Topic
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?
You are not logged in. Please login or register.
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?
First u will need to take the Real Estate Principles Course. You can take this in a Community College & do it in one semester or u can fast track it & 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 u can do it online in even a shorter time. You might check out Kaplan Schools. After u pass the Real Estate Principles Course u apply to the state to take the state exam for a real estate salesperson is license. Depending on how backlogged they are, u should receive a test date between 6 weeks & 3 months from their receipt of ur application. While u r waiting for ur test date u will want to take some practice exams. Real Estate Trainers has an excellent program where they give u a book of 10 practice exams & u need to be getting 80% or better on those exams & then they have a two day audio-visual cram course the weekend before ur test date. They also offer the Principles Course.
After u have received notice that u passed the test then u have to apply for ur license. That process may take another six weeks to complete & it may take a month or more for them to notify u of ur passing the test.
I got my salespersons license in 1988 & did it as fast as I could & it was 4 months from start to finish.
If u have a four year degree u can apply to take the brokers test without any additional training & go through the same cram courses.
If u do not have a four year degree u 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 u can apply for ur Brokers test.
A real estate agent can only work under a Broker. The Broker & 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 u r an independent contractor & there r many expenses associated with building ur 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 ur lap & other things u may work for ever on & not get paid because it does not close. There can be a great deal of uncertainty & a lot of variables that influence ur net income.
Some agents may make $10,000 in a year & some may make several million dollars in one year.
As a broker u r subject to greater liability because u r responsible for the actions of ur agents. If ur agents do anything unethical or illegal ur license could be at risk too.
I worked with Re/Max for many years as an agent & then I got my Brokers license several years ago & formed my own small company. I have five agents working under me & I have a Brokers license in California & Texas. I spent over 50 years in California & now I am enjoying Texas.
In brief, a real estate agent is somewhat of an apprentice of a real estate broker.
Here is 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 is 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 & 90 hours) & then pass a state exam on real estate law & 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 is 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 & a broker is state exam on real estate law must be passed. Upon obtaining a broker is 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 & hire other salespersons (or broker) licensees. Becoming a branch office manager may or may not require a broker is 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 r brokers/salespersons, but not all brokers/salespersons r Realtors.
Pages 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
[ Generated in 0.037 seconds, 7 queries executed ]
BAKERIES FORUMS
BANKS FORUMS
BREWERIES FORUMS
BUSINESS FORUMS
COMMERCE FORUMS
CONDOMINIUM DEVELOPMENT FORUMS
CREAMERIES FORUMS
FARMING FORUMS
FILM PRODUCTIONS FORUMS
FORESTRY FORUMS
HOTELS FORUMS
INDUSTRY FORUMS
INSURANCE FORUMS
INVESTMENTS FORUMS
LAND OFFICES FORUMS
LENDING LIBRARIES FORUMS
MEDICAL CENTERS FORUMS
OILFIELD BUSINESSES-FORUMS
REAL ESTATE FORUMS
STRATEGY FORUMS