Cost Of Getting Real Estate License In Texas
Obtaining a real estate license in Texas can be a great career move, as the state's real estate market is booming. However, before you can start selling homes and earning commissions, you will need to obtain a real estate license. In this article, we will discuss the cost of getting a real estate license in Texas, including the fees and other expenses associated with the process.
Pre-Licensing Education
The first step to obtaining a real estate license in Texas is to complete 180 hours of pre-licensing education from a TREC-approved real estate school. This education will teach you the basics of real estate law, contracts, finance, appraisal, and other topics related to the industry. The cost of this education can vary depending on which school you choose, but you can expect to pay anywhere from $400 to $1,000.
Licensing Exam
Once you have completed your pre-licensing education, you will need to pass the Texas real estate licensing exam. The exam consists of 110 multiple-choice questions and you must score at least 70% to pass. The cost of the exam is $54, and you can take it at any Pearson VUE testing center in the state.
Application Fee
After passing the licensing exam, you will need to submit a license application to the Texas Real Estate Commission (TREC). The application fee is $205, and you will also need to submit fingerprints for a background check, which will cost an additional $38.25.
Errors and Omissions Insurance
Before you can activate your real estate license in Texas, you will need to obtain errors and omissions (E&O) insurance. This insurance protects you from liability if you make a mistake or give bad advice to a client. The cost of E&O insurance varies depending on your level of coverage and the insurance provider you choose, but you can expect to pay around $500 per year.
Association Fees
Many real estate agents choose to join a professional association, such as the Texas Association of Realtors (TAR). Membership in these associations can provide you with networking opportunities, education and training, and other benefits. However, membership fees can range from $100 to $1,000 per year, depending on the association and your level of membership.
Continuing Education
Once you have obtained your real estate license in Texas, you will need to complete 18 hours of continuing education every two years to maintain your license. The cost of continuing education can vary depending on where you take the courses, but you can expect to pay around $200 every two years.
Conclusion
Obtaining a real estate license in Texas can be a great investment in your career, but it does come with some costs. In total, you can expect to pay around $1,500 to $2,000 to obtain and maintain your license, including pre-licensing education, licensing exam fees, application fees, E&O insurance, association fees, and continuing education. However, with dedication and hard work, a career in real estate can be both rewarding and financially lucrative.