If you’ve been working as a real estate agent for several years now, you have hopefully achieved many successful closings. Working full time, you’ve no doubt developed your own style, marketed your business and established a brand that is easily recognizable in your community and online. As time passes, you might want to set new goals, such as focusing on a particular niche or taking your career a step further to become a broker.
The main benefit of becoming a broker is that it enables you to become fully independent in the industry. With your own broker’s license, you no longer must work under another brokerage. Learning more about state requirements to obtain a broker’s license will help you determine if it’s a good fit and if now is the right time to move forward.
You must have 3 active years in real estate sales to qualify
To qualify for a broker’s license, you must have three years of active service in real estate sales. These years of service must have occurred within five years prior to applying for a broker’s license. By fulfilling this requirement, you demonstrate that you have had the real-world experience necessary to work independently as a broker, as well as to lead other agents who might sign on to work under you.
A total of 150 hours of pre-license education is necessary
Every state has its own licensing requirements. In South Carolina, you must complete 60 hours of pre-license education to become eligible to sit for the broker exam, plus the 90 hours you already completed before taking your sales license exam. These hours are split between two separate courses. Once you have completed the course work and have studied well, you can take the state exam.
Similarities between the real estate exam and broker exam
You might recall that the state exam you took to earn your license as a sales agent included a section with national-based questions, as well as questions based on South Carolina laws and regulations. The broker exam is proctored in a similar format. You must correctly answer a total of 85 questions, 60 national-based questions and 25 state-based, to pass the test.
The last step includes a fee and application
A passing grade on the South Carolina broker exam enables you to submit the appropriate fee (it differs for a broker versus a broker-in-charge) and application to obtain your broker license. It’s quite possible to complete the entire process, including the time it takes to become a licensed agent and work in the field for three years, and earn a broker license in less than four years, which is how long it typically takes to earn a college degree.