Michigan Real Estate school Resources

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Michigan Real Estate school Article Summaries

The Quantity Surveyor & Real Estate Development
By: Colm Dillon: Those of you who are new to the real estate development business, need to understand what each Design professional con... tenders are submitted by contractors, the quantity surveyor is usually involved in assessing tenders and may also have ...

Here Come The Real Estate Gurus - Hide The Children
By: Lothar: I am stunned when I hear that many of the so called real estate gurus are charging from $3,000 to $15,000 for their se... your own to learn about real estate investing?" Then I offer the following suggestions: Go to your public library and r...

Attracting the international real estate audience
By: Eric Svein: RealEstateGates.com is an international real estate portal providing the variety of online real estate services in adv... of writers and journalists, as well as the number of freelance authors from different countries observes international ...

Real Estate Appraisal Software
By: Oliver Webber: What is real estate appraisal software? Real estate appraisal requires precision and professionalism. Real estate pros... can paste it to any document or file, as well as save it as a separate JPEG-, GIF- or PNG-file and sand it via e-mail. ...

Real Estate Professionals Need You to Write for Them!
By: Isabel Fena: Ask yourself these questions:

Are you an experienced writer?
Do you want to stay at home to write?
Do y... themselves very effectively and you may have found your first client!The majority of a real estate professional’s busin...

Featured Article

How to Become a Real Estate Agent

Andre McFayden, Ph.D.

The process of becoming a real estate agent is fairly simple, although it does vary a lot from state to state. Here are the fundamentals of becoming a real estate agent.

a) License Requirements
Each state has different licensing laws, so you will need to look at your local requirements. However, in general you will have to:

-Meet an age requirement
-Pass a background check
-Complete approved real estate courses from a state-approved school
-Pass a state exam
-Complete an application form
-Submit various fees

Agents just getting their license work for a real estate broker. If you decide at some point to work for yourself, you will need to earn a broker license. Most new agents sign on with one of the large company brokerages. Most successful agents, even if not self-employed, treat the real estate profession as their own business, instead of just a job. This attitude will go a long way to ensuring your success.

b) What is a REALTOR®?
Many people are confused about the difference between a real estate agent and a REALTOR®.

A real estate agent becomes a REALTOR® when he or she pays an annual fee to the National Association of REALTORS® and subscribes to its Code of Ethics. The agent joins through the local (city) board or association. Membership in the REALTORS® is optional, but help enhance your career.

c) How much can a real estate agent earn?
Real estate agents more often than not are paid on commission. This commission is a percent of the selling price of the property. The seller will generally pay 4-6% of the sales price as the fee for having an agent handle the complex job of selling their property. The funds will often be split equally between the seller's broker and broker who finds the buyer.

As an example, if the fee for a $300,000 property is 6%, the buyer's broker will be paid 3% or $9000 and the seller's broker will also be paid 3% or $9000. The agent is paid by his or her broker, using their agreed-upon commission split. This is often 50-50 for new agents, so in that case the agent in our example would be paid $4500.

So to answer the question, the amount that a real estate agent can earn is only limited by the number of transactions that he or she can close.

Visit Real-Estate-Career-Info.com for requirements for obtaining a real estate license in your state.

This article may be reprinted if proper credit is given and all links left intact.

Copyright©2005 Real-Estate-Career-Info.com

About the Author

Andre McFayden, Ph.D., is a Real Estate Broker and contributor to Real-Estate-Career-Info.com.

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