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What are the educational requirements for issue of a Broker license?
NOTE: Requirements for Broker and Associate Broker License are the same.
EDUCATIONAL REQUIREMENTS
Broker Basic Hours = 30 hour minimum review of basics
60 hours of advanced classes required by law
Total of 9 hours of Fair Housing/Civil Rights
What are the personal requirements to have a broker license issued?
NOTE: Requirements for broker and associate broker license are the same.
PERSONAL REQUIREMENTS
Be at least 18 years of age
Successfully complete the 90 hour broker program, including attending all classes and passing the school examination.
Pass the licensing examination
Never have been convicted of embezzlelment or appropriation of funds
What experience is necessary in order to have a broker license issued?
NOTE: Requirements for Broker and Associate Broker licenses are the same.
EXPERIENCE REQUIREMENTS
An applicant must have at least 3 years of real estate experience or the equivalent.
If your experience was fulfilled as a real estate salesperson, you must be able to prove
3 different twelve month periods in each of which at least 6 real estate transactions were completed
Equivalencies include:
Builder: 3 twelve month periods in each of which at least 6 buildings were constructed and either leased or sold.
Attorney: 3 twelve month periods in each of which at least 6 real estate related activities were performed.
Developer: One year of credit for each 2 developments or subdivisions of at least 10 units or parcels which were bought, subdivided and improved for sale as lots or dwellings.
Related Occupations: One year of credit for each period equivalent to 40 hours a week, 48 weeks per year that applicant worked in a capacity directly related to acquiring, financing or conveyancing real estate.
Investor: An investor cannot use more than 1 year's worth of credit.
This credit results from 6 transactions by the individual which will result in 6 months worth of credit with a maximum of one year's worth of credit that can be transferred toward broker experience.
It is relevant here that an unlicensed person can be involved in only 5 sales of personally owned property in any twelve month period.
Personally selling more than 5 personally owned properties in a twelve month period is a violation of the law for operating in real estate without a license, a misdemeanor.
The penalty for operating in real estate without a license is
1st offense: Fine up to $500; Jail up to 90 days.
Subsequent Offense: Fine up to $1000; Jail up to 1 year.
What is the fee for a broker or associate broker licensse?
Fee Schedule for Broker/Associate Broker Licenses
Fees are based on a 3-year license
New License Fee: Broker/Associate Broker - $128 based on
$36/year (x3) + $20 application fee = $128
Since broker and associate broker licenses cannot be transferred, any license issued to a different company will be the issue of a new license. The license ID# will change on any license assigned to a different broker.
The fee, therefore, will be billed on a prorated basis if a partial fee is due.
Since the licensing year runs from November 1 through October 31 three years later (in years divisible by 3) the fee for a two year license is $107, the fee for a one year license is $72.
For anyone who is relicensing, the fee will be an additional $20s.
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