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:

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:

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

More real estate career info for New Jersey:

 

 

 

 

 

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