Rumson NJ Real Estate Expert Dennis Lynch Explains Steps to Secure Real Estate License
The real estate market in New Jersey can be a lucrative source of income for real estate agents. Helping clients purchase or sell homes and other properties can also provide a fulfilling career without the need to spend time and money earning an undergraduate or graduate degree.
Although becoming a real estate agent is fairly simple, it involves securing a real estate license first. Dennis Lynch, a real estate expert based in Rumson, New Jersey, offers the following guidance on obtaining a real estate license.
Meet Basic Eligibility Requirements
Before starting on the path to obtaining a real estate license, ensure you meet the basic age, citizenship, and education requirements for eligibility. You need to be 18 years of age or older and either a U.S. citizen or a permanent resident alien.
Although you don’t need a college degree to get your license, you do need a high school diploma or equivalency. If you meet these requirements, you can move on to the next step toward securing your real estate license.
Complete 75 Hours of a Pre-Licensing Course
As Dennis Lynch knows from his years of experience, being a real estate agent involves being knowledgeable about the real estate market, as well as the buying and selling process. The New Jersey Real Estate Commission requires real estate agents to go through 75 hours of an approved pre-licensing course to ensure that they gain this knowledge.
Where can you go to complete this course? The New Jersey Department of Banking and Insurance lists schools that are licensed by the NJ Real Estate Commission. These schools offer approved pre-licensing education for those who want to secure a real estate license. Keep in mind that you need to complete this course before moving to the next step.
Pass the NJ Licensing Exam
After completing the pre-licensing course, you’ll need to take and pass the NJ licensing exam. Dennis Lynch wants prospective real estate agents to know that they must do this within one year of completing a pre-licensing course. Make sure you register for your state licensing exam and take it within that time frame, so you won’t miss out on the chance to secure your license and get started on your career.
Where can you take the NJ licensing exam? PSI Services, LLC administers this exam at in-person locations or online. You can register for an upcoming exam on their website. Dennis Lynch strongly recommends making sure that you’re prepared for this exam before taking it.
Go over the material from your pre-licensing course, or take an exam prep course to prepare for it. This exam includes 110 multiple-choice questions, with 30 state-specific real estate questions and 80 national real estate questions.
Go Through a Background Check and Fingerprinting
The state of NJ requires anyone who is trying to secure a real estate license to go through a criminal history background check and have their fingerprints taken. This is part of undergoing a state and federal background check that you must go through before obtaining a real estate license.
Dennis Lynch recommends having your fingerprints and background check done as soon as possible after you pass the licensing exam since you have a limited timeframe to do so. Waiting too long to have this step done means you run the risk of missing the deadline to submit your application and obtain your license.
What can you expect from this process? You won’t have your fingerprints taken using the traditional ink and roll method. The NJ Real Estate Commission now uses the Live Scan fingerprinting process, which allows fingerprints to be taken electronically. You’ll need to schedule an appointment with the vendor to have this done. You’ll also need to complete a form giving your written consent to have a criminal background check done.
Look for a Sponsoring Broker
When you get this far in the process of securing a real estate license, you only have a couple of steps left. This includes finding a broker who is willing to sponsor you. As Dennis Lynch explains, this sponsorship is done to help new real estate agents get started with their careers. With a sponsored broker, you’ll learn the tools and techniques necessary to find clients and complete sales. Your broker can also assist you with marketing your services.
How should you choose a sponsoring broker? Dennis Lynch recommends exploring brokerage options that are in your niche, such as residential vs. commercial, and having a company culture that fits your values. You can also compare commission rates at different brokerages to help you determine which one to choose.
Submit an NJ Real Estate Application
Once you’re all set with a sponsoring broker and have completed all prior steps, it’s time to submit your real estate license application. Make sure your application is filled out completely and includes evidence that you have had your fingerprints taken and paid the required fee. Your sponsoring broker can look over your application with you to ensure that it has been filled out before you submit it.
Dennis Lynch warns that you only have one year after completing your 75 hours of a pre-licensing course to submit your application, so keep this deadline in mind. You’ll need to complete all of the other steps before submitting your application, which means you should plan accordingly. When the Licensing Services Bureau receives and approves your application, you’ll be well on your way to starting your career as a licensed real estate agent.
Real Estate Expertise in Rumson, New Jersey
Dennis and Marshall Lynch Real Estate provide professional real estate analysis, evaluation, advice, and investment services for clients in New Jersey. With a decade of experience buying and selling real estate in Rumson NJ, Dennis Lynch offers expert guidance when helping clients navigate the real estate market and make buying and selling decisions. His experience and expertise have helped clients make informed decisions on investing in real estate throughout New Jersey. Dennis and his son Marshall have served more than 1,000 clients through their Rumson-based business.