Introduction to Georgia Real Estate Broker License and Requirements
One of the most important and culturally significant states, Georgia is a treasure trove of all good things in life.
Be it the beautiful nature views and the scenic peaches or the thriving economy and stable job market, Georgia is one of the most preferred living destinations in the state.
The southern state is known for its rich heritage and diverse culture, with a varying geography which is enticing for all. There is no surprise why Georgia is on the mind of around 100K migrants who migrate to live and work in the Peach State.
If you are a resident of Georgia or have been considering moving to start a career in real estate, now is the time.
Many paths can be followed in the real estate industry. Among them are real estate appraisers, brokers, and agents.
One such career choice could be becoming a real estate broker in Georgia and earning an average annual salary of $70K easily.
Does the prospect of working in Georgia’s real estate industry sound exciting to you? In this article, we will walk you through the step-by-step process of becoming a real estate broker.
Understanding the Role of a Real Estate Broker
To carve a successful career, you must first understand what are the roles and responsibilities expected from a real estate broker.
Firstly, a real estate broker is a professional with work experience and has passed the state’s broker licensing exam.
Generally, a real estate broker works as their own manager for their firm or real estate agency.
A real estate broker helps clients in all types of real estate deals. Among the main ones in this regard are buying, selling, and leasing of properties. In addition to that, real estate brokers also manage and oversee the working of real estate agents.
Real estate brokers are also expected to represent a real estate firm or agency and promote their services at events and conferences.
Why Should You Get A Real Estate Broker License in Georgia
There are several benefits of obtaining a Georgia real estate broker license and practicing in this field.
- Higher earning potential: As a licensed broker, you can earn as high as $200K annually.
- Complete independence: Brokers can fully and independently run their own real estate business and work on their schedule.
- Better networking: Brokers get access to exclusive events and communities to help you expand your network.
- More collaboration: You get to work with realtors, appraisers, home inspectors, and many other industry professionals.
Overall, working as a real estate broker will help you increase your earning potential and maximize your opportunities for success in the industry.
How to Get A Real Estate Broker License in Georgia?
How do you go about obtaining a real estate broker license in Georgia?
Let us take a look at the two preliminary criteria as established by the Georgia Real Estate Commission (GREC) below:
- Be at least 21 years of age or older.
- Be a legal resident of the state of Georgia.
- Have at least 3 years of work experience in the last five years as a real estate agent.
If you meet the basic eligibility requirements, you can move on to complete the next steps for obtaining a broker’s license.
Steps to Obtaining a Georgia Real Estate Broker License
Wondering what exactly are the steps you need to take to become a licensed real estate broker in the Peach State?
First and foremost, you must understand and fulfill the GA broker license requirements. Here’s a quick checklist to get you started:
Step 1: Gain the work experience
You can only become a licensed real estate broker if you have successfully gained a minimum of years of work experience as a licensed real estate agent in Georgia.
As per the Georgia Real Estate Commission (GREC), you are required to have a minimum of 3 years of active work experience in the last five years of your career.
Note that you will be required to submit proof of your license history to determine your eligibility for a broker’s license.
Step 2: Complete the broker’s license education
To become eligible for appearing in the broker’s licensing exam, you must first complete mandatory education and training.
As part of this, you must complete 60 hours of pre-licensing coursework which will cover topics such as Real estate laws, valuation, property rights, fair housing, and others.
Step 3: Submit fingerprints for background verification for past criminal records
As per the Georgia Real Estate Commission (GREC), every applicant must undergo a background check to become eligible for a broker’s license.
For those who have a history of a felony, you will be required to submit proof of your background and criminal history (If any).
In case you do not have any criminal activity in your past, you must obtain a Criminal History Record Information (CHRI) report from a state sheriff’s office or police station. Note that it will cost you a one-time fee of $38.
Along with the report, you must also submit a background clearance application to the GREC, which must not be older than 60 days from the date of your application.
After your application and background check have been completed and approved, you will be eligible to appear for the broker’s licensing exam.
Step 4: Pass the broker’s licensing exam
After completing the mandatory broker training, you will need to appear and pass the broker’s licensing exam.
It is the mandatory step and completing it will take you one step closer to your dream of getting a broker’s license.
You will be required to take this exam with a state-approved test center facility in Georgia. Note that you will have to pay a one-time exam fee of $119.
The Georgia real estate broker licensing exam has 11 simulation questions and to pass the exam, you must score at least 72% to move on to the next phase.
Step 5: Submit your Broker’s License Application
Congratulations! You have successfully reached the last and final step of getting your Georgia state broker license.
All you need to do next is to complete the licensing application and send along with it some key documents, including - a certificate of accuracy, a criminal history record information document, and a signed affidavit of the lawful presence of a licensed proctor.
Note that there is a one-time fee of $170 to be submitted along with your broker’s license application.
Now that you know the steps required to get a broker’s license in the state of Georgia, the final step is to have patience as it can take between two to four months to obtain a license.
What Are The Various Opportunities in a Real Estate Career
Introduction to Careers in Real Estate
A career in real estate can be both challenging and rewarding, especially if you are someone who is always looking for opportunities to grow.
If you think there is only a limited set of careers in real estate, think again!
For the uninitiated, real estate is an umbrella term that encompasses a diverse range of career paths. It is a vast field with a range of departments, functions, and roles to choose from.
Be it entry-level positions to mid-weight roles and leadership opportunities, there is something for everyone in this fast-growing, dynamic industry.
You can work in sales, data, marketing and advertising, portfolio management, investor relations, brokerage, and many more roles.
These are among the many different jobs in real estate and they have their unique and specific set of qualification criteria, educational requirements, and earning potential.
Here’s a checklist of the most common and preferred career paths in the real estate industry:
- Real Estate Agent: If you want to make a living by helping people sell, buy, and lease property, then working as a real estate agent might suit you. One of the most common and preferred career choices, you work as a residential and commercial real estate agent. Typically, real estate agents can earn between a salary range of $50K - $150K or even higher annually.
- Real Estate Broker: Once you gain some experience as a real estate agent, you can upskill and level up in your career to work as a real estate broker. A broker is a highly specialized professional who is responsible for managing real estate agents. Brokers can also legally start their own agency or realty firm. As a real estate broker, you can easily earn between $60K to $200K or higher annually, depending on your skills and expertise.
- Real Estate Appraiser: A real estate appraiser is a licensed professional who is responsible for evaluating the fair market price of a property for financial and taxation purposes. To be an expert in this field, it is necessary to have extensive knowledge about all aspects of the real estate industry.
- Property Manager: A property manager, as the name suggests is responsible for managing all factors connected to a property, from maintenance to collecting rent. The approximate annual compensation of a property manager is in the region of $40K to $70K.
Various sub-sectors in the real estate industry
Apart from being a real estate agent, broker, appraiser, or property manager as explained above, there are several other options that you can try out.
These are real estate marketing specialists, leasing agents, home inspectors, asset managers, developers, consultants, and analysts.
While you have several branches of the real estate industry to choose from, check your eligibility for each of them with the state regulatory body before taking the plunge. Once you have confirmed this aspect, work towards getting a license and launching your career.