Are you interested in becoming a real estate in Indiana? Did you know that before you can apply to become an agent, you need to complete Indiana online real estate pre-licensing courses? In fact, you need to complete these course credit hours before you can even sit for your licensing exam.
If you are looking for more information on what an Indiana online real estate pre-licensing course covers, you came to the right place. We will briefly go over the steps you need to take to become a real estate agent in Indiana and who you can reach out to for more information.
Indiana Real Estate License Requirements
Before you can become a real estate agent in Indiana, you must meet a few requirements before you can start. One of the most important requirements is your age.
In some other states, the age requirement for becoming a real estate agent is 21. In Indiana, you only need to be at least 18 before you can start your real estate career.
All applicants who wish to be a real estate agent in Indiana need to have their high school diplomas. If you have a GED, you can start your journey to becoming a real estate agent. Lastly, you will also need a social security number registered in your name.
Steps to Become a Licensed Real Estate Agent
Once you meet the requirements you need, you can get start your real estate journey. Below are seven easy steps you need to take to become a licensed real estate agent and keep your license active.
Step One: Complete a Broker Pre-licensing Course
Each state has different pre-licensing course hour requirements. In Indiana, you will need to complete 90 real estate course credit hours before you can apply for your license.
If you do not want to complete these course hours in person, you have the option to complete your hours online. Make sure that the Indiana online real estate pre-licensing course that you take has approval from the Indiana real estate commission.
Step Two: Take Your Course Final Exam
At the end of your pre-licensing course, there will be a final exam. It is imperative that you study and prepare for this exam as it will be similar to your state licensing exam. You must receive a 70% or higher score, or you will not pass the exam.
If you fail this pre-licensing exam, you have the opportunity to retest within one year of you taking your initial exam. In the event that you fail the second time, you will need to retake the pre-licensing course before you can take the course final. Once you complete the course and pass your exam, you can move on to apply for your licensing exam.
Step Three: Affiliate Yourself With a Managing Broker
After you pass your exam, you will want to reach out to a managing broker. It is best to be registered under a licensed broker so that when you go to apply for your license, you won’t have to activate it. If you apply for your license without a broker, your license will not be active until a licensed broker registers you.
Step Four: Take Your Licensing Exam
If you feel you are ready to take on the licensing exam, you can move forward and apply for the test. You will need to register online with the PSI to take your real estate salesperson license. The exam cost is $60. You must pass the exam with a score of 75%.
There are 130 questions on this exam, and 50 of those questions are state-specific questions. The other 80 are nationally tested questions that all real estate agents across the country must know.
These questions vary in difficulty, and the two sections are mixed up in the exam. Once you complete this exam, you will have one year to apply for your real estate license.
Step Five: Apply for Your License
With your pre-licensing course completion certificate and your original score report from your licensing exam in hand, you can move on to apply for your license! The fee for your license is $60, and you must submit your necessary documents with the year of passing both your pre-licensing course and your licensing exam.
Your application will ask about any previous convictions that you may have on your record. It is crucial that you notify the commission about any convictions that you currently have and previously had.
Once the Indiana Real Estate Commission accepts your application, they will notify you about completing your background check. You will need to visit an IdenToGo location to have your fingerprints taken. When you go to get your prints done, make sure that you bring a valid government-issued ID.
The commission board will review your background check, and they will notify you if there are any issues with the background check. There are a few convictions they will allow, but your application may be denied if they see any felony charges or any crimes related to public harm.
Step Six: Take Your Broker Post-licensing Course
Once you have successfully passed all the steps needed to receive your Indiana real estate license, you will need to take a post-licensing course. You will need to complete a 30-hour broker post-licensing course within two years of receiving your license. This 30-hour course is mandatory and will help satisfy your continuing education requirement.
Step Seven: Renew Your License
You will need to renew your license every three years. Each year, you are required to complete 12 hours of continuing education in order for your license to be in good standing.
What to Bring for Your Licensing Exam
Before you show up to your licensing exam, there are a few things you will want to have on hand. You will need to bring in two forms of identification.
Examples of identification needed to take your exam:
- Driver’s license
- Passport
- Green card
- U.S. social security card
- Debit card with your signature
As long as you have two of the above listed forms of identification, you will be allowed to take your exam. You also will want to bring a basic non-scientific calculator.
Make sure that you check with your testing center before you bring in your own calculator. Some locations do not allow you to bring your own calculator. They will have one for you to use.
What Is on the Licensing Exam?
As mentioned earlier, there are two main sections to the exam. You will be tested on nationally tested questions and also state-specific questions. The national portion includes questions about property ownership, financing, the practice of real estate, and contracts.
Other nationally tested questions:
- Valuation and market analysis
- Property disclosures
- Real estate calculations
- Transfer of title
- General principles of agency
The state-specific questions cover the Indiana Real Estate Commission, Indiana licensing, and real estate office procedures. You will also need to answer questions about statutory and regulatory requirements and all the statutes and rules that govern licensees.
Do I Need Errors and Omissions Insurance?
In the state of Indiana, you are not required to carry errors and omissions insurance. It is vital that you check in with your managing broker to see if they require you to carry it as a term of your employment.
Even if your employer does not require you to have this insurance, you may want to consider purchasing it. As a new real estate agent, you may make a few mistakes as you go through your real estate career.
This insurance coverage helps you in the event that a client sues you for undelivered services. If you make any work oversights or mistakes, your errors and omissions insurance coverage will take care of that for you. You can obtain your errors and omissions policy from any Indiana state-approved E&O insurer.
Indiana Online Real Estate Pre-licensing
Now that you are aware of the steps you need to take in order to become a licensed real estate agent in Indiana, it is time to get started. Not only do you need to complete Indiana online real estate pre-licensing courses to apply for your exam, but you also need to be able to retain that information to pass your state exam.
When you partner with a reputable pre-licensing company that offers you everything you need to pass your exam, you can rest assured that you will start your career off on the right foot. If you are looking for more information about your required pre-licensing courses, contact us now!
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