What Is A Broker Pre-License?
Real estate professionals in all 50 states have to be licensed before they can practice their trade. This includes brokers who need to complete additional educational requirements and experience than a typical salesperson. This involves pre-licensing education which they have to complete to be eligible for a broker license. To understand the distinction, you need to understand the difference between different real estate professionals:
- A real estate agent works independently and may provide services to a licenses real estate broker.
- Brokers are obliged to pay the salesperson under their employ a portion of the commission earned from the sale of the property.
- A Realtor is a member of the National Association of Realtors or NAR. They differ from real estate agents in that they have to follow a strict ethical code.
- A real estate agent is also known as a real estate salesperson. They are responsible for assisting sellers in marketing their property, selling it for a good price and act as intermediaries between sellers and buyers.
- A real estate association broker is someone who has to take additional courses and has a broker’s license but who works under a broker.
- A broker is licensed by the state to charge a fee for attracting buyers or sellers who want to invest in real estate. They buy/sell on a commission basis either for an organization or an individual.
- Complete 180 hours of coursework of pre-license courses that are approved by the board.
- Clear the state and national parts of the broker exam
- Submit proof of experience. You need to have at least 36 and at most 48 months of experience as an agent preceding the pre-license application.
- Clear equivalent board-approved courses that are offered by credible universities or any other educational institution for pre-license education. Each course has to be about 45 hours long or 3 semesters long to be applicable. You need to pass the exam at the end and provide proof for course approval.