Two forms of identification with your name and signature should be brought to the Washington real estate licensing exam. Also, the exam's results are only valid for one year. This means that you will have to apply for your broker’s license before they expire. If you fail the exam you will be given instructions about how to retake it in six months. Once you have passed the exam, you can submit your official application.
Pre-licensing education requirements
Washington law requires that real estate agents who wish to become licensed must complete at least 90 hours in pre-licensing education before they can take their 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. Study guides and optional exams will be provided to students in preparation for the 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 must also prove that they have completed the course. They must pass a broker exam and answer legal background question. 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 WA exam for real estate licenses consists two parts: the national portion and the state-specific section. Each portion has interspersed questions. About five to ten questions will be considered experimental and not scored. Both portions have multiple-choice questions, and the test taker has 3.5 hours to finish both parts. A scaled score of 70 or more is required to pass the test. 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. You will need to know the basics of real estate math and the formulas for solving common real estate calculations. You can improve your score by taking practice tests. You may also want to take practice tests to ensure you understand the format and make note of your weak areas. Remember to memorize the facts and formulas you learned in your prelicensing course.
Prices
The cost for real estate licensing in each state varies, as does the type and size of your business. A salesperson license is less expensive than a broker license, as the latter requires additional schooling and state licensing fees. The cost of real estate licensing may be more costly if you're starting from scratch. But, it is possible to cut costs by creating a business plan, identifying your clients, and creating a business plan. You have many marketing options, including print ads, digital ads and social media campaigns.
Pre-licensing coursework can cost anywhere from $260 to $500 depending on where you take it. After you complete the required course, your state licensing exam must be passed. MLS membership costs an additional $50-$60. Fees for MLS membership differ by region so it is important to compare the costs with your local fees. In addition, you will likely need to pay a small fee to become a member of the National Association of Realtors, which requires a separate fee.
Online options
It can be a good idea to choose an online school to fulfill your Washington real estate licensing requirements. Online schools offer a way to study at your own pace, and you can access all the information you need in a fraction of the time it takes for classroom-based schools. Online classes offer valuable exam preparation services and tutor support. Additionally, you can upgrade your course by purchasing Exam Preparation Plus, which includes a real estate dictionary, live exam cramer series, and a Q&A session with instructors.
Kaplan offers five WA prelicensing options. You have the option to choose between Premium and Value packages, depending on your requirements. These packages include three online courses that each require less than nine credits. These packages allow you to finish the coursework whenever it suits you best. You can even resume from where your last course was if you wish. Kaplan's courses are developed by seasoned real estate professionals who cover current and relevant topics.
FAQ
How many times can I refinance my mortgage?
It all depends on whether your mortgage broker or another lender is involved in the refinance. You can typically refinance once every five year in either case.
What are the pros and cons of a fixed-rate loan?
Fixed-rate mortgages guarantee that the interest rate will remain the same for the duration of the loan. This guarantees that your interest rate will not rise. Fixed-rate loans also come with lower payments because they're locked in for a set term.
What are the downsides to a fixed-rate loan?
Fixed-rate mortgages have lower initial costs than adjustable rates. You may also lose a lot if your house is sold before the term ends.
How do I know if my house is worth selling?
Your home may not be priced correctly if your asking price is too low. Your asking price should be well below the market value to ensure that there is enough interest in your property. Get our free Home Value Report and learn more about the market.
Statistics
- Some experts hypothesize that rates will hit five percent by the second half of 2018, but there has been no official confirmation one way or the other. (fortunebuilders.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)
- 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)
- When it came to buying a home in 2015, experts predicted that mortgage rates would surpass five percent, yet interest rates remained below four percent. (fortunebuilders.com)
External Links
How To
How to Find Houses to Rent
People who are looking to move to new areas will find it difficult to find houses to rent. It may take time to find the right house. When it comes to choosing a property, there are many factors you should consider. These include location, size, number of rooms, amenities, price range, etc.
It is important to start searching for properties early in order to get the best deal. You should also consider asking friends, family members, landlords, real estate agents, and property managers for recommendations. You'll be able to select from many options.