The real estate market seems more attractive now than ever. The worst days of the crisis are over, and the market has bounced back. This situation makes real estate a place with a lot of potential for growth and high earnings.
A real estate agent entering the market can expect to earn an average of $40,000 a year, a number that can greatly increase based on commissions and the numbers of sales.[1]
Real estate professionals are usually highly qualified individuals who often hold college degrees or some training in the area. And even then, they have to continue their education by completing series of courses to keep their license. Each state has its own course requirements and tests someone needs to take to be able to practice.
In California, for example, real estate licenses must be renewed every four years, and professionals need to complete a series of course requirements before they start the renewal process.
Agents
The California Bureau of Real Estate (CalBRE) declared that from January 1, 2016 onwards, salespersons or agents that are renewing for the first time must complete three-hour long courses in ethics, agency, trust fund handling, fair housing, and risk management.
To complete the rest of the 45-hour continuing education program, agents can choose between customer service or consumer protection courses. However, they have to meet the minimum 18-hour customer protection course requirement.
Agents renewing for the second or any following times also need to meet 45 hours of courses approved by CalBRE. They have to either take a survey course consisting of six mandatory subjects in ethics, agency, fair housing, trust fund handling, risk management, management and supervision for a total of 8 hours; or choose to take the subjects separately. These agents must also complete 18 hours of mandatory costumer protection courses. The reminding hours can be filled by either consumer service or consumer protection courses.
Brokers
Brokers looking to renew their license also have to take a series of continuing education programs totaling 45 hours.
First time licensee renewals need to take six 3-hour CalBRE approved courses separately in ethics, agency, trust fund handling, fair housing, risk management, and management and supervision.
They also need to complete 18 hours of customer protection courses while they can decide what they want to fill the reminding hours with courses in either consumer service or consumer protection.
Brokers renewing for the second or any following times need to approve an 8-hour survey course in ethics, agency, fair housing, trust fund handling, risk management, or management and supervision, all of which can be taken separately.
They further need to complete 18 hours of mandatory customer protection courses. The remaining hours can be split between customer service and customer protection.
The CalBRE website provides a list of schools and agencies offering approved courses.[2]
Loan Officers
Loan Officers, or Mortgage Loan Originators (MLOs) as they are known in California, need to complete continuing education hours once a year in order to keep their license.
The Bureau of Real Estate Agents of the State of California (CalBRE) complies with the Nationwide Multistate Licensing System & Registry (NMLS), so all officers must meet the NMLS continuing education requirements. They have to complete at least 8 hours of the following courses[3]:
- 3 hours of Federal law and regulations.
- 2 hours of ethics, including introduction to fraud, fair lending, and customer protection.
- 2 hours of non-traditional mortgage lending, such as interest-only mortgages.[4]
- 1 hour of California-specific education.
It is important to know that it is not possible to take the same course twice in a row as the NMLS will not take it into account as part of continuing education.
Having a job in the real estate market can provide for great opportunities for development and growth. Salaries and earnings can easily rise above the U.S. average, depending of course on sales and commissions. This is why it is so important to keep up with the continuing education requirements; not meeting them can entail the risk of losing hard-earned licenses and a severe loss of income.
[1] https://www.payscale.com/research/US/Job=Real_Estate_Agent/Salary
[2] http://secure.dre.ca.gov/publicasp/cecontinue.asp
[3] https://www.loanofficerlicense.net/california-loan-officer-license-requirements/
[4] https://www.investopedia.com/terms/n/nontraditionalmortgages.asp
Eric Lawrence Frazier, MBA
President and CEO
NMLS #461807 CalBRE #01143484
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