Let us start with some of the critical benefits that a real estate license brings to the table for aspiring real estate agents in Texas. Only then can you find out if the whole exercise that you have to go through to obtain one is worth the time and money.
Here are some of the benefits in a nutshell.
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Expanding Your Market Knowledge
To get a real estate license in Texas, you must complete the mandatory pre-licensing coursework. This Texas real estate course provides valuable insights into the real estate industry and the latest market regulations and trends.
Check out the pre-licensing course and study guide offered by RealEstateU to get an idea of the topics of the real estate exam in Texas.
Since real estate agents are deemed to be self-employed individuals and owners of their businesses, these invaluable insights will help them further expand their business in the long run.
Earning Handsome Commissions
Real estate agents earn a commission that is a percentage of the sale price of a property. You can legally transact in real estate and buy and sell real estate on behalf of clients only if you have a license. This commission can be sizeable with a full-time agent in the USA earning about $90k annually.
Get Information Quickly
Licensed real estate agents only have access to MLS (Multiple Listing Service) where they can view properties as soon as they are put up for sale. Hence, if you want a property, you can immediately make an offer and be ahead of the rest of the investors. This is one of the key benefits of being a licensed real estate agent.
Following a Flexible Schedule
Licensed real estate agents follow their own work schedule and are flexible about it. They can plan their work around their lives and spend more quality time with friends and family. How much or how little they earn depends upon the number of hours put in by them. However, they also have to cater to their client’s needs and put in odd and unscheduled hours for showings and discussions.
How to Obtain A Real Estate License in Texas
Aspiring real estate agents must follow six steps to get a real estate license in Texas.
Age and Residency Eligibility
You must be a minimum of 18 years old and a citizen of the USA to be eligible for a real estate license. Legal migrants are also eligible provided they have working rights in the country.
Complete Pre-Licensing Course
Each state in the USA has its own duration of the pre-licensing course. The Texas real estate course is 180 hours consisting of 6 modules of 30 hours each. These are Principles of Real Estate 1 and 2 (total 60 hours), Law of Contracts, Promulgated Contract Forms, Law of Agency, and Real Estate Finance.
Going through the Texas real estate course is mandatory to apply for a license in Texas. This is set by the Texas Real Estate Commission (TREC), the regulatory body that issues licenses and establishes the rules and regulations that govern the real estate industry in the state.
While the Texas real estate course is offered by various schools in the state, choose an online course for the convenience factor. You can study from anywhere, anytime, and at your own learning speed. Experienced professionals in the real estate industry create and design the courses and hence, you are assured of getting the most updated information and market trends.
Submit Fingerprints for Verification
Real estate agents must follow a code of ethics and are expected to meet the highest standards of honesty and trustworthiness. This is why it is necessary to submit fingerprints and obtain verification from the Texas Department of Public Safety for any acts of felony or past criminal records. A real estate license will be issued only if all records are clear.
Apply for a Real Estate License
The application for a real estate license in Texas must be made online through the TREC. Proof of having completed the 180-hour Texas real estate course and the Fitness Certificate for fingerprint verification must be attached to the application. A fee of $185 is payable as a TREC license application fee.
Texas Real Estate Licensing Exam
After your application for a license is approved by TREC, you are eligible to appear for the exam. The licensing test has a national and a state-specific segment held over 4 hours. While 150 minutes is allotted to the national category, the state section must be completed in 90 minutes.
The exam is held online at centers fixed by the TREC and is proctored by a designated agency. Examinees must get 70% of the questions right to crack the exam. The results of the test are declared soon after the exam is finished.
If you do not pass the exam in the first attempt, TREC allows candidates three more tries. When a candidate fails to pass the exam within three attempts, more tries are allowed but that module of the Texas real estate course must be gone through again before a fresh attempt is allowed.
Find a Real Estate Broker
After passing the real estate licensing exam, the agent has to work under the mentorship of a broker during the initial stages of the career. This is mandated so that the agent can learn the ropes and know how to carry out the real estate business. Brokers with their vast experience and knowledge are perfectly placed to guide the fresh agents.
After all the six stages are completed, inform TREC and a Texas real estate license will be issued to you. You can then start your journey toward a very rewarding and lucrative career.