How to Become a Real Estate Agent in Utah
To become a real estate agent in Utah, you must satisfy all the requirements set by the Utah Real Estate Commission. The requirements include completing the required education in a real estate school approved by the Utah Real Estate Commission. The State of Utah currently has signed reciprocity agreements with Wyoming, Colorado, Idaho, Montana, and Alberta, Canada which allows you to apply for licensing through reciprocity if you live and are currently an active real estate agent in one of those states. There is a 0 licensing fee as well as other fees. 1) Licensing Requirements in Utah 1) Real Estate Agent Licensing Requirements in Utah You MUST be licensed by the state of Utah Real Estate Commission in order to be a real estate agent in Utah.
To obtain your Utah real estate license so that you can practice as a real estate agent in Utah, you must: i) Satisfy the minimum requirements requirements to sit be 18 years or older. complete a 90 hour course in Real Estate Principals and Practices and Utah Real Estate License Law at a real estate school approved by the Utah Real Estate Commission. The 90 hours must be completed within 1 year prior to applying for the exam. (A membership in the Utah State Bar satisfies this education requirement) ii) Receive a stamped and signed Candidate Education Certifying Document from the real estate school upon completion of the course. iii) Use that Document to schedule the real estate exam. There is currently a examination fee. iv) Pass the Utah Salesperson Exam. The exam is administered on a computer, is 4 hours long with 80 questions on general real estate and 50 questions on state law. v) Apply for your Utah real estate license within 90 days.
Upon passing the exam, you’ll receive a score report and Application for Real Estate License. This form must be completed and signed by the applicant and employing licensed real estate broker and sent back to the Utah Division of Real Estate within 90 days of passing the exam. There is currently a 1 fee to obtain the license. 2) License Renewal and Continuing Education Requirements The Utah real estate license must be renewed every 2 years in order to continue practicing as a real estate agent in Utah. There is currently a fee to renew the salesperson license.
There is also a continuing education requirement that must be met. You must complete 12 hours of approved real estate education to renew the license. The 12 hours must include a mandatory 3 hour core course. A minimum of 6 of the 12 hours of Continuing Education classes must be LIVE education (classes taught in a physical classroom).
A maximum of 6 hours can be PASSIVE education (e. g. video tapes watched outside the presence of a pre-license instructor). 3) Income Potential Real estate agents are generally paid based on a percentage of the sales price. The seller may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer’s broker. In Utah, the 2004 average home price is approximately 0,000. Assume that the fee is 6%, the buyer’s and seller’s broker is each paid 3% or 00.
This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50. So in this case, the agent will end up receiving 50 for the transaction. There is no limit as to how much an agent can make in a year – the sky’s the limit.
Based on Utah’s average home price and the above example, a real estate agent in Utah can make about ,500/year by selling 10 houses a year. By selling one house per week, the real estate agent in Utah will have a salary of 8,200! 4) Real Estate Schools The first step to becoming a real estate agent in Utah is to take the required classes at an approved real estate school. School status may change so it is best to call the at 801. 530. 6747 prior to signing up for a class. ADVOCATES OF THE COMMON WEALTH Eden, UT 84310 Phone: 801. 745. 2649 HARMAN REAL ESTATE ACADEMY 55 W. University Parkway Orem, UT 84058 Phone: 801. 224. 2010 PREFERRED REAL ESTATE SCHOOL 5420 S. Green Street Salt Lake City, UT 84123 Phone: 801. 892. 4650 ST GEORGE REAL ESTATE SCHOOL 1060 S. Main Street, Suite 200 St George, UT 84770 Phone: 435. 628. 2200 STRINGHAM REAL ESTATE SCHOOL 5248 S. Pinemont Drive, Suite C250 Salt Lake City, UT 84123 Phone: 801. 269. 8889 THE REAL ESTATE ACADEMY 251 W. Hilton Drive, Suite 106 St.
George, UT 84770 Phone: 435. 674. 1477 THE REAL ESTATE SCHOOL 5296 S. Commerce Drive Murray, UT 84107 Phone: 801. 266. 9499 UTAH VALLEY STATE COLLEGE Orem, UT 84058 Phone: 801. 222.