How to Become a Real Estate Agent in New Jersey

The requirements to become a real estate agent in New Jersey are pretty similar to those in other states. There are various requirements that must be met prior to applying for a real estate license including completing the required number of education hours at a real estate school approved by the New Jersey Real Estate Commission.

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

How to Become a Real Estate Agent in New Jersey

1) Real Estate Agent Licensing Requirements in New Jersey
You MUST be licensed by the New Jersey Real Estate Commission in order to be a real estate agent in New Jersey.

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

i) Satisfy the minimum requirements requirements to apply for the real estate license:

be 18 years or older.
have high school education or equivalent
be a citizen of the United States or a lawfully admitted alien
successfully complete 75 hours of course work at a real estate school approved by the New Jersey Real Estate Commission

ii) Take and pass the New Jersey salesperson exam. (You will need to have a completed School Certificate prior to scheduling the exam) There is a $60 exam fee.

iii) Complete and submit application for real estate license to the New Jersey Real Estate Commission along with:

Exam score report, complete, signed and dated by the sponsoring broker.
Completed "Request for Criminal History Record Information"
Initial license fee of $178

2) License Renewal and Continuing Education Requirements

The New Jersey real estate license must be renewed every 2 years in order to continue practicing as a real estate agent in New Jersey. There is a renewal fee of $100.

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 24 local boards or associations in New Jersey.

For example, in Montclair, NJ once you have obtain your real estate license, you may pay a fee to join the West Essex BOARD OF REALTORS®.

Joining these local boards makes you a member of the New Jersey 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 New Jersey, the 2004 median home price is approximately $322,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $9660.

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 $4830 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 New Jersey's median home price and the above example, a real estate agent in New Jersey can make about $48,300/year by selling 10 houses a year. By selling one house per week, the real estate agent in New Jersey will have a salary of $251,160!

5) Real Estate Schools

The first step to becoming a real estate agent in New Jersey is to take the required classes at an approved real estate school. School status may change so it is best to call the New Jersey Real Estate Commission at 609.292.8300 prior to signing up for a class.

Below are some real estate schools in New Jersey that are currently approved by the New Jersey Real Estate Commission :

COLDWELL BANKER SCHOOL REAL ESTATE SCHOOL 339 JEFFERSON ROAD PARSIPPANY, NJ 07054 Phone: (800) 624-1045	CUMBERLAND COUNTY COLLEGE 3322 COLLEGE DRIVE PO BOX 1500 VINELAND, NJ 08362 Phone: (856) 691-8600
ESSEX COUNTY COLLEGE 303 UNIVERSITY AVENUE NEWARK, NJ 07102 Phone: (973) 877-3222	FAIRLEIGH DICKINSON UNIVERSITY H311A, ROOM 1134 1000 RIVER ROAD TEANECK, NJ 07666 Phone: (201) 692-6500
F.W. KOVATS, INC. 230 WEST PASSAIC STREET MAYWOOD, NJ 07607 Phone: (201) 843-7277	GLOUCESTER COUNTY COLLEGE 1400 TANYARD ROAD SEWELL, NJ 08080 Phone: (609) 468-5000
GRADUATE REALTORS INSTITUTE 295 PIERSON AVENUE PO BOX 2098 EDISON, NJ 08818 Phone: (732) 494-5616	JACKSONS' SCHOOL OF BUSINESS ROOM 211 47 BAYARD STREET NEW BRUNSWICK, NJ 08901 Phone: (732) 828-0110
NORTH JERSEY SCHOOL OF REAL ESTATE 1734 OAK TREE ROAD EDISON, NJ 08820 Phone: (732) 548-0603	OCEAN COUNTY COLLEGE COLLEGE DRIVE PO BOX 2001 TOMS RIVER, NJ 08753 Phone: (732) 255-0390
OCEAN SCHOOL OF REAL ESTATE, INC. SUITE 2A 586 ROUTE 70 BRICK, NJ 08723 Phone: (732) 477-4921	PRINCETON SCHOOL OF REAL ESTATE 238 WEST DELAWARE AVENUE PENNINGTON, NJ 08534 Phone: (609) 737-1525
MASTER TECHNICAL INSTITUTE, INC. 346 LEXINGTON AVENUE CLIFTON, NJ 07011 Phone: (973) 340-9500	RARITAN VALLEY COMMUNITY COLLEGE ROUTE 28 AND LAMINGTON ROAD PO BOX 3300 SOMERVILLE, NJ 08876 Phone: (908) 526-1200
REAL ESTATE EDUCATION INSTITUTE 1597 PARKSIDE AVENUE TRENTON, NJ 08638 Phone: (609) 882-8850	SAINT PETER'S COLLEGE 2641 KENNEDY BOULEVARD JERSEY CITY, NJ 07306 Phone: (201) 915-9000
SALEM COMMUNITY COLLEGE 460 HOLLYWOOD AVENUE CARNEYS POINT, NJ 08069 Phone: (856) 299-2100	SOUTH JERSEY PROFESSIONAL SCHOOL OF BUSINESS, INC. TILTON SHOPPING CENTER #4 331 TILTON ROAD NORTHFIELD, NJ 08225 Phone: (609) 646-8522
THE PROFESSIONAL SCHOOL OF BUSINESS 22 EAST WILLOW STREET MILLBURN, NJ 07041 Phone: (973) 564-8686	THE REAL ESTATE SCHOOL SUITE 120 1873 ROUTE 70 EAST CHERRY HILL, NJ 08003 Phone: (856) 429-3660

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