How to Get Your Commercial Real Estate Broker’s License
Licensing requirements for commercial real estate brokers often differ depending on the state. However, all U. S. states require the passing of a written test. Most states require taking pre-licensing education courses, and some measure candidates against experience or equivalency standards. The candidate must be at least 18 and be a high school graduate.
Those pursuing licensure usually have to possess a few years of experience as a licensed real estate sales agent. For those without this experience, a bachelor’s degree can sometimes suffice. After completing the required training and passing the state licensure test, the licensed broker may work for a company or independently. Although only a high school education is required to become a licensed commercial real estate broker in most states, many community colleges, universities and private education institutes now offer real estate courses and degree programs at the associate’s, bachelor’s and master’s degree levels.
These are often offered within business programs and may include aspects of finance, management and property development. In addition, students may find courses through local real estate associations. These groups are often members of the National Association of Realtors. Brokerage firms may sponsor private classes, as well.
Each state requires its own courses in business and real estate topics. Some example courses you might be required to complete in your state include: The examination requires that students understand basic real estate laws and transactions of property consistent with both federal and state-specific laws. In addition to this, most states require somewhere between 60-90 hours of classroom instruction, which may be completed at a number of sites as explained above, to sit for the exam. After applying for licensure and passing the exam, brokers must complete their state’s continuing education requirements for license renewal, which usually has to be done every two to four years and includes more coursework.
Students may find information on both licensing and license renewal through the Association of Real Estate License Law Officials ( www. arello. org ). This association focuses on real estate regulations and offers both membership and continuing education courses in real estate brokering. The U. S. Bureau of Labor Statistics (BLS) expects real estate brokers to experience average employment growth of 11 percent between 2012 and 2022 ( www. bls. gov ). Some reasons for this growth include population growth, a demand for homes and the improvement in the job market.
The BLS does note, however, that demand for brokers depends on the overall economy and has periods of decline. As of May 2013, real estate brokers were paid a median annual wage of ,580, according to the BLS.