A 60-hour realty course must be completed in order to become an Arkansas realty agent. You also need to pass the state licensure exam. This can be a daunting process, but it's possible to succeed in your real estate career once you've secured your license.
Steps to get your Arkansas real estate license
The first step towards getting your real estate license is completing a 60-hour course from an accredited provider. This can be completed either in a classroom environment or online, depending on what you prefer. You can be flexible with your work schedule and gain a better understanding about the industry.
Once you've completed your pre-licensing education, you will need to submit an application for the real estate licensing exam with the Arkansas Real Estate Commission (AREC). This is a complex process that requires background checks and fingerprinting. The AREC will issue a Certificate of Examination Eligibility to you once you've met all of the requirements.
You will then need to register for and pay for the state exam, which is administered by global testing company Pearson VUE. You can find additional information about the exam at the AREC site and on Pearson VUE's official website.
Next, send the AREC your application along with any additional forms and all fees. Once you've completed these forms, AREC will send you your Certificate of Examination eligibility. The official Pearson VUE website allows you to schedule your exam and pay using a credit or debit card, an electronic check, or a voucher.
A photocopy of your ID will also be required. You can also submit a fingerprint card, which is provided by the AREC.
You can save both time and money by taking your real-estate license preparation courses online. Many schools offer classes online and in-person. It's easy to fit your schedule.
National School of Real Estate located in Little Rock, Arkansas, is an excellent option for online real-estate classes. Many students have said that they were impressed by the enthusiasm and help provided by their instructors. There are many course options available, including self-paced and livestream classes.
Arkansas Real Estate School is another popular option. It offers both livestreamed and self-paced classes. Its classes are designed for students who want to learn directly from local experts and learn the ins and outs of the industry.
These classes are great for students who don't have much time and want to learn in a quick, easy way. They're very affordable and come with great customer service.
The last step in the process is to sit for the real estate licensing exam. The exam can be taken at many locations in the state including Little Rock, Springdale and Grand Junction. Pearson VUE is the worldwide testing company that administers real estate license exams. Schedule your test online at Pearson VUE. Once you have registered, you will be sent a Candidate Factsheet. This document contains all the information that you need.
FAQ
What are the chances of me getting a second mortgage.
Yes. However, it's best to speak with a professional before you decide whether to apply for one. A second mortgage is usually used to consolidate existing debts and to finance home improvements.
How can I calculate my interest rate
Interest rates change daily based on market conditions. The average interest rate over the past week was 4.39%. To calculate your interest rate, multiply the number of years you will be financing by the interest rate. Example: You finance $200,000 in 20 years, at 5% per month, and your interest rate is 0.05 x 20.1%. This equals ten bases points.
Is it better for me to rent or buy?
Renting is generally cheaper than buying a home. But, it's important to understand that you'll have to pay for additional expenses like utilities, repairs, and maintenance. A home purchase has many advantages. For example, you have more control over how your life is run.
How much money should I save before buying a house?
It depends on the length of your stay. You should start saving now if you plan to stay at least five years. But if you are planning to move after just two years, then you don't have to worry too much about it.
How long does it usually take to get your mortgage approved?
It is dependent on many factors, such as your credit score and income level. It generally takes about 30 days to get your mortgage approved.
What are the drawbacks of a fixed rate mortgage?
Fixed-rate mortgages tend to have higher initial costs than adjustable rate mortgages. If you decide to sell your house before the term ends, the difference between the sale price of your home and the outstanding balance could result in a significant loss.
What should I do if I want to use a mortgage broker
If you are looking for a competitive rate, consider using a mortgage broker. Brokers work with multiple lenders and negotiate deals on your behalf. Some brokers receive a commission from lenders. You should check out all the fees associated with a particular broker before signing up.
Statistics
- 10 years ago, homeownership was nearly 70%. (fortunebuilders.com)
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.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)
- 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)
External Links
How To
How to become a real estate broker
Attending an introductory course is the first step to becoming a real-estate agent.
Next you must pass a qualifying exam to test your knowledge. This involves studying for at least 2 hours per day over a period of 3 months.
Once this is complete, you are ready to take the final exam. To be a licensed real estate agent, you must achieve a minimum score of 80%.
These exams are passed and you can now work as an agent in real estate.