Do you want to take the next step in your real estate career? Are you currently an agent, but looking for more? Learning how to become a real estate broker in Florida will help you advance your career.
There are many good reasons to become a broker in Florida. you’ll earn more money, gain more recognition, and take on more responsibility. If this is the direction you’d like to take, you should know how to become a real estate broker in Florida.
Before we get into the steps, you should know the job duties. Real estate brokers take on more than an agent does. Let’s look at the job duties and the steps to becoming a broker in FL.
Job Duties of a Real Estate Broker
As a real estate broker, you will take on all the responsibilities of an agent and more. Real estate brokers still list homes and help buyers and sellers with this very important transaction. Some of the common job duties include:
- Listing client homes for sale on the Multiple Listing Service (MLS)
- Building and maintaining relationships with appraisers, lenders, home inspectors, title companies, and escrow companies.
- Preparing all the proper paperwork for real estate transactions
- Marketing and promoting client homes for sale through open houses, social media, and more
- Guiding and helping real estate agents when closing deals
- Evaluating the financial abilities of a client and establishing their buying power
These types of job duties are rather common for real estate brokers in Florida. You may have other duties, too, depending on your team and the role you take.
How to Become a Real Estate Broker in Florida in 7 Steps
Step #1 – Become a Real Estate Agent in Florida
The first step towards becoming a real estate broker in Florida is to get your real estate salesperson license. When you become a real estate agent, you will need to complete all the requirements including:
- Be at least 18 years of age with a high school diploma or GED and a social security number
- Complete the 63-hour pre-licensing education
- Apply for your real estate license
- Pass the exam
- Find a supervising broker with an active license
After you complete all of these steps, you will become a real estate agent in Florida. This is the first and very important step to becoming a real estate broker in Florida.
Step #2 – Get Experience as an Agent
You will need to have at least 24 months of full-time real estate experience within a five-year period to become a broker. This time and experience will help you learn about real estate with a hands-on approach. It will also help you figure out if you want to become a real estate broker in Florida.
Step #3 – Complete the Broker Pre-Licensing Courses
Along with the 63-hour pre-licensing education to become a real estate agent, you will need to complete a 72-hour broker-specific course. This course will be waived if you have a four-year university degree with a major in real estate.
Both the agent and broker courses can be completed online. You can work at your own pace and complete the education hours as fast or as slowly as you prefer. These courses will cover topics, such as:
- Principles and Practices
- Real Estate MAth
- Escrow Account Reconciliation
- Closing Statements
- Real Estate Law
Make sure you take these courses from a provider approved by the FREC.
Step #4 – Submit your Broker License Application
It’s necessary to submit your broker application, along with the necessary fee. You will also need to submit fingerprints and have a background check done. Documentation proving you completed the pre-license education and have the necessary experience will also need to be included.
Step #5 – Pass the Broker Exam
Of course, you will also need to pass the real estate broker exam in Florida. This exam is administered by PearsonVUE. You will need to complete 100 multiple choice questions and you have to score a 75% to pass. The exam is 3.5 hours long.
After you submit your application, you will be able to schedule your exam. This can be done through the PearsonVUE website.
Step #6 – Activate Your License
After you pass the exam and you receive your license, it will be an inactive broker license. You will have to complete the DBPR’s RE 13 Broker Transaction form to activate your license. This form will need to be submitted to your testing site after you take the exam. You may also fill it out and mail it to the Florida Real Estate Commission.
Step #7 – Finish the Post-Licensing Education
You are officially a real estate broker in Florida. However, your license will only be good for one renewal period, which is 18 to 24 months. To get your full license, you will need to complete the 60-hour post-licensing education coursework. These courses will cover brokerage management and real estate investment.
You can complete this education online through a FREC-approved option. It can also be done in person, or in a classroom, if you prefer.
Frequently Asked Questions About Becoming a Real Estate Broker in Florida
What is the average salary for a real estate broker in Florida?
According to Salary.com, you can earn between $52K and $75K as a real estate broker in Florida. SalaryExpert.com puts the average broker salary at $78K. However, their range goes from $44K to about $100K for brokers.
While these salary numbers are the averages, you can earn more than the average. Top brokers earn well over $100K per year in Florida. The longer you’ve been a broker, the more you will likely be able to make.
How long will it take me to become a broker in Florida?
The pace is up to you when it comes to education courses. You can complete them in a few months or take a year or longer. The rest of the process will likely take several weeks or a few months to complete. It may take as long as three years to meet the requirements, but it can happen faster, too.
Of course, you will need two years of experience as an agent first. This is the portion of the process that will likely take you the longest.
What if I fail the exam the first time?
If you don’t pass the exam the first time, don’t worry. You will have to wait 30 days, but you can retake the exam a second time. If you want to take it sooner, you will have to retake the entire pre-licensing course.
Does Florida offer reciprocity for brokers from other states?
If you have a broker license in another state, you can get your Florida broker license without as much work. Florida has a reciprocity agreement with eight states, which are:
- Rhode Island
If you have a broker license in one of these states, you will still need to pass the Florida-specific real estate law exam. This exam has 40 multiple-choice questions.
Those with a broker license from Alabama or Arkansas have to have held it for at least 24 months in the past five years.
Will the broker exam be difficult in Florida?
Yes, this is not an easy exam to pass. It will consist of 100 questions and you will need to get 75 correct to pass. However, you can use an online exam prep course to help prepare you. Passing the first time will save you both time and money. Using a prep course can help you pass the first time.
What will it cost me to become a real estate broker in Florida?
You will pay around $350 for the 72-hour broker pre-licensing course, depending on the package and the provider. It’s also necessary to pay a $91.75 fee for the application. Fingerprinting will cost $75 and there is a $31.50 fee for each time you take the broker exam.
The total you will pay to become a broker will range from about $550 to about $750, depending on the course and exam prep course you choose. Plus, you will have to pay the fees to become an agent, first.
Do I have to complete continuing education as a real estate broker in Florida?
Yes, you will have to complete the 60-hour post-licensing education for your first renewal period. After the first period, you will need to complete 14 hours of FREC-approved continuing education every two years.
Most continuing education courses can be taken online and you can find several approved providers. There are multiple choices, but some courses may be required for each renewal period.
If you want to grow your career in real estate in Florida, become a broker. As a broker, you can manage other agents and make more money each year. It will take some time and some effort, but you can use the steps above to become a real estate broker in Florida.