Oklahoma is a great place to start a real estate career. It has more man-made lakes than any other state, four mountain ranges, and incredible southern food. You'll also be working with homeowners and renters every day.
How to Become a Realtor in Oklahoma
A real estate license is the first step in becoming a Oklahoma real estate agent. This requires you to complete a 90-hour pre-license course and pass the Oklahoma real estate exam, which consists of both national and state-specific questions. A background check can also be completed through IdentoGO, for either in-state and out-of-state applicants.
You'll need to enroll in an approved real estate school that offers a Pre-Licensing Course. The Oklahoma Real Estate Commission requires that you enroll in a Pre-Licensing Course. Many schools offer this service online. Some offer exam prep material, so make sure to select one that offers these materials.
Your broker sponsor
After passing the real estate exam, it's time to find an Oklahoma sponsoring broker. He will help get you started in your career. This is a hugely important step, because it's the broker that'll set you up for success. It is important to find a broker who is trustworthy in your area and has good commission splits.
Your Broker Fees and Commission Structure
After passing the Oklahoma real-estate exam, you will need to sign a contract detailing your compensation. The contract will detail the fees and split that you will need to pay for services such as inspections, commissions, or legal matters. You should compare the terms of these contracts between brokers before signing.
Your Post-Licensing Requirements
Oklahoma requires that you complete 45 hours of post licensing coursework in your first year. These courses may be offered in one package by some schools. You can also find them separately. These courses are required before you can apply to become a Sales Associate, the next level in industry licensure.
How to pass the Oklahoma Real Estate Exam
Once you have completed your pre-licensing class and have your fingerprints, you can schedule to take a real estate exam. The Oklahoma Real Estate Commission, (OREC), will administer this exam. It has 130 questions. To pass, you must answer 98 of 120.
Practice multiple sets of questions to prepare for the exam. This will give you the opportunity to get familiar with the material and improve your confidence before you actually take it.
You can study solo or with someone you trust, but it's important that you are able to focus for the duration of each test. Luckily, some schools provide exam prep packages for their students that include digital flashcards and practice exams.
It is best to follow a study plan that breaks down complex topics in bite-sized pieces. This will allow you to retain key information and not miss important details.
FAQ
Should I rent or purchase a condo?
Renting may be a better option if you only plan to stay in your condo a few months. Renting lets you save on maintenance fees as well as other monthly fees. You can also buy a condo to own the unit. You are free to make use of the space as you wish.
How do I get rid termites & other pests from my home?
Your home will eventually be destroyed by termites or other pests. They can cause serious damage and destruction to wood structures, like furniture or decks. To prevent this from happening, make sure to hire a professional pest control company to inspect your home regularly.
How many times do I have to refinance my loan?
This is dependent on whether the mortgage broker or another lender you use to refinance. In both cases, you can usually refinance every five years.
Statistics
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
- This means that all of your housing-related expenses each month do not exceed 43% of your monthly income. (fortunebuilders.com)
- It's possible to get approved for an FHA loan with a credit score as low as 580 and a down payment of 3.5% or a credit score as low as 500 and a 10% down payment.5 Specialty mortgage loans are loans that don't fit into the conventional or FHA loan categories. (investopedia.com)
- Private mortgage insurance may be required for conventional loans when the borrower puts less than 20% down.4 FHA loans are mortgage loans issued by private lenders and backed by the federal government. (investopedia.com)
- This seems to be a more popular trend as the U.S. Census Bureau reports the homeownership rate was around 65% last year. (fortunebuilders.com)
External Links
How To
How to Find Houses To Rent
For people looking to move, finding houses to rent is a common task. It may take time to find the right house. When choosing a house, there are many factors that will influence your decision making process. These include location, size, number of rooms, amenities, price range, etc.
It is important to start searching for properties early in order to get the best deal. Ask your family and friends for recommendations. This will ensure that you have many options.