You will need two forms of identification to pass the Washington real-estate licensing exam. One should have your name, signature and current photograph. 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. After passing the exam, you will be able to submit your official application.
Pre-licensing education requirements
The state of Washington requires that all aspiring real estate agents complete at least 90 hours of pre-licensing education prior to taking their exam. This 90-hour course covers finance, contract principles, real estate principles, and much more. The online courses provide access to multiple modules which cover different topics. Students will receive study materials and optional exams to help them prepare for their real estate exam.
Washington State Department of Licensing and Regulation requires applicants to undergo a background investigation before taking the real-estate exam. Candidates must register at the state's licensing agency to be eligible for the exam. They must also provide evidence of course completion. They must pass a broker exam and answer legal background question. 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. Interspersed are the questions from each section. Five to ten questions from each section will be considered experimental. They are not scored. Both sections are multiple-choice and take 3.5 hours. A scaled score of 70 or more is required to pass the test. In general, the test content is comprehensive, covering all aspects of the state's 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. It is important to practice the test frequently as subjects are constantly changing. Practice tests can also be used to review the format and highlight your weak areas. It is important to remember some math formulas and facts you have learned in your prelicensing class.
Cost
The cost of wa realty licensing varies from one state to another and depends on the type of business that you have. A salesperson license is less expensive than a broker license, as the latter requires additional schooling and state licensing fees. You may have to pay more for real estate licensing if you are just starting out. However, this can be reduced by creating a business strategy and identifying your potential clients. There are numerous marketing options available such as social media campaigns, digital ads, and print ads.
Pre-licensing coursework costs between $260 and $500, depending on where it is taken. Once you have completed the course, the state licensing exam will be taken. An additional $50-60 cost to join the MLS. The fees for MLS membership vary from one region to the next. You'll need to verify your local fees to find out the exact cost. In addition, you will likely need to pay a small fee to become a member of the National Association of Realtors, which requires a separate fee.
Online options
A good decision is to make an online school your Washington license. Unlike classroom-based schools, online schools allow you to set your own pace and get the information you need, so you can complete your studies in as little time 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 pre-licensing packages. You have two options: the Premium or Value package. These packages offer three online courses with a total of nine credit hours. 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 include current and relevant topics.
FAQ
What are the drawbacks of a fixed rate mortgage?
Fixed-rate loans are more expensive than adjustable-rate mortgages because they have higher initial costs. A steep loss could also occur if you sell your home before the term ends due to the difference in the sale price and outstanding balance.
How much will my home cost?
This can vary greatly depending on many factors like the condition of your house and how long it's been on the market. Zillow.com says that the average selling cost for a US house is $203,000 This
Is it possible fast to sell your house?
If you plan to move out of your current residence within the next few months, it may be possible to sell your house quickly. There are some things to remember before you do this. First, find a buyer for your house and then negotiate a contract. Second, you need to prepare your house for sale. Third, you need to advertise your property. Finally, you need to accept offers made to you.
Can I get another mortgage?
Yes. However it is best to seek the advice of a professional to determine if you should apply. A second mortgage is usually used to consolidate existing debts and to finance home improvements.
What is a Reverse Mortgage?
A reverse mortgage is a way to borrow money from your home without having to put any equity into the property. You can draw money from your home equity, while you live in the property. There are two types available: FHA (government-insured) and conventional. A conventional reverse mortgage requires that you repay the entire amount borrowed, plus an origination fee. FHA insurance covers the repayment.
How many times can I refinance my mortgage?
It all depends on whether your mortgage broker or another lender is involved in the refinance. Refinances are usually allowed once every five years in both cases.
Statistics
- Private mortgage insurance may be required for conventional loans when the borrower puts less than 20% down.4 FHA loans are mortgage loans issued by private lenders and backed by the federal government. (investopedia.com)
- Based on your credit scores and other financial details, your lender offers you a 3.5% interest rate on loan. (investopedia.com)
- This means that all of your housing-related expenses each month do not exceed 43% of your monthly income. (fortunebuilders.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)
- When it came to buying a home in 2015, experts predicted that mortgage rates would surpass five percent, yet interest rates remained below four percent. (fortunebuilders.com)
External Links
How To
How to Find a Real Estate Agent
The real estate market is dominated by agents. They can sell properties and homes as well as provide property management and legal advice. You will find the best real estate agents with experience, knowledge and communication skills. To find a qualified professional, you should look at online reviews and ask friends and family for recommendations. A local realtor may be able to help you with your needs.
Realtors work with buyers and sellers of residential properties. It is the job of a realtor to help clients sell or buy their home. A realtor helps clients find the right house. They also help with negotiations, inspections, and coordination of closing costs. Most realtors charge commission fees based on property sale price. However, some realtors don't charge a fee unless the transaction closes.
The National Association of Realtors(r), (NAR), has several types of licensed realtors. Licensed realtors must pass a test and pay fees to become members of NAR. The course must be passed and the exam must be passed by certified realtors. NAR designates accredited realtors as professionals who meet specific standards.