The qualifications for being a real estate broker are different depending on where you live. However, in all states you must complete real estate courses and pass an exam. Certain states like Colorado require that you pass a background check. If you don’t pay your taxes, states like California will not allow you to get a license. Some states require that you have one year of experience of being an agent while others want you to have three years under your belt. Regardless of the state’s requirements, budding brokers must take pre-license courses. These courses differ from state to state. In Washington, a pre-license course breaks down to 30 hours of Advanced Law, 30 hours of Broker Management and 30 hours of Business Management. Those taking the Washington exam must get at least 70% on their exam, or 75% if they want to be a managing broker.
Even after you get your license, it won’t be the last time you hold a number 2 pencil in your hand. Brokers must renew their license every two to four years. What does all this exam taking add up to? Brokers know more about real estate than most agents. They have to know more in order to manage agents and complete paperwork. The testing does pay off, because you’ll make more money than an agent. Making more money is oftentimes enough of an incentive to stay up late studying for a couple of years.