Purchasing or selling a home is one of the biggest financial transactions you’ll make in life. With so much on the line, you need an experienced professional guiding you, your real estate consultant like Penrose Real Estate . Not every consultant will be able to work. Here’s a quick overview of the real estate licensing process:
Real Estate Licenses: The Short Version
First, a quick primer on real estate licenses. Every state requires realtors to be licensed to legally exercise. The most important information is:
- Agents have to take real estate courses, take an exam and satisfy other requirements to be licensed.
- Licenses need to be renewed usually every 2 to 3 years. The requirement for continuing education is typically required.
- State real estate commission is responsible for the renewal and licensing process, as well as sanctions.
- Unlicensed activities are illegal. Real estate transactions that are not conducted with an appropriate license could result in sanctions.
Licensing ensures agents are qualified. Hiring a licensed pro protects you.
Benefits of Using a Licensed Agent
Beyond being legally required, working with a licensed real estate consultant brings many perks, including:
Extensive Training
Licensed agents complete a minimum number of pre-license real estate classes to ensure they understand regulations and best practices. Their training equips them to handle transactions smoothly.
Real World Experience
A majority of states require at least an initial period of 1-2 years of registered realtor experience prior to agents being allowed to work independently. Experience gained through hands-on work can make them better advisors.
Expert Guidance
Continuous training classes help make sure that licensed agents are up-to-date on the latest trends in the industry and laws, contracts, and much more. They offer expert advice with the most up-to-date information.
Oversight
The licensing boards look into complaints against agents and take action when rules are not followed. The oversight helps promote professionalism as well as protects consumers from wrongful conduct.
Access to MLS
Only licensed agents are allowed to advertise houses for sale on the Multiple Listing Service (MLS) database. The MLS access lets them advertise your property in the best way possible.
Accountability
Professionals who are licensed have a reputation and lives that are based on providing top service. This responsibility motivates them to conduct transactions with your best interests with your best interests in mind.
Red Flags of Unlicensed Agents
While rare, some sketchy consultants may falsely claim to be licensed or practice without a license. Watch for these red flags:
- No license number on their website or business cards
- Vague about their experience and credentials
- Pushy about you not needing to see their license
- They require full payment upfront in cash
Run away if an agent seems evasive about their licensing.
How to Verify Your Agent’s License
Take an instant to verify the status of your agent’s license:
- Request to see their license and confirm that the number is up-to-date.
- Visit the website of the state licensing agency to search for licenses as well as the disciplinary record.
- Look up the name of the agent on review websites for real estate such as Zillow There are many complaints concerning agents who are not licensed
Conclusion
Do not make this major decision without appointing to a professional in real estate who has been thoroughly certified and vetted. You are entitled to the best quality service.
