The process of obtaining a Massachusetts real-estate license is relatively straightforward. The state has many requirements that applicants must comply with. The exam is also very straightforward, and there are many pre-licensing classes available. These classes are offered online, at your own pace, and with a variety of options. There is a class for everyone, no matter your level of experience or whether you are just starting out in real estate.
You will need to first complete the pre-licensing education if you want to become a real estate agent. You will need to complete 40 hours of approved courses. The background check and surety bond must be completed before you can apply for a license. The cost for a Massachusetts real estate license is approximately $600. Depending on the course you choose, you may be able to enroll in a course at night, online, or even livestream. If you don't have the time to take a full-time course, you can attend classes at an approved school.
The pre-licensing education is not enough. You must also pass the Massachusetts realty salesperson exam. This test is administered by PSI and is divided into two sections. The first section examines national regulations and the second examines Massachusetts' laws and rules. After each section, you'll receive a diagnosis report. This report will be useful as it will help you prepare to take the exam and can also serve as a reference for when you are preparing for a repeat.
You will need to pass a criminal background check in order to get a real estate license. A background check is not required if you have any convictions. If you are convicted of driving while impaired, you will need to conduct a background check.
The exam fee is required in addition to meeting the pre-licensing criteria. This fee can be paid using a credit card or a debit card. Also, you will need to complete an exam admittance application. The application fee is $31 and the exam fee is $54. You can pay the fee with a debit or credit card or you can use a check payable to PSI. You will need to pay the fee at least 30 days before the exam. It will vary from center-to-center, but can be as low or high as $103 to $150.
Once you've completed the pre-licensing requirements, it's time to study for the real estate exam. You can take the exam at an authorized testing center in person or you can do it online at your own pace. The exam will be administered in a multiple-choice format, and you will need to answer at least 70 percent of the questions to pass. You can also take a practice exam if you're concerned about passing the actual exam.
FAQ
How much should I save before I buy a home?
It all depends on how long your plan to stay there. It is important to start saving as soon as you can if you intend to stay there for more than five years. But, if your goal is to move within the next two-years, you don’t have to be too concerned.
How many times may I refinance my home mortgage?
This depends on whether you are refinancing with another lender or using a mortgage broker. You can typically refinance once every five year in either case.
How long does it take to sell my home?
It depends on many different factors, including the condition of your home, the number of similar homes currently listed for sale, the overall demand for homes in your area, the local housing market conditions, etc. It can take anywhere from 7 to 90 days, depending on the factors.
What should I do if I want to use a mortgage broker
If you are looking for a competitive rate, consider using a mortgage broker. Brokers can negotiate deals for you with multiple lenders. Brokers may receive commissions from lenders. Before you sign up for a broker, make sure to check all fees.
Statistics
- This means that all of your housing-related expenses each month do not exceed 43% of your monthly income. (fortunebuilders.com)
- Some experts hypothesize that rates will hit five percent by the second half of 2018, but there has been no official confirmation one way or the other. (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)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
External Links
How To
How to Find Real Estate Agents
A vital part of the real estate industry is played by real estate agents. They sell homes and properties, provide property management services, and offer legal advice. Experience in the field, knowledge about your area and great communication skills are all necessary for a top-rated real estate agent. For recommendations, check out online reviews and talk to friends and family about finding a qualified professional. It may also make sense to hire a local realtor that specializes in your particular needs.
Realtors work with homeowners and property sellers. The job of a realtor is to assist clients in buying or selling their homes. Apart from helping clients find the perfect house to call their own, realtors help manage inspections, negotiate contracts and coordinate closing costs. A majority of realtors charge a commission fee depending on the property's sale price. Unless the transaction closes however, there are some realtors who don't charge a commission fee.
The National Association of Realtors(r) (NAR), offers many different types of real estate agents. NAR members must pass a licensing exam and pay fees. The course must be passed and the exam must be passed by certified realtors. NAR designates accredited realtors as professionals who meet specific standards.