When I Say This, People Always Counter With, “Of Course You Do, You Have A Hidden Agenda”
My agenda is not hidden. It is right out in front. If more people become brokers, I make more money if some of them complete their courses with me. This does not make me wrong or a bad person.
Someone Wanted To Work For One Company For Sales And Another Company For Mortgage Lending
He could not do it as he was a salesperson. If he were a broker associate, he could do this if the two companies are told he is doing it and they approve.
It is a statistic that Broker Associates average higher income than Sales Associates.
There is no more liability as a Broker Associate than as a Sales Associates. E and O insurance rates are the same.
Reasons Why It Is Better To Be A Broker
- When retired, you can refer someone from your past database and keep the entire commission
- If you are a Broker on your own, you receive a higher commission on each sale.
- You have flexibility. Some licensees suddenly get a great opportunity, but need a Broker’s License.
Take The Courses
If you completed the 3 College Level Courses to become a Salesperson, you need 5 more courses and then prepare for and take the tests.
Minimum time for each course is 18 days, so it is three months just to finish the courses, and another 53 days if you do not have those courses.
The Number Of New Brokers Is Dropping
CAR sponsored a regulation that took away the right to substitute any college degree for the two years’ experience.
Now only a major or minor in Real Estate will allow that exemption.
That means many people with college degrees in Business, Accounting, Finance, and a LLB etc. are not getting licenses like in the past. Fewer Brokers and fewer Brokers with college degrees.
Any questions on why that change, ask CAR.
The Education Might Actually Help You Sometime
You have to complete 8 college level courses and pass an exam.
It is not easy to become a broker; historically about only 40% pass the Broker Exam.
If there is to be a change in your real estate life, there must be some change.
Passing a test that only 40% can pass is an achievement, and you should feel good about yourself.
Always be going forward, they may be gaining on you.
See you in class.
Hi,
I have my real estate lic. Since 2004, my last sale was in 2004, I am active but haven’t sale anything lately because I am also a teacher holding a degree in business administration. I have taken my courses through you to renew my sales lic. What courses do I need to become a broker and what are all other requirements. Do I need to be a full time sales agent.
Hi Guadalupe,
There are 8 requirement courses to become a Broker.
What courses you need to satisfy the requirements all depends on what courses you have already taken when you qualified for the Salesperson exam; as we’d hate for you to have to accidentally take a course you already completed, unnecessarily.
We would be happy to check which courses the CalBRE has on record for you if you would kindly give our office a call at 1-800-439-4909 anytime between 9am-4:45pm Monday through Friday.
You mention that a broker may be able to work for both a real estate company and a mortgage lender. From what I understand this is acceptable only if the person wants to work with a mortgage broker and not a mortgage banker/lender or a bank. The reason is not the nmls or bre, it is hud. HUD has takes issue with a mortgage banker/lender or bank employee having another job in the “same industry”. I have also heard that even if you work at a mortgage broker, HUD still has an issue if that broker offers FHA loans. What have you heard on this topic?
Exactly what you have heard. By the way, thank you for reading my blog. Sometimes when you write for a general audience, it is difficult to mention all nuances.
Thank you for pointing this out.