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As the real estate market continues to boom, there is a huge demand for agents in all parts of Indiana. This article will give you all the information you need on how to become one and what it takes to start your career.
Indiana-approved real estate courses are available to help individuals become licensed in the state. The course is designed for those who want to work as real estate agents.
Before you may represent buyers and sellers in Indiana, you must complete 90 hours of prelicensing coursework as required by the Indiana Real Estate Commission (IREC). It’s also worth mentioning that, even if they don’t manage a team, licensed professionals in Indiana are referred to as brokers rather than agents. Aside from that little variation, the procedure is similar to that of becoming a real estate agent in other states, and it includes passing the test, selecting a brokerage to work for, and submitting an application for your license.
Follow this step-by-step procedure to learn more:
1. Comply with all legal requirements set out by the state
The legal criteria for obtaining a real estate license in Indiana are quite conventional. You must be at least 18 years old, have a high school certificate or GED, and be a citizen or legally admitted immigrant in the United States.
You must completely disclose any criminal history on your application if you have one. The IREC board has the authority to accept or refuse your application, but before doing so, they may request that you come before the board to discuss your application further. If you are summoned, you can be asked for further information to explain the criminal occurrence, which you can get from the court or law enforcement agency that handled the case.
What if I told you that If you want to work in states other than Indiana, you’ll need to be familiar with the reciprocity and portability regulations in each state. Indiana only has reciprocity agreements with Illinois, however further information is available on the IREC website. In terms of mobility, Indiana is likewise a cooperative state.
This implies that out-of-state real estate agents and brokers are permitted to do real estate business in Indiana. Out-of-state agents, on the other hand, must have a co-brokerage agreement with a licensed in that state in order to operate on a real estate transaction.
2. Complete all pre-licensing courses that are required
To begin the process, you must complete 90 hours of mandatory prelicensing study, either online or in person, from an approved Indiana real estate school. Prices vary per institution, but online education costs between $484 and $625 and covers a wide range of courses, including:
- Real Estate Law in Indiana
- Operation of a Real Estate Brokerage
- Finance for Real Estate
- Contracts for Real Estate
- Commission Regulations
- Bringing Real Estate Transactions to a Successful End
- Trust Accounts and Earnest Money
- Management of Real Estate
- Financing
- Underwriting for Real Estate Loans
What if I told you that The real estate preparatory course is not required for any current member of the Indiana Bar who is in good standing and qualifies under the real estate licensing legislation.
After completing the 90-course hours, you must pass an in-person or proctored online school test offered by your education provider. You’ll require your official Certificate of Completion, which you’ll need when applying for your Indiana real estate license, assuming you get a score of at least 75%. You’re ready to go on to the next phase in the licensing procedure after you’ve fulfilled these prelicensing criteria.
It might be tough to find an online real estate school that meets your goals and learning style, but we can help.
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3. Take the Examination
If you’ve studied and prepared for the Indiana real estate test as part of your prelicensing coursework, the exam will be considerably easier. The real estate test has two parts: a state component and a national section, and both must be passed. Because the examination is computer-based, you will get your results instantly after the exam. If you fail the test, you have the option of retaking both portions or simply the failed component.
Fortunately, Indiana enables you to repeat the test as many times as you need within a year after completing the mandatory prelicensing education course.
Exam Specifics
PSI, a leading supplier of state licensure examinations, administers the Indiana real estate exam. To begin scheduling, you must first register an account on the PSI website, after which you will have access to the scheduling portal. For more testing information, you will get a copy of the Candidate Information Bulletin. The test costs $57 and may be paid with a credit or debit card immediately on the website.
We suggest Real Estate Exam Scholars for a full exam prep course if you need assistance preparing for the examination. They provide excellent test preparation at a reasonable cost. Even better, if you don’t pass the first time, they will refund your money.
4. Decide the company you want to work for
In order to keep your Indiana real estate license valid, you must work with a sponsoring brokerage.
5. Submit an application for your license
It’s time to apply for your license when you’ve passed your test and determined which brokerage you’d want to join. You must submit your application within one year after taking the test, and you may do so either online via Access Indiana or by mail using the paper application. Regardless of whatever option you choose, you will be required to provide the following documentation with your application:
- If you apply online, you may pay with a credit or debit card; if you apply by mail, you must send a check or money order made payable to Indiana Professional Licensing Agency.
- Prelicensing course completion certificate: A document from your education provider attesting to the fact that you have completed the 90-hour requirement.
- The original result sheet confirming that you passed your licensing test is referred to as the licensing examination score report.
- Information about the brokerage firm: Give the name and license number of the brokerage firm where you’ll be working (if this section is left blank, your license will be issued in unassigned status unless you select inactive).
- If you replied “yes” to a criminal history question, you will be expected to clearly explain and supply court paperwork and information.
Your application will be received and evaluated in about two days. You will get an email notification after your license has been granted, which you may confirm by visiting the Access Indiana website again. Your license card may be sent or downloaded and printed right now.
6. Get Your Real Estate Career Started
You’re ready to begin your real estate career now that you know how to acquire a real estate license in Indiana.
Frequently Asked Questions
How long does it take to become a real estate agent in Indiana?
It would take at least a few years to become a real estate agent in Indiana. The required education and certification period is usually between 3-5 years, but it could be shorter or longer depending on your local market.
How much does a realtor make in Indiana?
A realtor makes about $39,000 to $59,000 in Indiana.
What are the requirements to be a real estate agent in Indiana?
The minimum requirements vary from state to state and the process is different for each level of real estate license. For Indiana, one must be 18 years or older, have a high school diploma or equivalent with three hours of life experience, and complete an approved training program that takes about 30 days.
