Owning your free time and making as much money as you want is one of the top reasons people decide to get a real estate license. Although we have ups and downs, consistently real estate careers can be one of the most profitable sectors in our economy. People will always need houses, apartments, land, and commercial units and that’s where you come in (soon).
In this article, I will review the licensing process, cost of the exam, and answer related questions about obtaining a Mississippi real estate license.
Mississippi Real Estate Commission
The Mississippi Real Estate Commission (MREC) (http://www.mrec.ms.gov/) is the organization that you need to become familiar with if you are interested in obtaining a Mississippi real estate license. They are located in Jackson, MS. MREC has control over all real estate license operations in Mississippi.
One of the main roles of MREC is to ensure that real estate transactions are performed ethically. Essentially, they are the governing body over real estate in our state.
The primary way that the MREC protects consumers is that it enforces a set of rules for all real estate agents. It is important that if you obtain a Mississippi real estate license that you always follow the rules and guidelines to keep your license.
If you do not follow the rules set forth by the MREC, you can potentially lose your real estate license.
Learning and abiding by the Real Estate License Lawset forth by the state of Mississippi is essential to the longevity of your career.
Another responsibility of the MREC is investigating real estate violations brought forth by the public and to maintain public trust.
Real Estate Salesperson vs. Broker
There are different requirements for a real estate salesperson and a real estate broker. Both a real estate salesperson and a broker work to help people buy or sell a home. A broker is an owner or the managing agent of a brokerage. The difference is that brokers carry the main responsibility of any transactions and also serve as a mentor to the real estate agent.
Agents and brokers both make commission money from the selling of a house. Agents that work with a licensed broker have to split commissions with the broker. The level of involvement between the two is slightly different. Brokers manage an office for a large company, or they are business owners. A real estate agent must work under a broker or real estate company.
Mississippi Real Estate License Steps
To receive your real estate license in the state of Mississippi you must complete the following steps:
1. Enroll and complete pre-licensure approved classes
2. Apply and take the real estate exam
3. Pass the real estate exam
4. Find a real estate broker
5. Start your career as a licensed real estate agent
Mississippi Real Estate License Requirements (Salesperson)
The main requirements to obtain your real estate license in Mississippi are:
• You must be at least 18 years old
• Must be a resident of Mississippi
• Complete at least 60 hours of approved real estate courses
• Successfully pass the real estate examination
• Pay associated fees
To apply for a Mississippi real estate license, you must be 18 years of age and a resident of Mississippi. Your resident status must be established before applying for a license. Before applying for your license, you must complete at least 60 hours of approved real estate courses.
After you complete the required course requirements, next you must pass the real estate examination. Upon successful passing of the exam, you can now apply for license.
Preparing for the Mississippi Real Estate Exam
After you pass your real estate courses, complete the application forms, and pass your background check, you are now ready to sit for the MS Real Estate Exam. We suggest taking the exam immediately after your classes, so it is fresh on your mind.
The best way to prepare for the real estate exam is to take free real estate practice exams that are similar to the real thing. complete the required real estate courses and use your notes from the courses as a study guide for the examination. Our study material are actual questions you will see on your real estate exam.
After you pass your exam, you need to pay the realtor license fee of $135.00. Don’t worry, if you do not pass the examination on your first try, you can take the exam again at no additional costs.
How do I become a real estate broker in Mississippi?
The requirements for a real estate broker license in Mississippi are quite different from the agent requirements. To become a broker, you must be 21 years of age (as opposed to 18) and be a legal resident of Mississippi.
Before you can apply to be a broker, you need to have your real estate agent license for at least one year.
To be eligible for the broker’s exam, you need to complete 120 hours of approved real estate courses. The final step in the brokerage license process is the successful completion of the brokerage examination.
In addition to passing this exam, your application must be accompanied by a letter of recommendation.
Your banker must also must write a letter of recommendation to complete your broker application.
How hard is the Mississippi real estate exam?
As with any exam, the better you prepare and study the easier the exam will be. In Mississippi, the real estate agent exam has 80 national questions and 40 state questions about real estate. To receive a passing score, you must answer 56/80 of the national questions right and 30/40 of the state-specific questions right.
On the brokerage real estate exam, there are 80 national questions and 50 state questions. To pass this exam, you will need to answer at least 60 national questions correctly and 32 state questions correctly.
The allotted time for the real estate agent exam is 4 hours. You will get 2.5 hours to complete the national question section of the exam. For the state-specific questions, you get 1.5 hours to complete. The brokerage exam is similar. You have 2.5 hours for the national section of the exam, and 1.5 hours for the state section.
Can a felon get a real estate license in Mississippi?
Criminal background history is required before receiving a Mississippi real estate license. If you have a felony, you can appeal to the Mississippi Real Estate Commission. This organization can then permit you to become a licensed realtor.
How long does it take to get a real estate license in Mississippi?
Timing will vary with each person. The amount of time it takes you to receive your real estate license depends on how you take the required 60 hours of approved real estate courses. After you take the 60 hours of courses you must pass the exam which is 4 hours. Most people can get everything done in about 3 months if they hustle.
What are the best online real estate schools in Mississippi?
There are several online real estate school options to consider. Some of the most well-known online real estate schools in Mississippi are:
Additional Important Resources: