Also, Are there any readers out there
who have tried to take a real estate license / exam ?
7 posts to this thread only......; (
I guess if this was posted during the heyday
of real estate, would've gotten alot more interest!
The average age of users here is lower than you'd think so that should explain it. If you're really eager to find answers there is a fair amount of information out there if you hunt for it.
its hard, but its not like school where you get a grade and you feel like you failed. Its a pass or fail exam, you know how many questions you missed but who cares YOU PASSED. the classes are a bore, but you really need to pay attention. Take great notes and study. Beacuse its a short term class ( usually saturday and sundays all day for 8 weeks) its a lot at one time. stick through it and it will pay off in the end.
Good luck man. its a great career choice. the market will come back up, about the time you have built yourself up.
It is not hard and it is not like school. The salespersons exam is a memory game, the brokers exam is a memory game with more questions. However, you can't take the broker's exam without a 4-year degree in business or something in the world of finance OR two years experience as a licensed real estate salesperson. This may vary from state to state therefore you may want to check out your state's department of real estate website.
or otherwise put: Can one practice real estate in California
with a New York real estate license ?
No. You must be licensed in every state but some states allow you to perform a certain amount of transactions per year under some exempt law. Expect to see that law go away or become more strict in the future due to fraud.
Overall you can get your license at any time. Clearly there was a better time to earn a better living and that time will come back. You will ultimately have to decide what you want to do. When people think real estate mortgage lending, etc etc, they think sub-prime. Prime still exists and FHA/VA loans are very much obtainable. However, housing prices and tighter guidelines are forcing people to actually put money into the deals whereas before any moron with a job (and even some without) could get a loan. It really didn't matter if you could afford it or not. Brokers certainly didn't care either as long as they made their money. We all ran fast and loose.
You weren't exactly specific as to what you wanted to do. Do you want to sell homes? Do you want to lend money? Do you want to broker loans (you do all the work and a bank funds the deal). Clearly you started your research here but I would start (as stated before) on your state's department of real estate website.
There is money to be made today in real estate, but not like it was before. The days of some average joe walking into an office and buying a house he/she cannot afford are over. Likewise, there is a market for sub-prime mortgages but there are no outlets for such loans. Unless you deal with people who have great credit and 5-20% down to put into the deal you may as well study hard, get your license and find another job to pay your bills until the empty space where sub-prime lenders were fills back up again.
