It is easier to acquire your Mississippi real estate license than it is in other states. You are required to complete just 60 hours of a pre-licensing course approved by the Mississippi Real Estate Commission. Some states, such as Texas, need you to put in 180 hours of coursework to attain a real estate license. Here are the other requirements necessary for a real estate license in Mississippi.
- To qualify as a real estate agent in Mississippi, you have to be 18 years old and above and be residing in Mississippi when you submit your application. You also need to be a high school diploma graduate or have a GED.
- Study and finish your pre-license education. You have to enroll in a Mississippi real estate school and complete the Mississippi real estate course comprising 60 hours of coursework. You are required to take up to eight hours a day of the course work in a day.
- Plan, sit and pass the exam. PSI Examination Services do testing; therefore, you have to make plans with them and set a date to take the exam. The exam is in two sections; the state and national section, and you have to excel in both. The national section requires at least 70% pass while obtaining 75% in the state section. There is a Candidate Information Booklet, which you can use as a guide through the testing process.
- Get sponsorship from a real estate broker licensed to work in Mississippi.
- License application. As an applicant, you need to fill out the application as provided by the state and provide all relevant data. In addition, you also provide the following:
- A sworn statement from your sponsoring broker to certify that you are trustworthy and honest, and recommend that you be issued with the license
- Your application should be accompanied by two photographs of yourself in whatever form the Commission deems appropriate.
- Each application should include the applicant’s social security number(s).
- Start your Mississippi real estate course. For first-year real estate renewals, you’ll have to finish 30 hours of post-licensing education.
- Continuing education. After completing your pre-license and post-license education, you will take another 16 hours of continuing education before you make your first license renewal.
What does the pre-licensing course cover?
- Agency Disclosure and Duties to Parties
- Broker Responsibilities
- Land use controls and regulations
- Laws of agency
- Licensing Requirements and License Maintenance
- Mandated disclosures
- Out-of-State Brokers and Developers
- Practice of real estate
- Property Condition Disclosures
- Property ownership
- Real estate calculations
- Records and Documents
- Specialty areas
- Transfer of title
- Trust Accounts
- Valuation and market analysis
Can I apply for a Mississippi real estate license if I have a criminal record?
Yes, you can. If you have a criminal record, you can apply for real estate licensing in Mississippi. When submitting your application, including your criminal history together with relevant documents relating to the conviction. Submit your fingerprints for forwarding to the FBI and the Division of Criminal Justice Information Systems. The institutions will investigate in consideration of your merits.
Do I have to attend class in person?
You do not have to attend a learning session physically. Although it is possible to take the pre-licensing course at a physical real estate school, you do have the option of taking your courses online. Taking the pre-licensing course online is much cheaper, and the coursework is still the same.
What do I bring to the exam?
- Two forms of identification with signatures, one identification document has to be government-issued, such as a passport, driver’s license, or credit/debit card with a valid signature.
- A number confirming the date of reservation
- The exam fee is $75 for both sections, even if you take one part of the exam. If you fail and have to retake the exam, you will pay $75 for one of both sections.
- The registration fee is non-refundable, and they expire one year after registering.
- After passing the exam, you will pay $110 with the real estate license application
- 120 multiple-choice questions that you have to complete within four hours
- The state section has 40 questions, and you are required to pass at least 30 of them
- The national portion has 80 questions, and you need to pass at least 56 of them
How do I Earn Money as a Real Estate Agent?
A career as a real estate agent is one of the most rewarding today; therefore, earning as a real estate agent has limitless possibilities. The more you make sales on properties, the more you earn in incentives. However, most agents do not meet their targets as they lack selling skills, among other reasons. One reason is that they fail to explore various ways of selling properties. It is easy to make money in real estate as the residential and commercial property market is rapidly expanding. You only have to employ a few tricks to lure prospective buyers.
Ideas of Ways Real Estate Agents Earn Money
Become an Agent for Property Buyers
Most agents make money by becoming a buyer’s agent. They work for anyone who wants to buy a house. A buyer’s agent takes clients to view houses on sale and write offers for such houses. Homebuyers depend on agents to guide them through the house buying process until they complete the transaction.
A buyer’s agent can make good money, but your earnings will depend on how many buyers you have. Dedicate your time to this and hire a coach or seek guidance from successful real estate agents and you will also succeed.
List Homes on Sale
Another way to make money is by listing properties for sellers. This is a different job from being a buyer’s agent; you get to work with sellers of residential and commercial properties. As a seller’s agent, you help the seller set a profitable price for their property, prepare it for sale, and list it in MLS. You also get to negotiate with buyers, get the best price for the property, and complete the transaction.
A listing agent’s job is easier than that of a buyer’s agent as you only have to list the properties. If you convince more sellers to work within listing their properties, you will earn more money in this field. Do not forget to promote yourself as a listing agent. Print brochures and logos that will help in branding yourself.
You can earn more money in real estate by managing properties for investors and homeowners. Property management includes management, maintenance, and repair of the properties. A property manager also finds renters, collects rents, and keeps proper books of accounts. The property owner pays you a percentage of the rent you collect every month; the monthly payment is usually 10% of the rent.
To earn more money, you need to look for more properties to ensure a reliable income stream. You can lure more property buyers by creating a dedicated website to display all the properties you have available for sale. Make the website friendly to users to obtain as much information as possible about the properties.
Sell Short Sales
Many homeowners face selling their homes for an amount that is not enough to pay back their home loan. They fail to get the best price from their sale. In such a situation, it is advisable to hire a listing agent to negotiate with your lender to accept less than what you had initially agreed upon. If the lender accepts this amount, the listing agent lists the home normally, referred to as a short sale. As an agent, you are in charge of seeing through all legal processes related to the short sale.
Broker Price Opinions (BPO)
Broker price opinion is another way to earn money in real estate. Home valuations can only be done by a licensed appraiser. When you are a licensed real estate agent, a BPO report maker is one of the jobs you can do. Your job is to compare pricing for several homes and make recommendations based on statistics to benefit home sellers. Preparing a BPO will earn you $30-$100, and the job is easy as many BPOs need home inspections.
Specialize in Commercial Real Estate
Specializing as a commercial real estate agent will earn you even more money. You will earn a monthly salary in comparison to a residential agent who earns on a commission basis. As a commercial real estate agent, you will earn more than you would if working on residential properties. Commercial agents have wide knowledge about the valuation of commercial properties.
In conclusion, it is not difficult to acquire a Mississippi real estate license. Study in a credible school and qualify to take the exam. Acquiring certification as a qualified real estate agent will bring you good tidings in the form of countless job opportunities.