Real Estate Licenses

A real estate license is the key to a lucrative career in the real estate industry. A real estate license is a powerful tool in the property business. Real estate will always be a dominant market in America. Homes will continue to be bought and sold throughout the state. Getting a real estate license will allow a person to be a part of this booming industry.

People decide to get real estate licenses for many reasons. Many like to work with the public. Some want to be in control of their own schedules. Others are interested in buying real estate for themselves and think that agents have access to ‘the best deals’. For this purpose, a real estate license is mandatory. Real estate brokers are constantly looking for new, ambitious real estate sales people and there is significant money to be made in real estate sales.

Obtaining a real estate license in any state where a person may have interest in doing business is not difficult. However, it is important to know that obtaining a real estate license is not solely about taking a real estate exam. The process may differ from state to state. There is no such thing as a national real estate license. Each state has adopted and enforced its own laws and regulations regarding the sale of real estate, for the general purpose of protecting the consumer. Almost every state requires that the candidate complete some form of real estate pre-licensensing course. The successful completion of that course and the minimum number of training hours must be shown, before they will allow the candidate to schedule a real estate license exam. Most states permit the person to take this course not only online, but also in live classrooms, or even by way of a correspondence course.

For a successful career in the real estate business, it is now required by law to have a valid license. Many online education portals provide guidance for the process of acquiring a license. These agencies also provide adequate information regarding the various laws applicable in different states.

How to Get a Real Estate License in Queensland

Real estate has become one of the most lucrative businesses in recent times. The positive global economic progress has opened new doors of opportunity for all businesses resulting in a real estate boom that is bound to last. To be a real-estate agent in Queensland, like most of everywhere else in Australia, you require a real estate agent license.
So how to you go about getting one…

To be eligible to get a real estate license in Queensland there are certain criteria that must be fulfilled. Here is a simplistic view of these requirements:

1)The candidate must be over 18 years of age
2)Must have at least one place of business in Queensland
3)Must have the requisite training from a recognised organization
4)The candidate must be a suitable person, which means that he/she must not be bankrupt and must not be convicted for any serious offence that carries three or more years in jail at least five years before applying for the license. Further, the candidate must not have been previously disqualified from holding a license for any reason. Also, the person should not also have been the director or one of the board of directors of a disqualified company.
5)Most importantly the person must be a citizen of Australia or an immigrant who has the required work visa.

To get a real estate license in Queensland, criminal history checks are also done for every applicant; and an applicant is required to pay the specified fee for criminal history checks to be carried out.

The processing time for the license is 4-6 weeks. It is usually never longer than this except when the authorities need to get in touch with the applicant for any missing documents or fees that need to be paid.

In order to ensure that there is no delay in obtaining the real estate license in Queensland, all photocopies of the original document must be attested. This means that the signature of the applicant is necessary as well as the signature of one of the following people – Solicitor, justice of peace, commissioner of declarations, barrister or a notary public. The applicant must take the original as well as the photocopy to the above-mentioned people and they will stamp it saying that the document is true. In Australia, photocopies of original documents are not accepted as proof of identity.

The most important thing needed for acquiring a real estate license in Queensland is training. There are many organizations that provide this type of training and it can be done in training classes or through correspondence mode as well. The advantage of correspondence mode is that the applicants can do the course in their own time, after regular work hours or after school.

In order to obtain a real estate license in Queensland, an applicant must fulfil as many as 19 units in the Property Services training package. For those who are already part of the real estate industry and are working as a salesperson, a resident letting agent or a property manager they would have completed at least six of the necessary units.

Once you attain a real estate license in Queensland, you can do any of the following

1)You can negotiate buying, selling, renting or exchange of apartments or houses, land or businesses.
2)Own a real estate agency. You can also manage a real estate agency that is not necessarily owned by you.
3)The license holder can directly buy, sell, rent or exchange houses or apartments, businesses or lands.
4)The license holder can look at, access and inspect any property that is up for sale or rent.
5)The property can be shown to interested buyers.
6)They can open property for rent or sale.
7)They can advertise a property that needs to be put up on rent or sold if they want to attract potential buyers. They can do this in the form of putting up signs as well.
8)They can take an apartment complex and sell in parts or however is suitable to them without going through an established agency.
9)They can sell, buy or exchange livestock (or an interest in them)
10)The license holders can operate a trust account in the name of either the buyers or sellers.

The real estate industry has seen a lot of positive changes in recent times. A real estate agent not only enjoys a great life but also helps people find homes like they always wanted. However, you need to be well trained and procure the real estate license in order to make the most of this career opportunity.

Reinstating a Real Estate License in Ontario – Instructions to Reinstate Your Real Estate License

Real estate agents in Ontario must renew their real estate license every 2 years under the Real Estate Council of Ontario also known as R.E.C.O. They may do so with a registered realty Brokerage in good standing with R.E.C.O. Failing to renew their license on or before their specific renewal date, will result in being ordered to cease and desist trading real estate in Ontario. If the agent does not reinstate his license within 2 years from failure to renew date, R.E.C.O. will terminate the license with no further option of reinstatement.

You may have become an inactive real estate agent and let your license lapse but will probably find yourself back and active sometime in the near or far future. If you decide that your license is valuable enough and worth keeping it active then you will need to reinstate it as soon as possible and avoid total termination. Please be aware that you will need to be registered with a Brokerage. If you will be inactive then you may want to consider joining a non board member real estate Brokerage that assists licensees like you by holding your license without the high costs you may be accustomed to. Here are some simple instructions on reinstating your real estate license in Ontario under R.E.C.O.

A) Visit the R.E.C.O. website. Just Google the term and you will find it easily. Go to “publications and resources” and note and click the “registration forms” tab. The “New or Reinstate Broker/Salesperson” form is the very first one. Click and it should load up easily.

B) To reinstate you must fill out sections A, B, C and F. The second half of section F will be filled out and authorized by the real estate Brokerage that you have decided to register with. The Brokerage is your Employer. When completed, you will find that R.E.C.O. has made it simple to pay using a major credit card by adding their credit card payment form located on page 6. See the updated information on their form for pricing and remember that you will be invoiced for the errors and omissions fees after your application has been approved.

C) Important: Registrants within the first two-year registration cycle must successfully complete three additional educational courses designated by the registrar before making an application for reinstatement of registration. For all other reinstatement’s, you must fulfill the continuing education requirements also before making an application for reinstatement of registration. Make sure you read section D of the form and call R.E.C.O. direct if you are not clear on their information.

Finally, get that application to the Real Estate Council of Ontario as soon as possible. Your real estate Brokerage employer may take care of this for you but hand delivering it yourself is usually a better option and recommended. Here is their information: Real Estate Council of Ontario 3250 Bloor Street West, East Tower, Suite 600, Toronto, Ontario M8X 2X9 Telephone: 416-207-4800 or 1-800-245-6910 and Fax: 416-207-4820

Something originally inspired you to become a licensed real estate agent in Ontario. Inactive for whatever reason led to your license getting terminated. Give yourself the benefit of a potential comeback whether sooner or later and instead of losing this valuable asset, keep it active and reinstate it today. There are options for you now that will allow you to park your license instead of losing it and at a fraction of the cost you are accustomed to. To reinstate or not to reinstate, it’s totally up to you! Good luck.

Show Me Your Real Estate License Before We Do Business

In my state, and I assume in other parts of the country, people pretending to be licensed real estate agents when they are not is an increasing problem.

You are riding around looking to buy a house. You see a sign in front of a house for sale. You call the number. The person on the other end of the phone is either the owner or a licensed real estate agent or a scammer. Who else could it be? If they own the house, that is OK. If they are a licensed agent hired by the seller, that is ok. If they are someone else what are they up to? Ask them if they are the owner. If not, ask them if they are a licensed agent. If they say yes, ask to see their license. If they offer you a business card, ask to see their state issued real estate license. There is no legitimate licensee that would object to showing you their license. In fact, most agents, including me, would be proud to show a license. The only person that would not want to show you a license would be someone that does not have one. If they do object or refuse, be suspicious.

If they do not own the house and they do not have a real estate license, where do they fit in the transaction? It would seem to me they must be up to some sort of scam. Why not ask them”, where do you fit in this transaction?” That seems like a reasonable question to me. They might tell you they are handling this for a friend or relative. If that is true, you may want to ask if you can talk directly to the owner. If I were handling this for a friend or relative, I certainly would not object if someone wanted to talk directly to the owner. Would you? Of course they could tell you” I have an option to buy this house for fifty thousand from the ignorant,naive person that owns it and I am hoping to sell it to you for one hundred and twenty thousand. All I have to do is defraud the mortgage company into believing it is only worth fifty thousand and convince you it is worth one hundred and twenty thousand. Maybe the real owner will get sued for a deficiency judgement for several thousand dollars. That is too bad. This is a great deal for me.”

Licenced real estate agents have what is known as fiduciary duties. They are required by law to be honest. There are very serious consequences for dishonesty. They could have their license revoked if they are dishonest. If you meet one that does not want to show you their license, maybe they used to have a license but they do not anymore. People with criminal background can not get a real estate license.

One of the reasons that the state issues real estate licenses is so people with criminal backgrounds can not practice selling real estate. Another reason you might want to ask to see someones’ license is so you will know you have their right name. Crooks use aliases. Be cautious. Honest legitimate people do not mind at all. When dealing with a real estate agent, ask “May I please see your license?”

Should You Consider Parking Your Real Estate License

Working in main stream real estate can become an extremely expensive proposition. Association fees, desk fees, maintenance and office expense not to mention advertising costs can amount to thousands of dollars per year. There comes a time in everyone’s career when we consider slowing down and we need to determine the time where the cost of being in real estate outweighs the reduced income due to the fact that we have chosen to low down. At the same time we have worked very hard to have obtained our licenses and we are very reluctant just to let it go. Below are some scenarios – If you find yourself in one of these categories then perhaps it time to give serious thought to parking your license.

A husband and wife both licensed and part of mainstream real estate. One of the partners may wish to park their license to minimize association and desk fees.

If a mainstream registrant’s main activity is buying and selling property for personal speculation it may be to his or her advantage to park their license.

If you are just getting into real estate and you are considering becoming part of an established team you may want to consider parking your license to give you a chance to become oriented,before committing to the costs of becoming part of that team.

If you are considering taking on a licensed assistant it may be to everyone’s advantage to have the assistants licensed parked.

If you have just obtained your real estate license and you do not wish to make a long term commitment you should consider parking your license.

If you are a “marginal producer” because you want to slow down towards retirement; or because real estate is only a part time activity then you should consider parking your license.

If you just need a break from mainstream real estate you should consider parking your license.

If you fall into any of these categories it’s time to seriously consider a license warehouse.

Please note that once your licensed is parked it is still incumbent upon you to meet all of the requirements to allow you to continue to renew your license. This includes meeting all of the educational requirements (Currently in Ontario this amounts to 24 hours of courses in each 2 year cycle). Further you are required to maintain your errors and omissions insurance.

You may also wish to note that you can definitely continue to earn real estate commissions on your own terms either directly or by referring business to any brokerage of your choice.

I personally struggled with the decision as to whether or not to park my license however once the decision was made to proceed;with each passing day I know it was the right thing to do,and it is my wish to be able to work with other agents n the same type of position.