Two forms of identification with your name and signature should be brought to the Washington real estate licensing exam. Also, the exam's results are only valid for one year. This means that you will have to apply for your broker’s license before they expire. If you fail the exam, you will be given instructions on how to retake it within six months. Once you have passed the exam, you can submit your official application.
Pre-licensing education requirements
Washington requires that every aspiring real-estate agent completes at least 90 hours pre-licensing training before taking the exam. The 90-hour course covers real estate principles, contracts and finance. Each module covers a different topic and the courses are delivered online. The study guides will include optional exams and study guides that will assist students in preparing for the real property exam.
The Washington State Department of Licensing and Regulation requires all applicants to pass a background check prior to taking the real estate exam. Candidates must register with the state's licensing test agency before they can take the exam. They must also provide evidence of course completion. They must pass a broker’s exam and answer questions about legal background. They must also submit their fingerprints to a background check once every six years. Applicants who have completed pre-licensing education in another state will be able to use this information.
Exam content
The WA exam for real estate licenses consists two parts: the national portion and the state-specific section. Each portion has interspersed questions. Between five and ten questions are considered experimental. These questions will not be scored. Each portion has multiple-choice questions. The test taker has 3.5 hours for each part. Passing the exam requires a score of 70. The test content covers all aspects of state real estate laws, contracts and procedures.
A pre-licensing course covers many of the same topics as the exam. Real estate math basics and formulas to solve common real estate calculations will be required. Practice tests are a great way to improve your score. To ensure that you are familiar with the test format and to identify any weak areas, practice tests may be useful. Remember to memorize the facts and formulas you learned in your prelicensing course.
Cost
The cost for real estate licensing in each state varies, as does the type and size of your business. A salesperson license is less expensive than a broker license, as the latter requires additional schooling and state licensing fees. Real estate licensing costs can be more expensive if you start from scratch. However, you can reduce these costs by creating your business plan and identifying potential clients. You have many marketing options, including print ads, digital ads and social media campaigns.
The cost of pre-licensing coursework will range from $260 to $500, depending on where you choose to take it. Once you have completed the required course, you'll have to pass the state licensing exam. Additional $50-60 is required to become a member of the MLS. Fees for MLS membership differ by region so it is important to compare the costs with your local fees. To become a member of National Association of Realtors, you will need to pay an additional fee.
Online options
It can be a good idea to choose an online school to fulfill your Washington real estate licensing requirements. Online schools are more flexible than traditional schools. You can work at your own pace and access the information you need. This will allow you to complete your education in as little as possible. Online classes offer valuable exam preparation services and tutor support. You can also upgrade your course by purchasing Exam Preparation Plus. This includes a real estate dictionary and live exam cramer series. There is also a Q&A session with instructors.
Kaplan offers five WA prelicensing packages. You can choose from the Premium or Value packages depending on your needs. These packages include three online courses that require fewer than nine credit hours each. Both packages allow you to complete the coursework when it is most convenient for you, and you can resume from where you left off if you need to. Kaplan's courses have been developed by real estate professionals who are experts in current and relevant topics.
FAQ
Are flood insurance necessary?
Flood Insurance protects you from flooding damage. Flood insurance protects your possessions and your mortgage payments. Learn more about flood insurance here.
Can I afford a downpayment to buy a house?
Yes! Yes! There are many programs that make it possible for people with low incomes to buy a house. These programs include government-backed mortgages (FHA), VA loans and USDA loans. Check out our website for additional information.
How long does it take for a mortgage to be approved?
It depends on many factors like credit score, income, type of loan, etc. It typically takes 30 days for a mortgage to be approved.
What should I consider when investing my money in real estate
You must first ensure you have enough funds to invest in property. You can borrow money from a bank or financial institution if you don't have enough money. You also need to ensure you are not going into debt because you cannot afford to pay back what you owe if you default on the loan.
It is also important to know how much money you can afford each month for an investment property. This amount should include mortgage payments, taxes, insurance and maintenance costs.
It is important to ensure safety in the area you are looking at purchasing an investment property. It would be best to look at properties while you are away.
Statistics
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
- This seems to be a more popular trend as the U.S. Census Bureau reports the homeownership rate was around 65% last year. (fortunebuilders.com)
- Based on your credit scores and other financial details, your lender offers you a 3.5% interest rate on loan. (investopedia.com)
- It's possible to get approved for an FHA loan with a credit score as low as 580 and a down payment of 3.5% or a credit score as low as 500 and a 10% down payment.5 Specialty mortgage loans are loans that don't fit into the conventional or FHA loan categories. (investopedia.com)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
External Links
How To
How do I find an apartment?
When moving to a new area, the first step is finding an apartment. This requires planning and research. This includes researching the neighborhood, reviewing reviews, and making phone call. There are many ways to do this, but some are easier than others. Before you rent an apartment, consider these steps.
-
You can gather data offline as well as online to research your neighborhood. Online resources include websites such as Yelp, Zillow, Trulia, Realtor.com, etc. Online sources include local newspapers and real estate agents as well as landlords and friends.
-
Review the area where you would like to live. Review sites like Yelp, TripAdvisor, and Amazon have detailed reviews of apartments and houses. You can also check out the local library and read articles in local newspapers.
-
For more information, make phone calls and speak with people who have lived in the area. Ask them what they loved and disliked about the area. Ask them if they have any recommendations on good places to live.
-
Consider the rent prices in the areas you're interested in. You might consider renting somewhere more affordable if you anticipate spending most of your money on food. Consider moving to a higher-end location if you expect to spend a lot money on entertainment.
-
Find out all you need to know about the apartment complex where you want to live. It's size, for example. What's the price? Is it pet-friendly What amenities do they offer? Can you park near it or do you need to have parking? Do tenants have to follow any rules?