How to Become a Real Estate Broker
Those who have been practicing as real estate agents for a number of years often become interested in being a real estate broker. The job of a real estate broker is not vastly different from that of an agent. The major difference is that the broker often has real estate agents that do the detailed work of working with buyers and sellers.
One of the primary criteria for becoming a real estate broker is experience in real estate sales. The amount of experience necessary to gain a broker's license varies by state. After becoming a real estate broker, you can then do one of two things. You can either continue to work in the same manner as you were before. If you continue to act as an agent after obtaining your broker's license, your title will become broker associate or associate broker. The other alternative is to open your own brokerage and hire agents to work for you. Keep in mind that for many brokerage companies, you do not have to become a real estate broker to become an office manager of a branch.
When you decide you want to become a real estate broker, the first thing you should do is contact the Department of Real Estate in your state to find out the requirements necessary to become a broker. You may be able to find out this information by asking someone in your brokerage company.
In nearly all cases, there is some education required to become a real estate broker. The number of hours and specific classes that are necessary will vary depending on the state in which you are obtaining your license. Some of the principles you will learn about include property ownership, taxes, leases, escrow law, titles, and appraisal construction. Some of the coursework will be similar to what you learned to prepare for your real estate agent license, but most of it will be more in depth.
After taking the necessary coursework, you can then begin preparing for the real estate broker exam. You may choose to prepare for the exam on your own or take a preparatory course that will help you get ready for the exam. Once you pass the exam, your state will grant you with your real estate broker's license.
As a licensed real estate broker, you can do the same work you did as a real estate agent, or you can provide advanced services. You might offer the service of doing a comparative market analysis. Through this analysis you provide customers with an estimate of the value of their home as it compares to the value of other homes. This analysis is slightly different from an appraisal because it taken into account other property that is for sale.
If you are a real estate broker as well as a licensed appraiser you can offer residential appraisal services. Coupled with the comparative market analysis, you can provide the customer with a better idea of the price for which they should sell their home.
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