How long would it take to get a real estate license in California?

Question

Also, how much is the yearly income for a real estate agent? And what is the difference between a real estate agent and a broker and how much does a broker make a year?

Answer 1

In brief, a real estate agent is somewhat of an apprentice of a real estate broker.

Here's an exerpt from http://en.wikipedia.org/wiki/Real_estate_agent

Real estate salesperson: When a person first becomes licensed to become a real estate agent, he/she obtains a real estate salesperson's license from the state in which he/she will practice. To obtain a real estate license, the candidate must take specific coursework (of between 40 and 90 hours) and then pass a state exam on real estate law and practice. In order to work, salespersons must then be associated with (and act under the authority of) a real estate broker.

Many states also have reciprocal agreements with other states, allowing a licensed individual from a qualified state to take the second state's exam without completing the course requirements, or, in some cases, take only a state law exam.

Real estate broker: After gaining some years of experience in real estate sales, a salesperson may decide to become licensed as a real estate broker. Commonly more course work and a broker's state exam on real estate law must be passed. Upon obtaining a broker's license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate or associate broker) or take charge of his/her own brokerage and hire other salespersons (or broker) licensees. Becoming a branch office manager may or may not require a broker's license. Some states such as New York allow licensed attorneys to become real estate brokers without taking any exam.

A Realtor is a real estate salesperson or broker who is a member of the National Association of Realtors (NAR). All Realtors are brokers/salespersons, but not all brokers/salespersons are Realtors.

Answer 2

First you will need to take the Real Estate Principles Course. You can take this in a Community College and do it in one semester or you can fast track it and do it in a Real Estate School. It is 10 classes each about 3 hours. You do it in about a 2.5 week period. Or you can do it online in even a shorter time. You might check out Kaplan Schools. After you pass the Real Estate Principles Course you apply to the state to take the state exam for a real estate salesperson's license. Depending on how backlogged they are, you should receive a test date between 6 weeks and 3 months from their receipt of your application. While you are waiting for your test date you will want to take some practice exams. Real Estate Trainers has an excellent program where they give you a book of 10 practice exams and you need to be getting 80% or better on those exams and then they have a two day audio-visual cram course the weekend before your test date. They also offer the Principles Course.

After you have received notice that you passed the test then you have to apply for your license. That process may take another six weeks to complete and it may take a month or more for them to notify you of your passing the test.

I got my salespersons license in 1988 and did it as fast as I could and it was 4 months from start to finish.

If you have a four year degree you can apply to take the brokers test without any additional training and go through the same cram courses.

If you do not have a four year degree you need to take about 8 additional courses which can all be done on line or in Community College. The online can be completed in a couple of months. then you can apply for your Brokers test.

A real estate agent can only work under a Broker. The Broker and the agent share the commission paid on a sale. That commision can vary widely from company to company. New licensees can expect 50% of the commission whereas experienced high end producers may get 95% of the commission.

As an agent you are an independent contractor and there are many expenses associated with building your business such as advertising, signs, computer programs, web design.

There is no set income for this work. It really is pretty much serendipity. Some things just fall into your lap and other things you may work for ever on and not get paid because it does not close. There can be a great deal of uncertainty and a lot of variables that influence your net income.

Some agents may make $10,000 in a year and some may make several million dollars in one year.

As a broker you are subject to greater liability because you are responsible for the actions of your agents. If your agents do anything unethical or illegal your license could be at risk too.

I worked with Re/Max for many years as an agent and then I got my Brokers license several years ago and formed my own small company. I have five agents working under me and I have a Brokers license in California and Texas. I spent over 50 years in California and now I am enjoying Texas.