What is Required to Become a Real Estate Broker?

What is Required to Become a Real Estate Broker?

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Home Page > Finance > Real Estate > What is Required to Become a Real Estate Broker?

What is Required to Become a Real Estate Broker?

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Posted: Nov 11, 2009 |Comments: 0
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In Canada, there are a number of career avenues in real estate. One such avenue is a Real Estate broker. The job of a real estate broker is to act as a liaison between people who buy and sell real estate. Their role is find buyers and seller who are looking to buy or sell property. A Real Estate Broker help sellers with the marketing of their property and selling for price that is acceptable to all the parties involved. A real estate broker can own and manage a real estate brokerage firm and employ real estate agents. One has to pass a broker’s exam to get licensed In order to become a licensed real estate agent in Canada you must successfully complete a course of study as required under the Real Estate Act of the province of where you live. For specific guidelines on becoming a real estate broker’s license, you can check with your province’s real estate governing body. The Real Estate Council is the licensing and regulatory agency established by the provincial government to administer the Real Estate Services Act. Each province in Canada regulates real estate brokers. In general, to become a real estate broker in Canada, one has to be at least 18 years old and a permanent resident of Canada. Before applying to take the real estate broker’s exam, you should be registered and have been working a real estate agent for a specified period of time as mandated by the provinces real estate board. It can range anywhere from 6 months to 36 months, depending on where you live. You should have completed with a set of licensing courses and passed the written exams with grades of usually no less than 75%, depending on your province real estate rules. The final examination must have been completed within the one year preceding application. When applying to take the real estate brokers exam, you must submit supporting documentation as required with the application as well as the required fees. You must submit the exam application usually within one year of the Broker Course examination date. If an application is made after the examination date, the exam must be re-taken. If an application is made after the specified date from the examination date, the Broker Course must be repeated. Each province will have their specific dates regarding the deadline of applications after one has taken and completed the real estate broker’s course. Most provinces require that you take a broker’s licensing course. After successful completion of the Broker’s Licensing Course and Examination, one must apply to change their real estate license status to real estate broker, either Associate or Managing Broker, with the Real Estate Council of their province. One must also have a past record of financial responsibility and conduct. When considering a career as a real estate broker, you have to be aware that their will be a number of fees associated with obtaining the license. Such fees include: Broker’s Licensing Course fee, Supplemental Course fee, real estate broker licensing fee – $1100, and any business expenses. Becoming a real estate broker is a very rewarding and lucrative career. As well, there are a wide range of specialized areas where one can work.

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About the Author:London Ontario real estate is on the rise as the economy continues to improve; when selling or looking for London Ontario homes be sure to check out London Ontario Real Estate.

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