Getting NC Real estate licence

[Ben Kirchner]

I'm looking to get my real estate license in North Carolina, in interests as an investor. I wouldn't foresee myself marketing to get new clients and such. More just being able to represent myself as the buyer of properties, and maybe help out out a friend buying or selling, with the latter being a big maybe.

I wanted to reach out to this community as far as my best route for this. I imagine there are different avenues for learning the material - classroom, online, independent study type. What are recommendations? How involved is the process, what is the cost, and what is the typical time frame to get licensed?

I live in Durham, work full time, and would be unavailable for classes during the day. I would be able to devote 5-10 hours a week to studying the material.

Thank you

Ben

[Eric Weireter]

@Ben Kirchner

To obtain your North Carolina Real Estate License you have to take a 75-hour prelicensing class prior to sitting for the state exam. Once licensed you have to take 90-hours of post-licensing class - three 30 hours classes at a minimum of 1 class per year. Over and beyond that, you do have to take 8 hours of continuing education each year (two 4 hour classes).

Once licensed, if you plan on activating your license you'll have to work under a BIC (broker- in-charge), which means you'll need to affiliate with a brokerage as @Adam Schneider referred to. The NC Real Estate Commission says you can't become a BIC, which you'll need to be to break off on your own with an active license, until 2 years of full-time real estate service.

You can sell your own property without being affiliated, but you are not allowed to market your property. So, potential buyers would have to seek you out.

If you want MLS access, you would need to affiliate to activate your license with a brokerage and become a member of the National Association of Realtors (as well as the NC Realtors Association and your local Realtors Association)... ~$550/year in Realtor membership dues and Triangle MLS fees are $150/quarter.

I, too, have a fulltime W2 job. I completed my coursework a little over a year ago and was able to take evening classes at the Go School. When factoring the cost of the prelicensing course, background check, exam fee, REALTOR Dues and MLS Fees my initial expense was ~$1500. That does not include your brokerage fees as they are dependant on who you elect to affiliate with.

While it takes about $1500 to obtain your license Real Estate, it is relatively one of the cheapest occupations in terms of start-up costs.   

In regards to studying, my mentor gave me some good advice before I enrolled in class. For every hour you're in class, you need to study 3 hours outside of class. 

Best of luck! Let us know if you have other questions.

-Eric