How to Get a Real Estate License in Your Local Area?

There's always a first time for everything, and learning how to get real estate license is not exceptional. The question in today's ReiVRE: Money Talk- Real Estate is – “How to Get a Real Estate License in Your Local Area?"

Real estate is an exciting industry that drives new agents in by the droves with its high commissions, friendly faces and the independence to set your own hours, but you will not get anywhere without first having a real estate license. It should come as no surprise that becoming a licensed real estate agent will not only open your life up to a bunch of great new opportunities, it can also start you down the path towards your dream career and secure your financial independence.

Many successful real estate agents are making a very comfortable living in this industry, the commissions are very high and you are free to sell as many homes as you can or want to, your income is a direct result of how hard and how much you choose to work.

Now I’m not going to lie to you and tell you how easy it is to obtain your license, because, well, in some cases it just is not that easy. Every state has different requirements, some of which may include getting college credits or being hired by a broker before you can even apply for a new license, so it will take some work, but just keep thinking about the rewards. Real estate should be a career choice that you put some serious thought into, it will probably require a lot of dedication on your part, but once you have thought about it and made the choice, you are ready for your journey. There are several things that you can do to make getting your real estate license a little easier. Some of these things are:

1. Do Your Research: Each state has real estate laws that specify the requirements necessary to obtain a real estate license. You need to research these requirements to learn what will be entailed to get your real estate license.

2. Cover Your Bases: Fulfill any pre-license requirements there might be. This could include educational requirements depending on the state you are residing in.

3. Train Hard: Prepare yourself for the intense training required to get your license, there is a lot to learn and remember. I would recommend that you go on to the Internet and acquire some sample testing and training materials. These will give you an idea of what you have in store for yourself when it is time to take the actual test. Aside from that, Practice, practice, practice since you may not have been in school for a while, retaining the information may be difficult at first.

4. Follow Up: It would also be a good idea if you check with your states real estate licensing center to see what the post-license requirements might be, before moving forward.

Rest assured that being prepared will make getting your real estate license much easier. The real estate licensing test can be very difficult especially if all of the information is new to you. You are going to have to remember a great deal of data so take plenty of practice tests and take the test as soon as you can after your course work. The fresher the information is in your mind the better you will do on the actual license test.

Several years ago, when I got my real estate license, I chose to go with a local company that offered real estate courses and they guaranteed that I would pass the test with their help. If you can find a company that offers this guarantee you will be much better off, should the first round not go so well. It can save you a great deal of money. The fees to take the test can be expensive and your state may require a waiting period before you can retake the test. Yes, you guessed it, I failed. I had to wait to retake the test but in the meantime I was able to go back to school and retake the course. This allowed me to fill in the gaps I missed the first time. By the way, I passed the next time.

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Our guest contributor: J.Donnovan provides free real estate license information to prospective real estate agent, including information on how to get a real estate license and state requirements for obtaining a license.

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Obtaining A Real Estate License

Knowing the Difference Can Save You a Lot of Time and Money- Are You Pre-Qualified or Pre-Approved?

There’s always a first time for everything, and getting to know the best ways to buy or build a home is not exceptional. The question in today’s Money Talk-Real Estate is –
“Does knowing the differences between pre-qualified or pre approved able to save you your resources?”

Nearly everyone who has wanted to buy or build a home has been told that they need to obtain a "pre-qualification" or a "pre-approval" before making an offer on a property. The problem is that these terms are used interchangeably. This is a big mistake, and understanding the difference could save you a lot of time and money.

Virtually everybody who has ever searched for a mortgage has been asked if they would like to obtain a "pre-qualification" or a "pre-approval." In many cases prospective home buyers are told that they "need" a pre-qualification before they can even make an offer on a home. Typically, this is required by an over-zealous real estate agent. And, unfortunately, that same real estate agent often has no clue whether the submitted pre-approval letter is even worth the piece of paper it's written on.

Here's the problem: the terms "pre-qualification" and "pre-approval" are used interchangeably. This is a big mistake that borrowers, sellers, real estate companies, and even many mortgage originators make.

A pre-qualification is a very basic assessment of a potential borrower's ability to qualify for a mortgage. A good loan officer can "pre-qualify" people in about five minutes over the phone by asking a few simple questions about income, credit, assets and monthly debts.

That's basically it. With this information, assuming the borrower did not lie (either intentionally or unintentionally), you can be pre-qualified for "x" amount of a loan. This is a very basic form of qualification.

However, in the pre-qualification scenario, the loan officer does not conduct a credit check, examine any income or savings documents, or do any of the other things necessary to fully approve someone. A pre-qualification is, therefore, a very basic and unreliable way of assessing someone's true qualifications.

In fact, if someone tells a savvy seller that the potential buyer has just been pre-qualified to purchase the home, that seller will usually ignore the pre-qualification until a real approval has been acquired. Savvy sellers understand the real value of a pre-qualification: zero!

Many potential borrowers and their real estate agents are deceived into thinking they are fully approved because some loan officer has told them they are pre-qualified. Most of the time, this is an innocent mistake, not a deception being perpetrated. But, you should make no mistake about it - a pre-qualification is not a pre-approval.

When you are serious about buying or building a new home (and only when you are serious) you should make the effort to obtain a full pre-approval for your loan. This means finding a competent mortgage professional, who you trust, and providing all of the necessary information he or she needs to determine your eligibility.

For an accurate pre-approval, you should provide your loan officer the following information:

* your social security number for a credit check,
* your pay stubs, W-2's and possibly full tax returns for income documentation,
* bank and asset statements for verification of liquid and retirement savings,
* and any other information that is requested to obtain a full picture of your credit worthiness.

A pre-approval should essentially be a full approval, prior to final underwriting - if you have provided complete and accurate information.

A word of caution: when beginning the loan shopping process, DO NOT give out your social security number to anyone. Only do this once you are ready to proceed and have made your decision on whom you will work with.

DO NOT let a loan officer bully you into giving out this information for any reason. If they cannot discuss their programs without your social security number, you should immediately look elsewhere - you are not dealing with a competent professional.

It is not necessary to run your credit report in the early stages of shopping as long as you know your credit scores, monthly income and debts. You need to know your credit scores and should run a quality credit report on yourself prior to beginning shopping.

If you provide accurate information to your mortgage lender, you can be assured that the pre-approval is valid. However, please remember that this still does not guarantee you will get the loan to buy or build the house you want. Why? - Because at this early stage you have only been approved as a borrower and not the borrower for that specific property. At this stage, no information is available about the property or home to be built.

If the appraisal on the home is not satisfactory or the title search shows there are existing liens on the property, it does not matter how qualified you are as a borrower. Your loan will not gain final approval unless both you and the property are acceptable. Many people fail to understand this distinction. A pre-approval is certainly better than a pre-qualification, but it still does not guarantee final underwriting approval.

With construction loans, understanding the pre-approval process is even more important than when buying an existing home. When buying an existing home, an acceptable appraisal is usually a foregone conclusion since the home is already there and being sold on the open market. But, with new construction, the appraisal and the construction budget become integral parts of your overall loan application. To best protect yourself, you need to fully understand the appraisal process and how it relates to new construction. Your loan officer should be able to assist you and answer any questions. With this knowledge you will be able to better estimate the future value of the home you wish to build, and move through the pre-approval process with ease.

The best course you can take as a borrower is to a) understand your own qualifications, including accurately knowing your credit score, b) do verbal pre-qualifications with a narrowed-down list of potential lenders (tell them your credit scores but do not allow them to run a credit report), and c) when ready, choose one professional who offers the best program for your needs. Only then should you do a full pre-approval.

Once you do a full pre-approval with a loan professional, you should be fully committed to working with that person. Choose the right loan program and the right professional. And, your loan experience will be a smooth and pleasant one.

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Credit to Chris Esposito provides owner-builder construction financing nationwide through his Owner Builder 101 program. Visit www.OwnerBuilder101.com to get all the information you need to be a successful owner-builder, saving tens of thousands

NB: For more real estate valuable information and guideline visit: Real Estate

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