Cost Wise Breakdown To Get A Florida Real Estate
Becoming a real estate professional in Florida is a great decision as there is a constant demand for licensed professionals in this field in the state.
Florida is home to more than 200K real estate professionals and that is no small figure. Hence, you might wonder if the competition is too hard to get into this industry. However, housing market trends show that there is a lot of potential to be tapped.
With the thriving real estate market and bright prospects, now is probably a good time to take your first steps into the industry.
The first step in the direction to becoming a salesperson in the state is to know about the cost to become a real estate agent. This is one of the most asked questions for aspiring real estate professionals.
Education requirements to apply for a license
As per the directives of the Florida Real Estate Commission (FREC), it is necessary for all aspiring real estate agents to go through 63 hours of pre-licensing coursework before they can become eligible for a license.
Only state-approved and accredited colleges or online course providers count for completing your pre-licensing education.
The pre-licensing coursework reflects the workings of the real estate industry both at the state and national levels. Among the subjects in the coursework real estate laws, principles, ethics, and guidelines.
You can appear for the licensing exam only after you have completed the 63 hours of pre-licensing training.
Exam fees
Let us now check how much is the fee for a real estate agent exam in Florida. The state licensing exam in Florida will cost you $36 for every attempt.
The passing score of the real estate licensing exam is 75%. Hence, of the 100 questions in the licensing exam, you must get at least 75 of them right.
Know your final exam score at the center within a few minutes of completing the test. Note that if you pass the exam, your approval will be valid for two years from the date of the result.
License application and renewal fees
To apply for a real estate license, you must visit the website of the Florida Department of Business and Professional Regulation (DBPR). Pay $84 towards the licensing fee for processing your application. DBPR will process and approve the application within 30 days
Real estate agents in Florida must renew their licenses once every two years.
The Florida Real Estate Commission has made the licensing renewal process simple. Complete your post-licensing or continuing education, pay fees for license renewal and you are good to go.
The cost for renewal of a license depends on the role you play in the sector. For example, for a real estate agent, it is $32 while for a broker the renewal fee is $36.
You must pay an additional fee with the renewal charges for non-renewal of the license on time. For agents and brokers, the late fee charges are $25 for every late fee renewal instance.
What Are the Fees for Appearing in the Florida Real Estate Exam
Complete the pre-licensing coursework to gain eligibility to appear for the licensing exam in Florida.
First, apply to the DBPR to knowif you are eligible to appear for the final exam.
Only after you receive an email confirmation as ‘Authorization to Test’ after the application is approved can you sit for the Florida real estate licensing exam.
Select your preferred day/dateto appear in person at a state-approved center or take the exam online.
Passing the exam with a minimum score of 75 out of 100 questions is mandatory for all applicants. If you have completed your pre-licensing coursework with diligence, achieving this score should not be a challenge.
Cost breakdown of the exam fees
To appear for the final exam, you will have to pay a minimum fee as a mandatory expense.
Pay a fee of $36.75 per attempt before taking the real estate examination.
An overview of the license and renewal fees payable by real estate agents in Florida
Initial licensing fees
Let us now check out the total expenses and cost to become a real estate agent in Florida? The charges are summarized below including background checks and the licensing exam fees.
- Complete your fingerprints: $50
- Applying: $83.75
- Complete your pre licensing education: $135
- Appear for the exam: $36
- Other additional costs: $10-$20
All in all, the total costs range between $300 to $350.
Stretch out the payment over a few months if necessary.
Renewal fees
A real estate license must be renewed once every two years after completing the required continuing education hours. Every real estate professional in Florida must complete post-licensing training and continuing education.
All agents must complete 45 hours of post-licensing coursework before the first renewal date of the license.
Generally, the estimated cost for completing this training is around $110. As mentioned, you should consider this as a means to grow in your career and update your knowledge and skills.
Additional costs for maintaining a real estate license
This is where continuing education comes into the picture. It keeps agents competitive by helping them stay updated with the latest guidelines and regulations.
It works out to going through 14 hours of continuing education every two years. This two-year cycle begins from the date of first issue of the license.
The cost of completing continuing education is around $100 every two years.
Cost of attending a real estate school in Florida
Tuition fees for pre-licensing education
The cost of pre-licensing education will vary as per the course provider you choose to learn from. However, keep in mind that you should only learn from a state-approved and accredited real estate education provider.
Generally, the tuition fees for pre-licensing education in Florida can vary between $80 to $400. Most applicants enroll in online courses because of the convenience factor though in-person classes are also available.
The major benefit that can be had from online education is that you can study on the go from any Internet-enabled device anytime and from anywhere. You can easily go through the fundamentals of the real estate industry, and clear your doubts at any time.
By joining a reputed course provider, you get access to mock tests, sample questions, embedded videos, and preparation notes.
All in all, there are great and not-so-great schools out there at every price point. Hence, get reviews before signing up for your pre-licensing training in Florida.
Additional expenses to consider in real estate school
You must also submit your electronic fingerprints along with your application. Sit for the licensing exam only after your fingerprints are validated and verified.
To do so, you can visit any state-approved license provider or agency and get your fingerprints taken. Submit your application and electronic fingerprintson the website of the Florida Department of Business and Professional Regulation (DBPR).
This will cost you an additional $84 as a one-time fee.