In the state of Tennessee, you need to get your affiliate broker's license before you can represent clients in transactions like buying and selling property. The affiliate broker's license is a standard real estate license.
But what if you're not content simply to be an agent? What if you want to open up your own firm and employ other real estate agents to expand your earning potential? In that case, you'll need to become a real estate broker.
It sounds like a big step, but the reality is, you've done a lot of the groundwork by getting an affiliate broker's license. Here is the breakdown of what you need to do to take things to the next level.
5 Steps to Become a Real Estate Broker
1. Meet the Initial Qualifications
To become a real estate broker in Tennessee, you need to have an active affiliate broker's license. If you were licensed as an affiliate broker on or before May 12, 1988, you must have 24 months of active licensure. If you have a baccalaureate degree with a major in real estate, you can also get a broker's license with 24 months of active licensure. * If you were licensed as an affiliate broker after May 12, 1988, you must have 36 months of active licensure.
You also need to have completed your 90 hours of affiliate broker education courses.
If you have a misdemeanor or felony conviction that involves the theft of money, property, or services, you'll be ineligible for a broker's license until two years after your incarceration, parole, probation, or conviction, whichever comes last.
2. Take an Additional 30 Hours of Tennessee Real Estate Courses
You need to take a 30-hour course in Office Broker Management from a TREC-approved school. You need to get a 75% or better on the final exam to be eligible to take the broker's license exam.
3. Submit a Broker Examination Application to the TREC
Once you've passed your 30-hour course in Office Broker Management, the next step is to submit a completed Broker Examination Application and get the approval of the Tennessee Real Estate Commission. You can't schedule an exam until you receive this approval.
After you submit the Broker Examination Application, the TREC reviews your information. This process takes about four weeks. Once you have been approved, you can sign up to take the broker's license exam.
4. Take the Broker's License Exam
PSI administers the 125-question broker's license exam. It has two sections, covering both state and national requirements. The minimum passing score is 75%.
5. Complete the Broker License Application
Once you successfully complete the exam, you'll get an application photo taken at the testing center. In addition to the photo, you'll need to submit the following complete your broker's license application: Proof of errors and omissions insurance policy. Eligibility verification. Proof that you completed the 30-hour Office Broker Management course. The $91 application fee.
If you don't have fingerprints on record with the TREC, you'll need to get a new set of fingerprints taken from IdentoGo as well.
Plot the Next Step of Your Career
Aceable Real Estate School offers TREC-approved online real estate courses, including the 90-hour course for affiliate brokers in Tennessee. You can also browse a host of information for prospective agents and brokers through our Real Estate Career Resource Center. Whether you're looking to get started in real estate or you want to take your career to an exciting new level, Aceable Agent has everything you need to be successful.
Published on September 24, 2020