It’s no secret that the housing market is currently booming, and Arizona is no exception. Phoenix has been one of the most popular migration destinations in 2021, with investors buying a lot of properties around the city. As the market continues to prosper, now may be a great time to consider getting a broker’s license in the Grand Canyon State.
What is a Real Estate Broker?
Brokers are financial professionals that act as intermediaries between buyers and sellers. In particular, real estate brokers manage real estate transactions and earn a commission from each sale.
They can mediate these transactions individually or hire agents to work for them in a firm known as a brokerage. In Arizona, every real estate agent has to work under a sponsoring broker.
Arizona Brokers Versus Real Estate Agents
While real estate brokers and agents have some similarities, a broker’s role is more independent. Any real estate broker can act as an agent. But, because brokers need different training and certification, agents cannot be brokers. The biggest difference between a real estate agent and a broker is the ability to work independently.
If you want to strike out on your own and start your own Arizona real estate brokerage, you’ll first need to get your broker's license. Both brokers and agents can negotiate real estate contracts. But, Arizona brokers have many more responsibilities than agents, especially if they’re overseeing a firm. These extra responsibilities include:
Managing their agents and office employees
Working with clients if they're overseeing any transactions themselves
Delegating commissions to their agents and other brokers
Finding new clients for their brokerage
Qualifications for Brokers in Arizona
To become a broker in Arizona, you must be at least 18 years old and meet a list of criteria. These include education, examinations, paperwork, and experience requirements.
Education requirements: The state requires students to take a 90-hour pre-licensing course at an approved school. Then, you'll need to pass a course exam to gain a pre-licensure education certificate.
Exam requirements: Once you get your certificate, you'll take the official Arizona license examination. To pass, you'll need to score at least 75%.
Paperwork requirements: Arizona also requires broker license applicants to have a fingerprint clearance card (FCC). Applying for an FCC takes around eight to ten weeks and involves a review of your criminal history. The state also requires you to complete background disclosure forms.
Experience requirements: You'll need at least three years of experience as either a real estate agent or broker in the last five years.
Take the Next Step Toward Becoming an Arizona Broker
Are you thinking about taking the next step in your real estate career from agent to broker? Or are you tired of your current job and seeking to make a career change in a booming industry? If so, consider Aceable Real Estate School’s state-approved Arizona real estate licensing course.
This interactive course provides quizzes, videos, scenario-based questions, practice exams, and prep questions. It's everything you need to pass the official examination and move one step closer to gaining a broker license.