroom is more interaction between the students and instructor allowing for better discussion and/or understanding the topic.
How many questions are on the Real Estate exam?
The examination is approximately 110 multiple choice questions and divided into two sections. In order to pass, you must score at least a 75% on each section. You will have approximately three hours to take the exam and you will find out immediately if you have passed or failed.
How much does a Real Estate Agent make?
Answering this question requires a basic understanding of the job. Traditionally it is a commission based business. Simply put, unless you make a sale, you do not get paid. How much you earn depends on the number of completed transactions and the commission plan (split) between you and your broker. Typically speaking, most new agents receive a low commission split while they learn the business. A first-year agent makes about 50% of the total commission recieved by the broker. It takes a lot of time and effort to build up a business. They struggle to learn while working to build a client base. Your earnings are directly affected by sales ability, people skills, hard work, and market conditions. The harsh truth is most first-year real estate agents earn very little.
Can I set my own schedule?
Real Estate agents are considered independent contractors. Generally speaking, they are in control of their success and are free to do business on their own terms and schedule.
Can I work as a part time agent?
Most brokers accept part time agents, however finding an acceptable level of success may be difficult. Part time agents are usually unable to attend training courses, sales meetings, etc. In addition, part time agents find it difficult and/or unable to meet clients/customers when necessary to become successful.
What type of Real Estate training is provided for new agents?
Each broker provides different levels of support and training. Proper training is key to your success. Carefully consider which company/broker has the most to offer. Generally speaking, larger brokers appear better equipped to help with all aspects of the industry.
Where will I find leads/clients?
Lead generation is the key to being successful in the Real Estate industry today however more often than not they are self-generated. Lead generation methods include (but are not limited to) working internet leads, the "For Sale By Owner Market" (FSBO's), expired listings, open houses, door knocking, farming (advertising) and contacting your sphere of influence, etc.
What responsibilities will I have as a Real Estate agent?
Assisting buyers and sellers in marketing and purchasing properties. Handling negotiations and so much more.