Q. How do I become
a Licensed Real Estate Associate?
A. Every state
has different licensing requirements. Requirements may include: minimum
age, high school diploma or equivalent, completion of licensing course
given by a state approved school and passing a state licensing examination.
Arrange to meet with a real estate broker
to get an overview of the real estate profession and licensing requirements.
The broker will be able to assist you in finding an accredited real
estate pre-licensing school. The broker will also give you an understanding
of what comes next after you obtain your license. Successful brokers
design post licensing career programs to fast track successful careers.
Q. What are
the start up costs?
A. The costs
of starting your real estate career will include: licensing course,
license exam, license fee, board, association, and multiple listing
service fees and dues, and errors and omissions insurance. You will
also want to set up a business plan that takes into account personal
expenses, career development and promotion. You will be an independent
contractor. Wise investment in your business will enhance your profitability.
Ask a pro. Arrange to meet with a successful
real estate broker to learn how you can launch a successful real estate
career.
Q. What happens
after I get my license?
A. Once you
pass your exam, you will need to activate your license and affiliate
with a broker. There are various brokerage models, post licensing
career development programs, and compensation plans. Start
interviewing brokers early. Take the time to find out what a brokerage
has to offer you. Remember you are taking the first steps to form
a business partnership. The interview runs both ways. Be prepared
to discuss your personal attributes, goals and expectations.
Q. What is post
licensing training?
A. A successful
career in real estate begins with proper training. Successful brokers
provide comprehensive programs that cover every aspect of career development.
AMERICAN REAL ESTATE'S Career Development Program
offers core classes on business development and planning; pricing;
marketing, negotiating skills; contract management from acceptance
to closing; law; financing and technology. Comprehensive and effective
field training modules are integrated into the program. Continuous
advanced courses and skills training keep A.R.E. agents ahead of the
competition. AMERICAN REAL ESTATE is committed to providing the best education
and support to ensure a successful real estate career.
Q. Is continuing
education required?
A. Yes, Lawton, Oklahoma, and
Continuing Education Requirements are each different.
Failure to complete continuing education could result in loss of the
License. AMERICAN REAL ESTATE provides continuing education classes for their
associates.
Q. How will I
be paid?
A. Compensation
varies from broker to broker. Compensation is generally commission
based. Commissions are split between the associate and broker and can
be based on factors such as who is responsible for expenses and production
levels. Some brokers offer graduated splits. Some offer traditional
splits and bonus programs. Some offer the "100%" concept where the associate
may pay expenses, rent, desk fees and transaction fees. American
Real Estate offers a menu of compensation plans allowing associates
to choose a program that is most profitable for them.
Q. Can a license
have an inactive status?
A. Yes. A license
can be placed in escrow with the state. Only active licensees can
earn fees. Another option may be to place an active license in a referral
company such as A.R.E, and earn referral
fees.
The Expertise
of a AMERICAN REAL ESTATE Sales Associate always provides valuable assistance. For more information, please
contact American Real
Estate.
