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. 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. You will be given instructions to retake the exam if you fail. Once you pass the exam you can submit an official application.
Pre-licensing education requirements
The state of Washington requires that all aspiring real estate agents complete at least 90 hours of pre-licensing education prior to taking their exam. This 90-hour course covers topics such as contracts, finance, real estate principles and other important subjects. The online courses provide access to multiple modules which cover different topics. 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 applicants to undergo a background investigation before taking the real-estate exam. Candidates must register at the state's licensing agency to be eligible for the exam. Candidates must also show proof of their course completion. They must pass a broker exam and answer legal background question. The applicant must also submit their fingerprints every six months for a background screening. 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. Each section has questions interspersed. Five to ten questions from each section will be considered experimental. They are not scored. Both sections have multiple-choice question. Test takers have 3.5 hours to complete both. Passing the exam requires a score of 70. The test content is extensive and covers all aspects the state's real-estate laws, contracts, procedures.
Many of the same topics are covered in a pre-licensing program as the exam. 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. Practice tests are a good idea to make sure you know the format well and note your weak spots. Remember to memorize the facts and formulas you learned in your prelicensing course.
Cost
Costs of wa realty licenses vary from state-to-state and depend on the type business you run. A broker license costs more than a salesperson, which requires additional schooling. 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 also have numerous marketing resources, such digital ads, social media campaigns, and print ads.
Pre-licensing courses cost between $260 and $500 depending on the location. After you complete the required course, your state licensing exam must be passed. Additional $50-60 is required to become a member of the MLS. MLS membership fees vary by region, so you'll have to check your local fees to determine the actual cost. Additionally, you'll likely need to pay a small amount to become an associate member of the National Association of Realtors.
Online options
It can be a good idea to choose an online school to fulfill your Washington real estate licensing requirements. Unlike classroom-based schools, online schools allow you to set your own pace and get the information you need, so you can complete your studies in as little time as possible. In addition to the online classes, you will get valuable exam prep services and tutor support from instructors. Exam Preparation Plus can be purchased to upgrade your course. It includes a real-estate dictionary, live examcramer series, and Q&A sessions with instructors.
Kaplan offers five WA prelicensing packages. You have two options: the Premium or Value package. These packages consist of three online courses each that take less than nine hours. 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 include current and relevant topics.
FAQ
What flood insurance do I need?
Flood Insurance protects against damage caused by flooding. Flood insurance can protect your belongings as well as your mortgage payments. Learn more about flood coverage here.
What are the drawbacks of a fixed rate mortgage?
Fixed-rate loans are more expensive than adjustable-rate mortgages because they have higher initial costs. Additionally, if you decide not to sell your home by the end of the term you could lose a substantial amount due to the difference between your sale price and the outstanding balance.
Is it possible to get a second mortgage?
However, it is advisable to seek professional advice before deciding whether to get one. A second mortgage is usually used to consolidate existing debts and to finance home improvements.
How many times do I have to refinance my loan?
It depends on whether you're refinancing with another lender, or using a broker to help you find a mortgage. Refinances are usually allowed once every five years in both cases.
What are the pros and cons of a fixed-rate loan?
Fixed-rate mortgages allow you to lock in the interest rate throughout the loan's term. You won't need to worry about rising interest rates. Fixed-rate loan payments have lower interest rates because they are fixed for a certain term.
Statistics
- Private mortgage insurance may be required for conventional loans when the borrower puts less than 20% down.4 FHA loans are mortgage loans issued by private lenders and backed by the federal government. (investopedia.com)
- 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)
- 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)
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How To
How to Rent a House
Finding houses to rent is one of the most common tasks for people who want to move into new places. It can be difficult to find the right home. Many factors affect your decision-making process when choosing a home. These include location, size, number of rooms, amenities, price range, etc.
You should start looking at properties early to make sure that you get the best price. Also, ask your friends, family, landlords, real-estate agents, and property mangers for recommendations. You'll be able to select from many options.