How to Become a Real Estate Agent in Massachusetts

Massachusetts real estate has been on fire the past few years and with sky-rocketing real estate prices in cities like Boston, MA, a successful real estate agent in Massachusetts can sure make a lot of money from just one sale!

One of the requirements to become a real estate agent in Massachusetts is to complete the required courses at a real estate school approved by the Massachusetts Board of Registration of Real Estate.

The State of Massachusetts has reciprocity or expedited licensure with all states except Vermont.


Here's what you need to know :
1) Licensing Requirements
2) License Renewal and Continuing Education Requirements
3) What is a REALTOR®?
4) Income Potential
5) Real Estate Schools


How to Become a Real Estate Agent in Massachusetts

1) Real Estate Agent Licensing Requirements in Massachusetts
You MUST be licensed by the Massachusetts Board of Registration of Real Estate in order to be a real estate agent in Massachusetts.

To obtain your Massachusetts real estate license so that you can practice as a real estate agent in Massachusetts, you must:

i) Satisfy the minimum requirements requirements:

ii) Receive a "Candidate Guidebook" from the real estate school upon completion of course. The book contains verification of your completed education and information to make an appointment to take the salesperson examination.

iii) Take and pass the Massachusetts salesperson exam. There is a $107 exam fee. The exam is 4 hours long and contains 80 questions for the general portion and 30 questions on state law.

iv) Pay the licensing fee upon passing the exam and the license will be issued at the exam site. Massachusetts prorates license fee. For salesperson license, the fee is between $93 and $124.

 

2) License Renewal and Continuing Education Requirements

The Massachusetts real estate license must be renewed every 2 years in order to continue practicing as a real estate agent in Massachusetts. There is a renewal fee of $93.

There is a 12-hours of continuing education requirement for renewals.

 

3) What is a REALTOR®?

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

The agent generally join through the local board or association. There are 16 local boards or associations in Massachusetts..

For example, in Boston, MA once you have obtain your real estate license, you may pay a fee to join the Greater Boston Association of REALTORS®.

Joining the local board makes you a member of the Massachusetts 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 may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer's broker.

In Massachusetts, the March 2005 median home price is approximately $350,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $10,500.

This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50. So in this case, the agent will end up receiving $5250 for the transaction.

There is no limit as to how much an agent can make in a year - the sky's the limit.

Based on Massachusetts's median home price and the above example, a real estate agent in Massachusetts can make about $52,500/year by selling 10 houses a year. By selling one house per week, the real estate agent in Massachusetts will have a salary of $273,000!



4) Real Estate Schools

The first step to becoming a real estate agent in Massachusetts is to take the required classes at an approved real estate school. School status may change so it is best to call the Massachusetts Board of Registration of Real Estate at 617.727.2373 prior to signing up for a class.

Below are some real estate schools in major cities in Massachusetts that are currently approved by the Massachusetts Board of Registration of Real Estate.

Real estate schools in Boston, MA:

Addison Wellesley Real Estate Institute 617-464-6800
Boston Center For Adult Education 617-267-4430
Bunker Hill Community College 617-228-2000
Greater Boston Real Estate Board's Center for Professional Development 617-423-8700
Northeastern University 781-233-2284
The New England College of Finance 617-951-2350

 

Real Estate Schools in Worchester, MA:

Center For Real Estate Studies and Training 508-752-2802
Central Mass Real Estate Academy. 508-368-7900
Century 21 / Tangney real Estate School 508-757-6100
George Russell Realty School 508-799-9997
Trust of New Englancd, Inc. Realty Institute 508-795-7500

 

Real Estate Schools in Quincy, MA:

Annex Real Estate School 617-472-4330
Commonwealth Realtors Real Estate Academy 617-773-3300
New England Real Estate Institute 617-773-3034
Quincy College 617-984-1600

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read about other real estate careers in Massachusetts:

 

 

 

 

 

 

 

 

 

 

 

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