Cost of Real Estate License
How much does it cost to get a Real Estate License?
Originally posted by @Precious Thompson:How much does it cost to get a Real Estate License?
I'm sure it varies by state. And it depends on what you mean "get a Real Estate License" - just the license? The education to get the license? The fees and other stuff you need to actually do the job?
In Texas, all in - it's about $2,000 - $2,500 to start:
- Education - between $400-$1000 depending on where you go and what you get.
- Application - $205
- Background check - $31.50
- Fingerprints - $40ish - I'm not sure, and can't find the info at the moment.
- Exam Fee - $54
Which brings you to about $1000 for the actual license.
Then to actually do the job:
- Realtor Association Fee - $400
- MLS fee - $440 ($110 quarterly)
Then you might have start up costs with your broker, which are going to vary:
Office fee, Supra key, signs, business cards, etc.
Should you decide to get your license and pursue Real Estate Sales, I strongly suggest you do some research selecting the Broker you will work with after you get your license.
Make sure you interview as many Real Estate Firms as you can and get some idea of what they expect of you and what the fee's are with their brokerage. They are going to have a piece of your pie, just make sure it's not most of it.
Years ago when I started I nearly left this business out of frustration with the Real Estate Company I hung my license with. I was very naive back then and thought all Real Estate Companies were all alike. Then the wake up call hit me after talking to several local agents who worked for other brokerages and discovered they offer different plans and commission structures.
In my opinion Selecting the Broker you will work with is the most crucial first step in the process. Talk to as many Real Estate agents as you can and get some feedback from them. Weigh the information they provide heavily as some agents are compensated for recruiting and will tell anything to have join their company. cui bono? (Latin) Literally meaning "who benefits?,"
Best wishes to you should you decide to move forward with your Real Estate Journey.
-ron
In Ohio it was $1,000 for the classes, then around $80-100 for the test (if you fail the tests then you have to keep paying until you pass it).
Then you have your fees to get the licensed, associations, etc. It's not cheap, but a lot cheaper than starting a brick-n-mortar business.
It'll depend on the state you get the license in, but in Massachusetts you're looking at the following costs:
- 40 hour pre-licensing class: $300-$400
- Licensing test: $101 ($56 if you have to retake it)
- License: $103-$150 (your first license goes to your 3rd birthday, so they prorate the fee depending on how long it's good for).
All in, you're looking at a max of about $651 in Massachusetts assuming that you pass the test the first time.
Also, keep in mind that you'll likely incur some other startup costs when you join a brokerage. Joining the local association of the Realtors is the biggest cost (around $500-$600), and then you have your MLS subscription, desk fees, business cards, and so on. In total you'll probably pay somewhere between $100 to $1000 in startup costs, depending on what your broker requires, when you join a brokerage.
A note on the "Education" portion of the exam. I found mine on LivingSocial or something like that for $49. Just make sure you check that the class is a legitimate one :)
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Real Estate Agent Massachusetts (#009532321)
- M and A Investing