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. Remember that the results of this exam are only valid for a year. So you must apply to get your broker's license. If you fail to pass the exam, you'll be provided with instructions on how you can retake it within six month. Once you have passed the exam, you can submit your official application.
Pre-licensing education requirements
Washington requires all real estate agents to complete at minimum 90 hours of prelicensing education. This 90-hour course includes courses on real estate principles, contracts, finance, and more. 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 applicants to undergo a background investigation before taking the real-estate exam. To take the exam, candidates must register with the state's licensing testing agency. They must also prove that they have completed the course. They must pass a Broker's Exam and answer legal background queries. They must also submit their fingerprints to a background check once every six years. This information is available to applicants who have received pre-licensing education from another state.
Exam content
The WA real estate licensing exam consists in two parts. There is a national portion and a state-specific part. Interspersed are the questions from each section. Five to ten questions from each section will be considered experimental. They are not scored. Both portions have multiple-choice questions, and the test taker has 3.5 hours to finish both parts. You must score 70 to pass. The test content covers all aspects of state real estate laws, contracts and procedures.
The pre-licensing course covers many the same topics as that of the exam. Real estate math basics and formulas to solve common real estate calculations will be required. It is important to practice the test frequently as subjects are constantly changing. Practice tests can be helpful to help you learn the format and identify your weak points. A few math formulas and facts from your pre-licensing course should be memorized.
Cost
Costs of wa realty licenses vary from state-to-state and depend on the type business you run. The cost of a salesperson license will be less than that of a broker license. This is because the former requires additional education and 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. Once you've completed the required course you must pass the state licensing exam. An additional $50-60 cost to join the MLS. The fees for MLS membership vary from one region to the next. You'll need to verify your local fees to find out the exact cost. You will also likely have to pay a small fee in order to become a member of National Association of Realtors. This fee is separate.
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. You will also receive valuable exam prep support and tutor support through instructors. 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 prelicensing options. 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. Both packages allow you to complete the coursework when it is most convenient for you, and you can resume from where you left off if you need to. Kaplan's courses have been developed by real estate professionals who are experts in current and relevant topics.
FAQ
How many times may I refinance my home 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 is a "reverse mortgage"?
A reverse mortgage allows you to borrow money from your house without having to sell any of the equity. It works by allowing you to draw down funds from your home equity while still living there. There are two types: government-insured and conventional. With a conventional reverse mortgage, you must repay the amount borrowed plus an origination fee. FHA insurance covers the repayment.
How much money should I save before buying a house?
It depends on how long you plan to live there. You should start saving now if you plan to stay at least five years. But, if your goal is to move within the next two-years, you don’t have to be too concerned.
Should I use a broker to help me with my mortgage?
A mortgage broker may be able to help you get a lower rate. Brokers can negotiate deals for you with multiple lenders. Brokers may receive commissions from lenders. Before you sign up for a broker, make sure to check all fees.
Statistics
- Based on your credit scores and other financial details, your lender offers you a 3.5% interest rate on loan. (investopedia.com)
- The FHA sets its desirable debt-to-income ratio at 43%. (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)
- 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 real estate agents
The real estate market is dominated by agents. They are responsible for selling homes and property, providing property management services and legal advice. Experience in the field, knowledge of the area, and communication skills will make a great real estate agent. Look online reviews to find qualified professionals and ask family members for recommendations. A local realtor may be able to help you with your needs.
Realtors work with buyers and sellers of residential properties. A realtor's job is to help clients buy or sell their homes. Realtors assist clients in finding the perfect house. A commission fee is usually charged by realtors based on the selling price of the property. Unless the transaction closes, however, some realtors charge no fee.
The National Association of REALTORS(r) (NAR) offers several different types of realtors. To become a member of NAR, licensed realtors must pass a test. The course must be passed and the exam must be passed by certified realtors. NAR designates accredited realtors as professionals who meet specific standards.