FREQUENTLY ASKED QUESTIONS
LICENSING
What if I have a felony conviction. Can I still get a license?
No matter what state you want to start a real estate career in, you will be asked to disclose any actions that may have been considered unprofessional or illegal, with or without a felony conviction. Disclosing this information does not necessarily disqualify you from obtaining a license. However, failure to disclose such behavior, with or without any felony conviction, will most likely lead to a denial of license.
Do any companies provide financial assistance to help me get my Real Estate license?
Unfortunately, most do not provide financial assistance. Having said that, and depending on the broker you choose, one industry practice is to reimburse the sales associates tuition costs. Basically, the sales associate receives a portion of the tuition cost with each closed sale until fully reimbursed.
CLASSES
Are online schools a good option?
This is your personal preference. Many Real Estate schools offer both online and in person classes. While online classes allow you to finish the courses at your own pace, many choose/enjoy the classroom environment. One benefit of the classroom is the interaction between students and instructor which allows for better discussion and/or understanding the topic.
TESTING
How many questions are on the Real Estate exam?
The examination is approximately 110 multiple choice questions and divided into two sections. In order to pass, you must score at least a 75% on each section. You will have approximately three hours to take the exam and you will find out immediately if you have passed or failed.
INCOME
How much does a Real Estate Agent make?
Traditionally it is a commission based business. Simply put, unless you make a sale, you do not get paid. How much you earn depends on the number of completed transactions and the commission plan (split) between you and your broker. Typically speaking, most new agents receive a low commission split while they learn the business. A first-year agent makes about 50% of the total commission received by the broker. New agents must be willing to put in a lot of time and effort in order to build a successful business and strong client base. Earnings are directly affected by sales ability, people skills, hard work, and market conditions. The harsh truth is most first-year real estate agents earn very little, but the potential to earn more grows as you grow as an agent.
GENERAL
Can I set my schedule?
Real Estate agents are considered independent contractors. Generally speaking, they are in control of their success and are free to do business on their own terms and schedule.
Can I work as a part-time agent?
Most brokers accept part-time agents, however producing an acceptable level of success may be difficult. Part-time agents are usually unable to attend training courses, sales meetings, etc. In addition, part-time agents often find it difficult to meet with clients/customers when necessary which can greatly hinder their success.
What type of Real Estate training is provided for new agents?
Each broker provides different levels of support and training. Proper training is key to your success. Carefully consider which company/broker has the most to offer. Generally speaking, larger brokers appear better equipped to help with all aspects of the industry.
Where will I find leads/clients?
Lead generation is the key to being successful in the Real Estate industry today however more often than not they are self-generated. Lead generation methods include (but are not limited to) working internet leads, the "For Sale By Owner Market" (FSBOs), expired listings, open houses, door knocking, farming (advertising), contacting your sphere of influence, etc.
What responsibilities will I have as a Real Estate agent?
Assisting buyers and sellers in marketing and purchasing properties, handling negotiations, and much more.
