Are you considering getting into real estate in Missouri? The first step you need to take is obtaining your Missouri real estate license. It doesn’t matter if you’re looking to become a broker, a real estate agent, or just want to explore the field and its opportunities, you will need to know the licensing process and its requirements.
Fortunately, you don’t have to worry about finding the information you need because this guide will walk you through all the key things you need to know about getting your realtor license in Missouri. These include the education requirements, exams, the processes of application, and how much the fees are.
Reasons to get a Missouri real estate license
There are many reasons for working towards getting your Missouri real estate license, and some of these include:
- It opens doors for you to enter one of the dynamic industries pursuing a rewarding career.
- It gives you the opportunity to earn limitless amounts of money, mostly commission-based, as you help clients buy, sell, and even rent properties.
- The real estate market in Missouri is diverse with lots of opportunities in urban areas such as St. Louis, Kansas City, and also in rural areas.
- A career in real estate in this state and elsewhere comes with lots of flexibility and freedom allowing you to work full-time or part-time as you want.
Given these and other reasons, getting a Missouri real estate license is a step in the right direction toward building a thriving career in the industry.
Steps to Get Your Missouri Real Estate License
As an aspiring professional in real estate, you’re most likely eager to know how to get your real estate license in Missouri. The process involves several steps, including getting the required education, passing exams, undertaking background checks, and submitting your license application.
It is crucial to note that the Missouri Real Estate Commission (MREC) is the body mandated to oversee the licensing process. It defines the requirements that any aspiring real estate professional must fulfill. When you have a good grasp of the requirements, you can easily navigate the licensing process.
Below are the steps to getting your Mo real estate license:
Fulfill the basic eligibility requirements
It is mandatory before you apply for a realtor license in Missouri to meet the following eligibility criteria:
- Be not less than 18 years old
- Be a US citizen or a legally authorized person to work in the country
- Be a holder of a high school diploma or equivalent
- Must take a fingerprint-based background check. If one has committed certain criminal offenses, they may be disqualified, or MREC subjects to an additional review.
Complete pre-licensing education
Aspiring real estate agents must complete the Missouri state-required 72 hours of training for their pre-licensing education before sitting their licensing exam. You need to complete the education through an MREC-approved real estate school. The good news is that you can take the courses online, in person, or through hybrid programs. You can visit this site and find out more about one of the best online real estate schools in the state.
Pass the Missouri real estate exam
After completing your pre-licensing education, the next hurdle to clear is to pass the Missouri real estate exam. The exam is a multiple-choice test and has two parts, one being the national portion covering general concepts and practices related to real estate, and the state-specific portion. The latter assesses your knowledge of Missouri-specific real estate laws and regulations.
The pass mark for the exam is 70% in both sections, so you need to prepare adequately to ace the test on your first attempt. However, if you fail on your first attempt, you can retake the exam. This will require you to pay a re-examination fee and, of course, spend more time. Thus, it pays to do everything to pass on the first attempt as you save time and money.
The real estate exam is administered by a third-party testing company, Pearson VUE. As a student, working to get a Missouri real estate license, you must schedule your exam through the service provider’s website and pay the set exam fee.
Submit your license application
Once you pass your exam, you can go ahead to apply for the MO real estate license. The application is through the MREC portal, and requires the following:
- Proof of education – to show you have completed your pre-licensing education
- Exam results – act as proof of having passed both parts of the licensing exam
- A duly completed application form – the form is available on the MREC website
- Background check results – you must undergo a finger-print based check
- Application fee – pay the required fee as you submit the application. The fee is currently $90 made up of the application fee of $50 and the original license issuance fee of $40
Select a sponsoring real estate broker
You must have a sponsoring broker to activate your license so newly licensed real estate agents in Missouri must work under a licensed broker. So, before the issuance of your license, you need to find a broker to affiliate with., and the broker also mentors and trains you.
The broker’s support is necessary as you launch your career in the real estate industry. It is crucial to take time to research well and choose a brokerage that matches your goals and values. Some factors to consider when seeking a brokerage include commission structure, training, and the company culture.
Activate your license
Upon the approval of your application, you’ll receive your Missouri real estate license. You may need to complete any additional paperwork as may be required by the state. It would be best to consider getting errors and omissions (E&O) insurance cover. This protects you against any legal claims that may arise in relation to your professional services.
Maintaining your Missouri real estate license
Now that you know how to become a real estate agent in Missouri, it is crucial to know a few crucial things regarding how you can make sure you keep your license. These include:
- Complete continuing education – real estate licensees in MO are required to complete 12 hours of continuing education every two years.
- Renew your license – you must renew your MO real estate license every two years.
- Comply with the state laws – you’re required to abide by the state’s real estate laws and regulations.
Conclusion
If you have been wondering what you need to get your Missouri real estate license, the above steps outline the entire process. It is crucial to commit the necessary time and resources to complete your education and prepare for the exam to pass on your first attempt. Also, choose a reputable MREC-approved institution and seek mentorship from industry experts, your instructors, and a sponsoring broker.
