Question:
well i m aware of in order to be a real estate broker you need to have a licence, i just wondering who is in this field can give me some informations on when you are a broker how it works, after you gotta a licence , will you hired by a brokerage, do you need to pay to stay in a brokerage, how much the course cost , and how long. i don't really know what to do with my life. i 'm interested in real estate, i'm living in toronto. thx
Answers:
There is a big difference in being a real estate broker and being a real estate agent. You will need to start as an agent working for another broker.
The steps in Canada are probably different than for the US, but here, you take an 80-hour course, take the state licensure test, pay your $1000 fee for the course/test/license, and in some areas, you have to find a broker to "sponsor" you before they will let you take the test. In other words, you have to find a broker that says he will hire you if you pass the test. That keeps every person on the street from just going out and getting a license.
Different brokerages have different rules for payment and commission. Some pay you a flat rate per montha and then deduct your commission off of that. Any extra commission you make is yours to keep. With that method, you are guaranteed a minimum monthly salary. You will most likely have to sell for years and prove yourself before someone will pay this way. Some pay commission only, and that's pretty much what you can expect when starting out.
What % commission they pay to you will vary from brokerage to brokerage, too. Here, real estate companies charge 6% to a seller to sell a house. 3% goes to the seller's brokerage and 3% goes to the buyer's brokerage. In most cases, the agent gets 1% and the "house" gets 2%. However, if you are both the buyer's and seller's agent, you may be able to negotiate more than 1%.
There are three phases or courses you have to take through www.oreacollege.com All in all you take it at your own pace and can be done fairly quickly. The costs for the courses are almost 900 dollars.
The website in itself has ALOT of information and i suggest you read it. If you would like any PERSONAL opinion from someone who is in the field feel free to email me any other questions at intact15@hotmail.com
Go to your local real estate office and ask them about becoming an agent. They will tell you what is needed to become licensed.
The rules and regulations vary from State to State and Country.
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