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Real Estate Agent School Costs
When it comes to getting a real estate license, there are several different options for schooling. One of the most popular ways to get a real estate license now is to attend school online, allowing students to get the information they need without leaving their homes. In-person opportunities for real estate school are also available, and some students prefer the structure that comes with taking a class at a location and time.
There are price differences when applying to real estate schools, and much of that is controlled by the state where the person is applying. For example, the cost of courses is estimated to be between $299 and $349 in Alabama, where the cost of living is typically lower. By comparison, West Coast states typically have a higher cost of living, and real estate school prices reflect that. For example, Oregon's real estate school estimated costs are $389 to $569, depending on the chosen school. Many real estate schools allow students to buy the lessons individually or as a complete package. Some schools may offer discounts to students who buy everything at once, so it may be something to look into when choosing a school.
Real Estate Exam Costs
The cost of the real estate exam will vary depending on the state where the applicant takes the test. The estimated cost to take the real estate exam is $85 to $200, depending on where the person takes it. Like with the real estate school costs, states with higher living costs generally also have higher real estate exam prices. Some states may also have more complex exams or have other requirements that have to be met. For example, the cost to take the exam is $138.25 in Washington State.
If a student doesn't pass the real estate test, they can re-take it to continue to work toward their real estate license. But re-taking the test won't be free. Most states charge around $75 to re-take the test, but that can vary depending on the state. A few states price retakes the same as the initial exam attempt, so subsequent failures can add up quickly.
The number of times a person may retake the test can also vary. Some states limit the number of times students can retake the exam without requiring them to undergo the educational process again. That helps to ensure only qualified individuals move forward with receiving their real estate license.
Additional Fees
The costs of schooling and taking the licensing exam aren't the only expenses an applicant for a real estate license will incur. There is an application fee for the actual license, a background check, and more. Typically, these fees range up to hundreds of dollars, but some of them are one-time fees or fees that will only recur every few years, such as license renewal. The original licensing fee in Connecticut is $305, while in Idaho, it's $160. Renewal fees are typically less than the original fee, but not always. The renewal fee in Connecticut actually differs depending on the year: even years cost $293 while odd years cost $285 — both of which are less expensive than the original fee. However, in Idaho, the renewal fee is the same as the initial licensing fee.
It's important to remember that the original licensing fee is a one-time fee, but the renewal fees will be ongoing. Many states require renewal every two years, but there are exceptions. For example, California requires the renewal of a real estate license every four years, and Connecticut requires renewal every three years. Each license renewal period, the licensee will be required to pay the renewal fee. There are also continuing education credits required by most states, and those come with additional fees. Much like the original schooling, the fees for continuing education, as well as how many credits a person must take for license renewal, vary by state.
A background check is required in many states due to the personal and sensitive nature of the information they will have access to. For most people, a background check for a real estate license costs between $50 and $100 depending on the state. While not every state charges as much for their background checks, they all have charges, and none of them offer the background check for free. That is important for applicants to note because they'll need to make sure they have what they need to pay for their real estate license requirements. While real estate may be lucrative as a career, it has up-front costs that many applicants can be unprepared for.
Real Estate Scholarships
For anyone who wants to go to real estate school and isn't sure about its affordability, scholarships are a viable option that can save students a lot of money over the course of their education. Most scholarships will cover costs like the course and material fees, which make up the bulk of the expense. But where can students find scholarships?
Kris Lindahl Real Estate offers a specialized scholarship to take care of any and all fees associated with getting a real estate license. This scholarship covers the cost of courses, materials, the exam, and any other fees that stand between a student and their license. Interested parties should act quickly — there is a limited number of spaces available. Apply for the scholarship, and one of our expert real estate agents will reach out to you with additional information soon.
Conclusion
Real estate is a growing industry, and it's never been easier to get involved than it is right now. Becoming a real estate agent costs far less and takes far shorter than getting an associate's or bachelor's degree from a college or university, and with scholarships available to offset any expenses, there's no reason not to get involved in real estate.
