COMMONLY ASKED QUESTIONS AND ANSWERS FOR BECOMING A REAL ESTATE AGENT:
Q: How long does the course take?
A: State of Massachusetts requires all students complete 40 hours of pre-licensing education through a state approved school in order to qualify and sit for the state licensing exam.
Q: How long do I have to complete the exam?
A: 4 hours time to complete exam. There are 2 sections of the exam - General & State. You must get a 70% to pass. The exam is computer based and consists of 120 multiple choice questions. You will receive your score before leaving the testing site.
Q: Are additional classes required to get or maintain my license?
A: No additional classes are needed to get your license. Current licensees who are renewing their license must complete 12 hours of Continuing Education credits every two years. The CE credits can be earned via online education or in a classroom setting by a licensed real estate school.
Q: Where do I take the state exam?
A: PSI Services is the state's testing agency. (www.psiexams.com) The examination centers are located in Auburn, Charleston, Fall River, Lawrence & West Springfield. These are the only locations the state's vendor provides. Exams are available weekly.
Q: How soon after I pass the exam do I get my real estate license?
A: You'll get your license on the spot. Candidates are expected to pay a license fee immediately upon passing. The Exam Cost is $85, re-takes are $54/each, honorably discharged Veterans $54. Salesperson License Fee is $103-$150 prorated. Licenses expire every two years on your birthday. Real Estate Brokers License Fee is between $142-$200 as prorated.
Q: What if I don't pass both parts of the exam?
A: Candidates who pass one section only need to retake the section they didn't pass. A test summary will be provided showing areas of strength & weaknesses.
Q: Are there any other requirements that have to be met before I get a license?
A: Yes, you must be 18 years of age and have High School Diploma or GED Certificate prior to taking the exam. Candidate needs to secure 3 personal character references who are unrelated & either live or do business in the state of Massachusetts. Candidates must complete the Criminal Offender Record Information (CORI) Acknowledgement Form which needs to be notarized by a Notary and brought with you to testing site. If you have a felony, the board will only review your license application after you've completed the course & passed the exam. You also need 2 forms of current signature ID (Payment by: credit card, debt card. (NO CASH will be accepted)
Q: How will the examination center know I completed the pre-licensing class?
A: You'll receive a Class Completion Certificate upon completing 40 hours of education. An authorized representative of the school will sign & stamp the Certificate which you will bring with you to the examination.
Q: How long is my Completion Certificate good for?
A: You have 2 years from the class completion date to pass the exam. If the time expires, you'll have to retake the pre-licensing class.
Other important info:
Candidates should read the Candidate Information Bulletin carefully and pay very close attention to PSI's cancellation policy as outlined.
A calculator is provided by PSI. No phones or study materials are permitted.
BROKERS LICENSING -
Same as above and;
Must obtain Employing Broker Certification - certifies the Salesperson has been affiliated with a real estate brokerage for at least 3 years, actively engaged in the business. If you've worked for multiple brokerages over the 3 year period, you'll need to obtain certifications from as many agencies needed to make up the 3 year requirement.
Affiliated Broker must certify Salesperson has worked at least 25 hours per week - actively engaged in real estate.
Candidate must obtain $5,000 Surety Bond. Typically costs $50 for 5 years.
Should you have other questions or concerns, please don't hesitate to give us a call @ 1-800-681-4840.