If you are an aspiring real estate agent, Florida is the ideal place to set up your practice. The Florida real estate market is seeing growth and a housing shortage scenario is not even on the horizon.
The median sale price in Florida is higher than the national average. The median home price in Florida in January 2023 was $450k but it ended the year at $468k, a rise of 1.6%.
Real estate agents’ earnings are commission-based, with about 6% of the sale price divided between the seller’s and the buyer’s agents. Taking the median home value, an agent stands to earn about $14k for closing one deal successfully. Therefore, with hard work and dedication, an agent can earn in six figures.
If all this sounds very appealing and you want to set up practice in the state, your focus should be on getting a Florida real estate license. Without it, you are not legally permitted to take part in real estate transactions and earn commissions.
This post will go into all the details that you should know about obtaining a Florida real estate license.
Click here to learn more about how to get a Florida real estate license.
Step 1
Before applying for a Florida real estate license, ensure that you are at least 18 years of age and a US citizen. Legally admitted aliens may also apply for a license provided they have been granted working rights in the country. You must also have a high school pass certificate or equivalent, such as a GED.
Step 2
Go through 63 hours of pre-licensing education. This is fixed by the Florida Real Estate Commission (FREC), the authority that controls the real estate sector in the state including deciding the coursework, issuing and renewing real estate licenses, and more.
The real estate course covers all topics that will help potential real estate agents in the state to deliver optimum services to their clients in the future. The real estate industry is constantly evolving and agents must continually update their knowledge base to avoid making serious errors in real estate deals.
The 63 hours of coursework covers the following subjects.
The following subjects constitute the pre-licensing coursework to obtain a real estate license in Florida.
- Real Estate Business
- Real Estate Laws and Licenses
- Real Estate Contracts
- Federal and State Laws
- Real Estate Commission Rules
- Real Estate Brokerage and Procedures
- Real Estate Appraisal
- Authorized Relationships, Disclosures, and Duties
- Violations of Real Estate Laws, Penalties and Procedures
- Types of Mortgages
- Titles, Deeds, and Ownership Types
- Real Estate Financing
- Market and Industry Analysis
While selecting a course provider, make sure that it is approved by the FREC. While the top course providers like RealEstateU are FREC-approved, visit the state portal and check the list, just to be sure. Otherwise, you run the risk of wasting your time and money going through a course that does not count toward fulfilling eligibility norms to appear for the licensing exam.
Another aspect that you must decide while selecting a 63-hour pre-licensing is whether you want to go through an online course or a classroom setting to get a Florida real estate license. Most students prefer online courses because of the flexibility and convenience that they bring to the table. Here are some of them.
In a classroom-based course, you are tied down to fixed routines and have to spend time commuting from the school. On the other hand, online courses are downloadable on any Internet-enabled device such as a laptop, desktop, tablet, or mobile with equal clarity on all of them. Hence, you can study any time while on the go without affecting your normal schedules.
If you are looking for a top-quality FREC-approved online real estate pre-licensing course, check out the offerings from RealEstateU. Not only are their courses designed and taught by leading professionals in the field but also, they are among the most affordable in this niche.
Typically, the cost of online real estate pre-licensing study materials ranges from $100 to $400.
Step 3
The next step is to submit your fingerprints for verification of whether you have any past criminal records. An adverse report will stop FREC from issuing you a Florida real estate license. FREC charges $58.12 for this exercise.
Step 4
Schedule a licensing exam on the FREC portal, paying $57.75 to appear for the test. On the appointed day, you must physically visit the designated center though the exam is held online. There are two parts in the exam, one is the national section covering the principles of real estate applicable in the USA and the other is the rules and regulations prevailing in Florida only. The questions have multiple-choice options and you must score at least 75% to crack this licensing test.
Step 5
After passing the test, apply for a Florida real estate license online on the website of the Florida Department of Business and Professional Regulation (DBPR). Along with the application, attach the fingerprint clearance certificate and proof of having completed the 63 hours of coursework. Pay $87.75 to FREC as a license application fee. At this stage, a provisional license will be issued but you cannot start practicing with it.
Step 6
Find a broker to sponsor you. This is necessary as you will need guidance in the initial stages of your career to pick up the ropes about this industry. Additionally, you will be provided with office space and the necessary infrastructure to launch your real estate career.
You must now inform FREC about being employed in a brokerage firm which will be verified by the body. Once cleared, an active Florida real estate license will be issued to you.