For the Washington realty licensing exam, two forms must be presented with you: one form of ID that has your name, signature, and current photo. You must also know that the results of the exam are valid for one year, so you must apply for your broker's license before the results expire. You will be given instructions to retake the exam if you fail. After passing the exam, you will be able to submit your official application.
Pre-licensing education
Washington's state requires that all real estate agents must have completed at least 90 hours of education in order to pass their licensing exam. This 90-hour course includes courses in real estate contracts, principles, finance, and many other topics. These courses can be divided into modules and each module covers a different topic. They are offered through online programs. Students will receive study materials and optional exams to help them prepare for their real estate exam.
Washington State Department of Licensing and Regulation requires each applicant to pass background checks before they can take the realty exam. Candidates must register with their state's licensing testing agency in order to take the exam. They will also need to provide proof of course completion. They must pass a broker's exam and answer legal background questions. A background check must be conducted every six years. Applicants who have completed pre-licensing education in another state will be able to use this information.
Exam content
The exam for WA real estate licensing consists of two parts: the national and the state-specific portion. Interspersed are the questions from each section. Experimental questions of five to ten question will be accepted and not scored. Both sections are multiple-choice and take 3.5 hours. You must score 70 to pass. The test content is generally comprehensive and covers all aspects state's real property laws, contracts, as well as procedures.
The course is similar to the exam, but covers some of the same topics. It is important to understand the fundamentals of real estate math as well as the formulas used for solving common real-estate calculations. The subjects covered on the test are not constantly changing, and taking practice tests is essential to improving your score. Practice tests are a good idea to make sure you know the format well and note your weak spots. You should also memorize a few facts and math formulas that you've learned in your pre-licensing course.
Cost
The cost of wa real estate licensing varies from state to state, and varies with the type of business you run. A salesperson license can be more expensive than a brokerage license. The latter requires additional schooling, and the payment of state licensing fees. You may have to pay more for real estate licensing if you are just starting out. However, this can be reduced by creating a business strategy and identifying your potential clients. You have many marketing options, including print ads, digital ads and social media campaigns.
The cost of prelicensing coursework varies depending on the place you choose. It can cost from $260 up to $500. After you complete the required course, your state licensing exam must be passed. Additional fees of $50-60 are required for MLS membership. The cost of MLS membership varies from region to region. It is best to consult your local fees to see the exact cost. A separate fee will be required to become a National Association of Realtors member.
Online options
A good decision is to make an online school your Washington license. Online schools let you work at your own pace. Online classes offer valuable exam preparation services and tutor support. Exam Preparation Plus is available to enhance your course. This includes a realestate dictionary, live examcramer series and a Q&A with instructors.
Kaplan offers five WA Pre-licensing Packages. You can choose between the Premium and Value packages depending upon your needs. These packages include three online courses that each require less than nine credits. The two packages let you complete the coursework at your convenience. You can also resume where you left off, if necessary. Kaplan's courses feature seasoned real-estate professionals who provide current and pertinent information.
FAQ
How long does it usually take to get your mortgage approved?
It is dependent on many factors, such as your credit score and income level. Generally speaking, it takes around 30 days to get a mortgage approved.
How can I find out if my house sells for a fair price?
If you have an asking price that's too low, it could be because your home isn't priced correctly. Your asking price should be well below the market value to ensure that there is enough interest in your property. To learn more about current market conditions, you can download our free Home Value Report.
What is a "reverse mortgage"?
A reverse mortgage lets you borrow money directly from your home. It allows you to borrow money from your home while still living in it. There are two types to choose from: government-insured or conventional. With a conventional reverse mortgage, you must repay the amount borrowed plus an origination fee. FHA insurance covers your repayments.
Statistics
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
- It's possible to get approved for an FHA loan with a credit score as low as 580 and a down payment of 3.5% or a credit score as low as 500 and a 10% down payment.5 Specialty mortgage loans are loans that don't fit into the conventional or FHA loan categories. (investopedia.com)
- 10 years ago, homeownership was nearly 70%. (fortunebuilders.com)
- This means that all of your housing-related expenses each month do not exceed 43% of your monthly income. (fortunebuilders.com)
External Links
How To
How to Find Real Estate Agents
A vital part of the real estate industry is played by real estate agents. They are responsible for selling homes and property, providing property management services and legal advice. A good real estate agent should have extensive knowledge in their field and excellent communication skills. For recommendations, check out online reviews and talk to friends and family about finding a qualified professional. Local realtors may also be an option.
Realtors work with residential property sellers and buyers. A realtor helps clients to buy or sell their homes. Apart from helping clients find the perfect house to call their own, realtors help manage inspections, negotiate contracts and coordinate closing costs. Most realtors charge commission fees based on property sale price. Unless the transaction closes, however, some realtors charge no fee.
The National Association of Realtors(r), (NAR), has several types of licensed realtors. NAR members must pass a licensing exam and pay fees. Certification is a requirement for all realtors. They must take a course, pass an exam and complete the required paperwork. NAR has set standards for professionals who are accredited as realtors.