When you go for the Washington real estate licensing exam, you should bring two forms of ID with your name, signature, and current photograph. The exam results are valid for one-year. You will need to apply for your broker's licence before they expire. If you fail the exam you will be given instructions about how to retake it in six months. You can submit your official application once you have passed the exam.
Pre-licensing education requirements
Washington requires all real estate agents to complete at minimum 90 hours of prelicensing education. The 90-hour course covers real estate principles, contracts and finance. 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 each applicant to pass background checks before they can take the realty exam. The state licensing testing agency must be registered before the candidates can take the exam. They must also submit proof of completion. They must pass the broker's exam, and answer legal background questions. The applicant must also submit their fingerprints every six months for a background screening. This information is available to applicants who have received pre-licensing education from another state.
Exam content
The WA real estate licensing exam consists in two parts. There is a national portion and a state-specific part. Interspersed are the questions from each section. Experimental questions of five to ten question will be accepted and not scored. Both portions have multiple-choice questions, and the test taker has 3.5 hours to finish both parts. To pass, you will need a scaled score between 70 and 80. The test content is extensive and covers all aspects the state's real-estate laws, contracts, procedures.
Pre-licensing courses cover many of the same topics that the exam. You will need to know the basics of real estate math and the formulas for solving common real estate calculations. The subjects covered on the test are not constantly changing, and taking practice tests is essential to improving your score. Practice tests can be helpful to help you learn the format and identify your weak points. A few math formulas and facts from your pre-licensing course should be memorized.
Cost
The cost for real estate licensing in each state varies, as does the type and size of your business. The cost of a salesperson license will be less than that of a broker license. This is because the former requires additional education and 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. You have many marketing options, including print ads, digital ads and social media campaigns.
Pre-licensing coursework can cost anywhere from $260 to $500 depending on where you take it. After you have successfully completed the course, you will need to pass the state licensing exam. An additional $50-60 cost to join the MLS. Fees for MLS membership differ by region so it is important to compare the costs with your local fees. You will also likely have to pay a small fee in order to become a member of National Association of Realtors. This fee is separate.
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. In addition to the online classes, you will get valuable exam prep services and tutor support from instructors. Exam Preparation Plus can be purchased to upgrade your course. It includes a real-estate dictionary, live examcramer series, and Q&A sessions with instructors.
Kaplan offers five WA prelicensing 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 for flexibility in how you work and can be resumed from where you left off. Kaplan's courses include current and relevant topics.
FAQ
What is the average time it takes to get a mortgage approval?
It depends on many factors like credit score, income, type of loan, etc. Generally speaking, it takes around 30 days to get a mortgage approved.
How can I tell if my house has value?
If you have an asking price that's too low, it could be because your home isn't priced correctly. If you have an asking price well below market value, then there may not be enough interest in your home. To learn more about current market conditions, you can download our free Home Value Report.
Can I purchase a house with no down payment?
Yes! There are many programs that can help people who don’t have a lot of money to purchase a property. These programs include conventional mortgages, VA loans, USDA loans and government-backed loans (FHA), VA loan, USDA loans, as well as conventional loans. More information is available on our website.
Statistics
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (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)
- 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)
- 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)
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How To
How to find houses to rent
Renting houses is one of the most popular tasks for anyone who wants to move. Finding the perfect house can take time. There are many factors that can influence your decision-making process in choosing a home. These factors include the location, size, number and amenities of the rooms, as well as price range.
We recommend you begin looking for properties as soon as possible to ensure you get the best deal. For recommendations, you can also ask family members, landlords and real estate agents as well as property managers. You'll be able to select from many options.