Is it easy to get your real estate license. I heard that some people just pay $60 [Archive] - Real Estate Insider Forum
 
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dorg526
10-13-2007, 09:12 PM
and they have there license.

Ex-husband In Freezer
10-18-2007, 11:41 PM
You are not well informed about a real estate license. I have 5 licenses in 5 different states. I pay about $2000+ to get the license in each state. This covers all different fees; to the State, your broker and The Association. You pay National Association dues each year along with State Dues and Local Dues in order to access MLS to list your houses. Each license that I have will cost me about $1000 each year to maintain. That includes classes that you have to attend in order to keep up with the required "continual education" classes. They aren't cheap. The initial school can cost $600+ and then you must pay to take each exam. If you don't pass the exam, you pay again when you do the re-take. You take a law exam for the State and a general real estate quiz that covers national real estate procedures, law and explanations. You pay separately (usually) for each exam (State & General). After you get your license, you may (depending where you live) be required to get a City business license. You pay about $100 yearly for that. You pay for ever sign you need, every business card, paper, printer, fax, scanner, etc. Your broker supplies very little as all real estate agents are "contractors" with the exception of those hired by developers and builders or time share and condo sales.Once you make the sale, you pay the franchise fees (if you are using a "BIG" name such as Remax or Century21), you split the commission with the other agent, and then you take your 50% and after the 6-8% in franchise fees and transaction fees (up to $200+) are deducted, you split it again with your broker. I can sell a 1/2 million dollar home with total fees being $30,000. Sounds like a lot of money, right? By the time I do the two splits (with the other agent and my broker) and pay the fees, I could come out with as little as $6,500. Usually a sale takes 60-120 days to close. That means that I will make (at this pace) between $3250 and $1625 each month BEFORE TAXES. That's $10-$20 per hour. In order for a real estate agent to make a lot of money, they have to sell a massive portfolio of homes usually in the higher price ranges. Agents who make large commissions are working several deals at one time. I can tell you it's not easy keeping up with all the necessary steps involved in a sales transaction on one house, alone several at a time. We work hard for the money. It takes A LOT of money to be a real estate agent. More money that you would ever imagine. 85% of the people I graduated with at my real estate school are no longer selling real estate. Thank you for the opportunity to clear this up because so many people have an idea that real estate agents have it made. We work just as hard, if not harder, than many other people in the world.PS I had to pay for a FBI background check that took 18 weeks, fingerprint cards at the local police station and for the "entry key" to show houses.