Two courses are required to become licensed in Arizona as a real estate agent. The 90-hour first course covers basic real estate law, general practices, and Arizona-specific laws. You will also need six hours of contract writing principles training. The real estate exam will require you to take both the contract writing and math courses. Passing the first class is not enough. Students often struggle with the math principles in the 90-hour course. You should spend enough time studying the material to feel confident that you will pass the exam.
Pre-licensing Education
Getting your Arizona real estate license requires 90 hours of pre-licensing education. This course includes lessons in real estate law as well as ethics. It is divided into 45 2-hour segments and requires a final exam that is proctored. Passing the exam with a score of 75% or more is required. You will need to arrange travel for the test, which is usually held at a real-estate school or testing center. After passing the course, you will be awarded a certificate of completion.
There are many online courses available. Pre-licensing education is easy with the PrepAgent course. It contains e-books, audio lessons, practice tests, and videos. PrepAgent readers who are Fit Small Business members receive a 20% discount. You can also take a course in a traditional school, or online.
Exam
You must pass the Arizona state real estate licensing exam to be a licensed agent. There are 150 multiple-choice questions. The entire process takes at most three hours. After you have completed the exam, you must apply to get your license. Within one year of passing the exam, you must apply for a Arizona Department of Public Safety fingerprint clearance card.
There are many options for preparing for the Arizona real property license exam. The official administrator of the exam is Pearson VUE. Practice tests are a great way of determining what you should be focusing on. You can also take a practice test to familiarize yourself with test questions. Online video prep courses are available to help you prepare. This is the best way for you to study for the exam. You should make sure you select a test prep course that covers the material you will be tested on.
Fees
To renew an Arizona real estate license, you will need 24 hours of renewal credit. This must include 18 hours in six required classes. The remaining 24 hours can be taken in any other class as long as it is approved by the Arizona Real Estate Commission. The course number, type, and duration cannot be duplicated. You can renew your license within 90 days. To renew a license, it costs $50. You must complete all requirements.
You must also pay the licensing fee and membership fees to the state or local real estate boards. Although these associations may be eligible for a tax deduction, they can also be expensive for many Realtors. It also depends on how numerous associations you belong. The cost can be high if you are part of multiple. Arizona allows you to belong to multiple associations.
You must provide proof of residency
An applicant must show proof of residency in order to apply for an Arizona real estate license. This usually includes proof of residency, copy of a social safety card or immigration paperwork. Although an out-of-state applicant may skip this step, they must still provide proof of education and a fingerprint clearance certificate. Because fingerprint clearance cards can take 8-10 weeks to arrive, applicants should allow ample time.
To obtain an Arizona real-estate license, you will need to complete a 96 hour course that covers Arizona's realty laws, policies, regulations, and procedures. This course can be taken online or in a classroom. The course can take from one to three months. After completing the course, you must wait at least one year before applying to sell real estate. To apply, applicants must be at least 18 You may not be eligible to apply for a license in Arizona if you are a minor.
FAQ
Is it better to buy or rent?
Renting is generally cheaper than buying a home. It is important to realize that renting is generally cheaper than buying a home. You will still need to pay utilities, repairs, and maintenance. Buying a home has its advantages too. For instance, you will have more control over your living situation.
What should I look out for in a mortgage broker
A mortgage broker is someone who helps people who are not eligible for traditional loans. They compare deals from different lenders in order to find the best deal for their clients. This service may be charged by some brokers. Others offer no cost services.
How can I get rid of termites & other pests?
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. A professional pest control company should be hired to inspect your house regularly to prevent this.
How can I calculate my interest rate
Market conditions influence the market and interest rates can change daily. The average interest rate over the past week was 4.39%. Add the number of years that you plan to finance to get your interest rates. If you finance $200,000 for 20 years at 5% annually, your interest rate would be 0.05 x 20 1.1%. This equals ten basis point.
How long does it take to get a mortgage approved?
It depends on several factors including credit score, income and type of loan. It takes approximately 30 days to get a mortgage approved.
What is a "reverse mortgage"?
A reverse mortgage is a way to borrow money from your home without having to put any equity into the property. This reverse mortgage allows you to take out funds from your home's equity and still live there. There are two types to choose from: government-insured or conventional. With a conventional reverse mortgage, you must repay the amount borrowed plus an origination fee. FHA insurance will cover the repayment.
Statistics
- 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)
- Some experts hypothesize that rates will hit five percent by the second half of 2018, but there has been no official confirmation one way or the other. (fortunebuilders.com)
- Based on your credit scores and other financial details, your lender offers you a 3.5% interest rate on loan. (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)
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
External Links
How To
How to Find an Apartment
When moving to a new area, the first step is finding an apartment. Planning and research are necessary for this process. This involves researching neighborhoods, looking at reviews and calling people. You have many options. Some are more difficult than others. The following steps should be considered before renting an apartment.
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Data can be collected offline or online for research into neighborhoods. Online resources include Yelp and Zillow as well as Trulia and Realtor.com. Other sources of information include local newspapers, landlords, agents in real estate, friends, neighbors and social media.
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See reviews about the place you are interested in moving to. Yelp. TripAdvisor. Amazon.com all have detailed reviews on houses and apartments. You might also be able to read local newspaper articles or visit your local library.
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Make phone calls to get additional information about the area and talk to people who have lived there. Ask them about their experiences with the area. Ask for recommendations of good places to stay.
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Consider the rent prices in the areas you're interested in. If you are concerned about how much you will spend on food, you might want to rent somewhere cheaper. You might also consider moving to a more luxurious location if entertainment is your main focus.
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Learn more about the apartment community you are interested in. Is it large? How much does it cost? Is it pet friendly What amenities is it equipped with? Is it possible to park close by? Are there any special rules that apply to tenants?