Guide to Arizona Real Estate License: Costs and Processes
An Introduction to Becoming a Real Estate Agent in Arizona
Why choose real estate as a career option in Arizona?
Do you wish to make a career helping people and earning a six-figure income? If yes, then a career in Arizona real estate might just be what you need as a profession.
Working in real estate can be an enriching and satisfying experience. You do not have fixed working hours and can set your work schedules.
Choosing real estate as a career in Arizona can be a financially and emotionally enriching experience for you.
Plus, you can also explore the opportunity to work independently in the future and start your own business.
Imagine earning handsome commissions by helping clients buy and sell real estate. If this sounds like a professional dream come true to you, then it’s time to start working towards your goal.
Thanks to the stable economy and strong job outlook, the demand for real estate is rising in Arizona. Home prices in the state have grown an impressive 7.5%.
The average salary for a real estate agent in Arizona is around $115K, well above the national average for salaries in the USA.
This proves that working in real estate is a very lucrative and rewarding profession, whether it is as an agent, broker, or realtor.
This guide covers answers to all your common questions in one place from how much does a real estate course cost to what are the eligibility requirements.
Ready to dive deeper into Arizona’s real estate landscape? Let’s begin!
Possibilities and challenges in the Arizona real estate industry
Before you start preparing for the Arizona real estate license application, get to know more about the functioning of the real estate sector.
Arizona has a mix of residential and luxury real estate catering to different budget considerations.
The average selling price for an Arizona home is around $420K which has been rising over the years.
Homes for sale stay in the market for only 34 days, making Arizona a buyer’s market.
Despite growth forecasts, the Grand Canyon state’s real estate market might also witness some challenges due to the supply-demand imbalance. Sellers are holding on to their properties, leading to an artificial increase in demand.
However, the job and population growth continues to rise at a fast pace leading to low to limited supply. However, rising inflation and high interest rates have pushed the cost-of-living index to higher levels.
Real Estate License Arizona Cost
General cost overview of acquiring a real estate license in Arizona
If you are ready to help clients buy and sell real estate, you must first obtain an Arizona real estate license.
Getting a real estate license might seem like a simple task, however, you must first understand the steps required and the costs involved.
The total real estate license in Arizona cost involves many components which are given below.
The factors which will determine the total cost of getting a real estate license are:
- Pre-licensing education:
Completing 90 hours of state-approved pre-licensing education is a must to get your Arizona state license.
You can choose to join an in-person college or enroll in an online pre-licensing course.
Generally, real estate school costs in Arizona will be anywhere between $200 to $700.
- AZ state licensing exam:
After completing the state-approved pre-licensing education, you must appear for the licensing exam.
Taking and clearing this exam is mandatory to obtain your license.
The exam will cost you $75 for each attempt.
- Real estate application fee:
To obtain your license, you will be required to submit a license application with your required details. Along with the application, you will have to pay a fee of $60.
- Fingerprint clearance fee:
The Arizona Department of Real Estate requires all applicants to undergo background verification and identity checks.
This is a mandatory step for all applicants as they will be dealing with sensitive financial and personal data. The fingerprinting cost ranges from $40 to $70 and includes obtaining an electronic fingerprint card and a credit report.
- Optional expenses:
In this category, include expenses such as membership fees, license renewal costs, and continuing education courses.
For example - the Arizona real estate license renewal fee will be around $60.
Plus, the continuing education courses cost anywhere between $100 to $600.
Further, the cost to become a member of the National Realtors Association is $150.
All in all, you can expect to pay around $500 to $800 as optional expenses to succeed and advance in your career.
Factors affecting the license costs
The final cost for getting an AZ real estate license varies on multiple factors such as:
- The cost of your pre-licensing education
- The region or city you are applying for your license from
- How many attempts do you require to clear the Arizona licensing exam
- Whether you opt for any special membership or networking groups
How Much Does a Real Estate Course Cost
Overview of real estate course costs in Arizona
As per the Arizona Department of Real Estate, every applicant must complete 90 hours of state-approved pre-licensing education.
So, let us analyze in-depth how much does a real estate course cost in AZ.
To understand the costs associated with completing education, you must first understand the different types of pre-licensing courses available.
Generally, the cost of a pre-licensing course varies depending on the length of the course.
Some education providers offer comprehensive, in-depth courses which are lengthier in duration and therefore cost more.
Whereas, you can opt for shorter, fast-track courses which will be more affordable for you.
Some additional factors which influence the cost of real estate courses are:
- The type of course package will directly affect how expensive or affordable your real estate course will be. Some schools offer extensive features and bundled-in resources which are more expensive than basic, elementary courses.
- The course delivery format will also impact the final price of your pre-licensing education. In-person classroom courses are more expensive as compared to online learning programs.
- The reputation of the education provider also influences the overall cost of the pre-licensing education. Well-known, experienced real estate colleges and schools are often pricier than their newly established counterparts.
Real Estate School Cost
Choosing a real estate school in Arizona: Things to Consider
- Check the experience of your education provider
- Evaluate their past track record of success
- Ensure they are approved and accredited by the Arizona Real Estate Department
- Discuss about the course curriculum and teaching methodology
- Check if they offer any value-added benefits and features as part of the course
- Explore the type of content delivery methods they offer for teaching
- Ask if they provide any money-back guarantee if you are unable to clear the exam
Therefore, it is important to be clear and transparent with your education provider before finalizing.
Impact of school and program choice on costs
The type of real estate education program will depend on the type of school you choose.
Established state-approved course providers charge more for pre-licensing courses but then the quality is above par with a high success rate. They also offer additional learning resources such as practice tests, expert lessons, and sample questions.