The real estate industry is a thriving one, and it offers many opportunities to people with the right skills and qualifications. In Florida, one must have a real estate license to conduct real estate transactions. If you’re interested in becoming a licensed real estate agent in Florida, here’s a step-by-step guide on how to get your real estate license.
Step 1: Meet the requirements
Before you start the licensing process, ensure that you meet the requirements. You must be at least 18 years old and hold a high school diploma or its equivalent. You must also be a US citizen or a permanent resident alien, and you cannot have a felony conviction. You should also complete a 63-hour pre-licensing course, which is available online or in-person.
Step 2: Submit an application
When you’ve met the requirements, you should download and fill out the license application form on the Florida Department of Business and Professional Regulation (DBPR) website. You should complete the application form carefully and provide accurate information, including your personal details and pre-licensing course completion. You’ll also need to pay a non-refundable application fee of $83.75.
Step 3: Take the state exam
Once your application is approved, you can schedule to take the state exam. The Florida real estate exam has 100 multiple-choice questions, and you have three and a half hours to complete it. The exam covers topics such as real estate principles and practices, Florida real estate law, financing, and appraisal.
Step 4: Obtain errors and omissions insurance
After passing your exam, you’ll need to obtain errors and omissions (E&O) insurance. E&O insurance is a type of liability insurance that protects real estate agents from lawsuits filed by clients. The minimum coverage required in Florida is $30,000, and it’s a cost that should be factored in when considering the expense of becoming a real estate agent.
Step 5: Activate your license
Finally, once you’ve passed the state exam and obtained E&O insurance, you can activate your license. You can activate your license online by paying the licensing fee of $91.25. Your license is then valid for two years.
Getting a real estate license in Florida is a straightforward process that follows the steps outlined above. By preparing adequately for the pre-licensing course and state exam, ensuring that you meet the requirements, obtaining E&O insurance, and activating your license, you’ll have everything you need to launch a successful career in real estate. Remember, continuous education is essential in maintaining a real estate license in Florida. Every two years, you’ll need to take 14 hours of continuing education courses.