How to Become a Real Estate Agent in Kentucky

Planning to start a career as a real estate agent? To get your real estate license, you will need to take classes at a real estate school, and satisfy all the requirements set forth by the Kentucky Real Estate Commission.

 

Here's what you need to know to become a real estate agent in Kentucky:

1) Licensing Requirements

2) Duties of a Real Estate Agent

3) What is a REALTOR®?

4) Income Potential

5) Real Estate Schools

 

How to Become a Real Estate Agent in Kentucky

1) Real Estate Agent Licensing Requirements

In Kentucky,  real estate agents MUST be licensed by the Kentucky Real Estate Commission.  To obtain your real estate license, you must:

  1. Satisfy the minimum requirements to apply for the real estate exam:
  1. Apply to take the State exam. 
  2. Submit fingerprints for background check.
  3. Pass the exam. 
  4. Pay the appropriate fees.
  5. Apply for the Real Estate License.  Within 2 months of passing the exam.

Newly licensed agents must work under the supervision of an employing real estate broker. 

Most new agents start out by working for one of the large brokerages like Coldwell-Banker, Century-21, Remax, etc.

If you would like to have your own business and work for yourself, you must upgrade to a broker's license.

 

2) Duties of Real Estate Agents

A real estate agent's main job is to assist their clients in the process of buying and selling real estate.

Their list of duties include:

 

3) What is a REALTOR®?

A real estate agent becomes a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribes to its Code of Ethics.

The agent generally joins through the local board or association.

For example, in Lexington, once you have obtained your real estate license, you may pay a fee to join the Lexington-Bluegrass Association Of REALTORS® Inc. 

This also makes you a member of the Kentucky Association of REALTORS® and the National Association of REALTORS®.

All REALTORS® are real estate agents but not all real estate agents are REALTORS®.

 

4) Income Potential

Real estate agents are generally paid based on a percentage of the sales price. The seller will generally pay 4-6% of the sales price as the fee and that will be split 50/50 between the seller and buyer's broker.

For example, if the fee for a $100,000 house is 6%, the buyer's broker will be paid 3% or $3000 and the seller's broker will be paid 3% or $3000 as well.   The agent is paid by his or her broker, according to their previously agreed-upon commission split.  This is often 50/50 for beginning agents, so in that case the agent in our example would receive $1500. 

According to the National Association of REALTORS®, the Median Sales price for an existing single-family home in the Lexington area was $138,700 for the fourth quarter of 2004.

 

5) Real Estate Schools

Here are some approved real estate schools offering the pre-licensing courses for the state of Kentucky:

 

American Career Training Real Estate School
Franklin, KY 42135
Phone: 270-223-0789 / 647-1972
Career Development Center
Lexington, KY 40503
Phone: 859-273-3340
Central Kentucky Technical College
Lexington, KY 40511-2623
Phone: 859-246-2400, Ext 2217
A-Pass Weikel Institute
Lexington, KY 40504
Phone: 859-278-0581
Greater Louisville Assocation of Realtors
Louisville, KY 40205
Phone: 502-894-9860
HomeServices Real Estate Academy
Louisville, KY 40222
Phone: 502-394-6189
Kentucky Academy of Real Estate
Lexington, KY 40517
Phone: 859-272-7745

 
Northern Kentucky Real Estate School
Florence, KY 41042
Phone: 859-525-0303
 
Jefferson County Adult Education
Louisville, KY 40215
Phone: 502-485-3400
 
Ward Elliott Institute of Real Estate
Bowling Green, KY 42102
Phone: 270-782-6660
 
William R. Sellinger
School of Professional Licensing

Louisville, KY 40228
Phone: 502-231-2927
 
Thornton's Real Estate Academy
Bowling Green, KY 42102
Phone: 270-782-5548

 
World Academy of Realty, Inc.
Louisville, KY 40220
Phone: 502-491-9927
Wilson Educational Group
Harrodsburg, KY 40330
Phone: 859-734-3174
 

 

Also check out information on how to become a real estate appraiser in Kentucky

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read about other real estate careers in Kentucky:

 

 

 

 

 

 

 

 

 

Read some of the best real estate books out there to prepare yourself for your new career: