A broker is a person, who makes efforts to sell and buy property and assets on behalf of others. Brokers provide ease for the buyers, as brokers find perfect houses, and real-estate property and finalize the agreements with the promising and authentic sellers. In today’s world, buying and selling real estate property is no less than a burdensome and difficult task. A broker, who either acts as a principal seller or a principal buyer, happens to be the principal party to the deal. In the case of the non-performance of the contract, a broker is always liable and responsible for the actions of the defaulter party. So, an agreement finalized with a broker brings ease and comfort for both, sellers and buyers.
There are many requirements for becoming a broker in Texas – you cannot open an office and sit for brokering. These requirements are given below:
Prerequisites of Becoming a Broker:
- You must be at least 18 years of age or above.
- You must hold the citizenship of the USA, or must be a lawfully admitted alien.
- You must be a resident of the State of Texas unless you have a broker’s license.
Requirements of Becoming a Broker in Texas:
Following are the main requirements of becoming a broker in Texas:
1. 270-Hours Pre-Licensing Education
You must study and complete the 270-hours pre-licensing educational courses of the brokerage. There are mainly six educational courses. They are given below:
- Principles of Real Estate 1
- Principles of Real Estate II
- Law of Contract
- Law of Agency
- Promulgated Contract Forms
- Real Estate Brokerage and Real Estate Finance
You must complete the 270-clock hours within two years of the application. There is also an additional 630 hours of classroom, which can also be undertaken to appeal to the commission. A bachelor’s degree would also be sufficient for becoming a broker in Texas.
2. Passing the Final Exam
You must pass all the final exams of the course in order to become a broker. The last passing percentage is 70%. You have to take each final exam when a Proctor is present in the room.
You have to make an appointment with the Proctor in order to qualify for the course’s certificates.
3. Experience Requirements of the Brokerage
You must meet the following requirements for becoming a broker in the real estate field:
Four-Years of Experience
You must have at least earned four years of active real estate experience in a licensed real estate agent or a broker.
3600 Hours or 60-Month Experience
You must at least have experience of 3600 hours of real estate brokerage or must have a 60-month preceding experience as a real estate agent.
4. Filling the Application:
Once the entire educational and experience requirement is met, you must fill in the official license application for becoming a broker in the State of Texas.
5. Giving Fingerprints
For background purposes, you will be required to give your fingerprints to the relevant authority.
6. Passing the Final Exam after the Completion of Application
Once the application would be approved by the relevant authority, you will be given the schedule of the exam.
You must be present on time, and give the exam in a sober and decent manner. There are 145 questions in the test, which has two portions.
These two portions consist of questions from both State and National requirements.
Having passed the exam, you will become a professional broker in the State of Texas, USA.
How do you get a broker’s license?
In order to avail license of a broker, you must meet the following requirements:
- You must be 18 years of age.
- You must have a high school diploma or equivalent certificate.
- You must also have 2 to 4 years of active experience as a real estate agent, broker or salesperson.
- You must have completed 270 hours of education or additional hours of brokerage education.
- You must fill in the application for the brokering exam, and prepare to pass it with flying colors.
- You must pay the fee for the exam.
- You must pass the exam to obtain the license of a broker in the State of Texas.
Can You Be Your Own Real Estate Broker?
Yes. A real estate broker can own the company and run it himself/herself. A real estate agent usually works for the real estate broker.
If the real estate broker does not want to hire any employee, a broker can independently run his/her own business.
The proper rules would differ from one state or another. However, the rule stays the same throughout different states; a real estate broker can work for himself.
How Hard Is Real Estate Broker Exam?
Real-Estate broker exam is really hard. The exam consists of two portions; one portion has the questions from the state-related requirements, while another portion has the questions from the national-level requirements.
There are total 145 questions in the exam.
The difficult is the passing percentage, which is set at the 70%. If you do not obtain the 70% of the real estate broker exam, your fee and efforts would fail.
What Does A Broker Do?
A broker is the person, who can be both an individual and a firm who charges a commission or a fee for finalizing an agreement between a seller and a buyer.
A broker charges fees for showing you property – either for rent-purpose or buying intent.
A broker acts as a firm for the customers, buying the property of their choice and getting the customers the dream house.
Conclusion:
A real estate broker is a person, who charges a commission or a fee for selling or buying the properties for the investors, sellers or buyers.
In order to become a broker in Texas, you must have a bachelor’s degree, 270-hours of real estate education, 3600-hours of real estate agent experience, and a 70% score in the final application of real estate brokerage.