Getting a professional license is a big deal. It requires an investment of your time and money. But how much of an investment do you have to make to become a Michigan real estate agent?
Becoming a real estate agent in Michigan is actually much more cost-effective compared to other states and similar professions. All said and done you can get your Michigan real estate license for around $367. Not bad for a profession that pays almost $52,000 a year on average. Here’s how the costs break down.
Cost of Required Real Estate Courses
Cost: Approximately $200
The vast majority of states require that real estate license applicants complete required coursework. But the amount of coursework and cost is significantly different from one state to the next.
Michigan actually has one of the less intensive educational requirements. The Department of Licensing and Regulatory Affairs (LARA) requires that applicants complete 40 hours of real estate education.
The cost of the courses is set by the education provider. Here at Aceable Agent all you pay is $199 for the entire 40-hour Michigan real estate course. You’ll also get a study guide, prep tests to practice for the exam and a money-back guarantee.
Two things of note about completing the required coursework:
You have to take the courses with a LARA-approved education provider or you won’t get credit.
You have to apply for a license within 36 months of completing the required coursework or you’ll have to take the courses again.
Michigan Real Estate Licensing Application
Cost: $88, $62 or $36
Before you can take the licensing exam you must submit an application at michigan.gov/icola and pay the application fee. Unlike most states, Michigan has a tiered application fee. What you pay depends on what year it is in the 3-year licensing cycle.
For example, if it is the first year of the 3-year licensing cycle you’ll pay $88, and your license will be good for three years. But if it’s the second year of the licensing cycle you’ll pay $62, and your license will be good for two years.
You must pay electronically when the application is submitted, which means you need to pay by debit or credit card. The iCOLA system accepts Visa, MasterCard and Discover.
Are you a veteran? If so, the application fee is waived. All you have to do is provide a copy of your form DD214 or DD215 to show you were honorably discharged.
Insider Tip: Line up your sponsoring broker when you apply. That way you can get a license and start earning income as a real estate agent as soon as you pass the exam.
Cost to Take the Michigan Real Estate Licensing Exam
The Michigan licensing exam is administered by PSI Services LLC. They charge an exam fee of $79. That charge applies each time you take the exam. Just one more reason why it’s important to study up before taking the test.
Something else to consider is the exam results are only good for a year. If you didn’t get a sponsoring agent beforehand you’ll have to do so within the 12 months after passing or you’ll have to take the exam and pay the fee again.
There you have it. For less than $400 you can get a real estate license in Michigan!