WA State Real Estate Agent/Broker License

[Kalina Veto]

I'm hoping for some clarification on the requirements to obtain your WA State Real Estate Brokers license. From what I've read on the DOL website the requirements for a license is 

- at least 18 years old

- Highschool or GED completion 

- Completion of 90 hour approved courses. 

However, I also have read about a requirement to work under the supervision of a managing broker for a designated period of time. This requirement is not listed on the DOL's website. 

Is this in fact a requirement to get/keep your license? Is it possible to complete the 90-hour courses, pass the test, apply for your license, receive your license and be able to sell/purchase properties? 

Thank you in advance for your time!

[Timothy Tooker]

You are correct in what the state DOL site says you need to qualify to become a RE agent. Use Rockwell Institute online to take the 90 hour course (they help write the test you will take for the DOL). Test will cost you roughly $125, I believe. Then you must hang your license under a designated broker for 3 years (unless you higher higher education that equates & 2 years as an agent) until you can take your managing brokers test. Then theoretically you could start your own brokerage. Just because you are under a designated broker, does not mean you have to be on a team though.

My advise to you is to shop around and sign with a brokerage that fits what you are looking to accomplish.

Option #1: Small brokerages

Brokerage that you pay per transaction. There are brokerages out there that charge roughly $275 per transaction that you close as opposed to commission splits. They will all vary on what they charge for office fee's (E&O, internet, seat, etc...). The NWMLS fee is $240 per 6 months for everybody. Usually, these brokerages do not make it mandatory to be part of the Realtor Union which is your single biggest expense (I paid $625 to TPCAR for 2016).

Line by Line:

$ per transaction (varies depending on brokerage)

Office Fee per month (varies depending on brokerage)

NWMLS $240 (everybody pays this per 6 months)

SUPRA $20 per month(MLS key)

Realtor Union per year (Pierce county $625)

Option #2: Bigger Brokerages

Brokerage that you split your commission with (Until you cap, which varies from brokerage to brokerage) and if you are on a team you split with them too (which varies from team to team). You still have all the other fees.

Commission Split example:

You are the buyers agent on a $100,000 dollar house. Your commission is 3%

Your Commission = $3,000

Brokerage split is 60/40 = Your split $1,800   Brokerage split $1,200

Line by Line:

$ commission split per transaction until you hit your cap (usually $20Kish) ($10Kish if you are on a team)

Team Split varies depending on team

Office Fee per month (varies depending on brokerage)

NWMLS $240 (everybody pays this per 6 months)

SUPRA $20 per month(MLS key)

Realtor Union per year (Pierce county $625)

My first year at Keller Williams Cost me roughly $2,500 to include the course, test and all fee's

My second year will end up costing me roughly $1,500

The bigger brokerages are good for training and learning if you plan on helping retail buyers and sellers. If you are just interested in doing your own houses and maybe helping other investors, BP can teach you what you need to know.

Hope this helps