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What does it take to become a licensed real estate agent?
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Per State of Indiana guidelines, a candidate for a real estate salesperson license must:

  • Be 18 years of age or older
  • Pass a state-approved 54-hour real estate licensing course
  • Earn a passing grade on the state license exam

A licensed real estate salesperson is required to attend continuing education (CE) courses totaling sixteen hours within the two year license period, six of which must be in License & Escrow Law, Agency Law, Civil Rights Law, Listing Contracts and Purchase Agreements, Settlement Procedures and Antitrust.

Additionally, a sales agent must be affiliated with a real estate broker for at least one year before applying for broker status himself. Only licensed real estate brokers are allowed to maintain independent status from any established real estate firm.

Finally, being a licensed real estate agent is not the same as being a Realtor®. A Realtor® is a licensed agent who agrees to abide by an established code of ethics by joining the National Association of Realtors®. Anyone with a real estate license can sell real estate, but not everyone can become a Realtor®.

How much does it all cost?

While individual expenses vary, here is a rough estimate of the initial costs to start a real estate career (based on 2012 figures):

Non-Recurring Start-Up Fees:

State-Approved License Course: $300-500
Indiana Association of Realtors® Membership: $200
NE IN Association of Realtors® Orientation Fee: $25
Supra® Key for Electronic Lockboxes: $249

Annual Fees:

National Board of Realtors® Membership: $155
Indiana Association of Realtors® Membership: $180
NE IN Association of Realtors® Membership: $175

All Annual Fees for Realtor® memberships are pro-rated to the month joined, so depending upon when you join an office, the first year's dues may range from $50 to $360

Monthly Fees:

Multiple Listing Service Access Fee: $50

MLS fees are billed at least one month in advance, so depending upon when you join an office, the first month's bill may range from $50 to $150.

Optional Fees:

Business Cards: $30-60 for 1,000 cards
Sign Riders: $7-8 each
Car Magnets: $100-120 per set

All told, expect to spend about $1,500 to begin a career in real estate, not including professional wardrobe, gasoline, office supplies, etc.

Finally, because real estate agents are paid on commission and not salaried and it can take anywhere from three to six weeks from the time an offer is accepted until the property closes (and commission checks are disbursed), it is a good idea to have a "safety net" of three to six months income in savings before devoting full time efforts to this career.

Local State-Approved Real Estate Schools
(Realty PRO Hansbarger Realty is not affiliated with nor endorses any of the following organizations)
Indiana Center for Real Estate Education
William R. Wible
400 N Wayne St
Angola, IN 46703-1552
(260) 665-7201 - Office
(888) 429-5128 - Fax
Hoosier Real Estate School
Donna Pfafman
4851 Coventry Pkwy
Fort Wayne, IN 46804-7132
(602) 920-0001
Troyer School of Real Estate
Robert Troyer
1032 Guilford St
Huntington, IN 46750-2128
(800) 832-6240

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All information on this website is believed accurate but not warranted. © Copyright 2020 Realty PRO Hansbarger Realty. Independently Owned & Operated.