How to Become a Real Estate Agent in Oklahoma

To become a real estate agent in Oklahoma, you'll need to be licensed by the Oklahoma Real Estate Commission. There are various requirements that must be met prior to applying for a real estate license including completing the required education at an approved real estate school.

You may apply for an Oklahoma non-resident real estate license if you currently hold a real estate license in another state. If you have been actively licensed for 2 out of the last 5 years, you may automatically qualify for a non-resident license.


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

1) Real Estate Agent Licensing Requirements in Oklahoma
You MUST be licensed by the Oklahoma Real Estate Commission  in order to be a real estate agent in Oklahoma. In Oklahoma, it is referred to as a "sale associate license".

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

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

ii) Submit Application for Real Estate license along with a $60 fee. The application form has a section to be completed and signed by the real estate school. The application also has to be notarized.

ii) Register, Take and pass the Oklahoma salesperson exam. The exam is 3 hours long.

iii) Complete and submit Request For Issuance of an Active  Real Estate License to the Oklahoma Real Estate Commission along with the license fee of $165. The license is valid for 3 years.

 

2) License Renewal and Continuing Education Requirements

The Oklahoma sales associate license is valid for 3 years. You will need to complete a continuing education requirement  and renew your license in order to continue practicing as a real estate agent in Oklahoma.

The continuing education requirement is 21 hours including 12 hours of 4 core subjects - Professional Conduct, Fair Housing , Broker Relationships Act and a Hot Topic (which will consist of a current issue ranging from Code and Rule updates to major industry concerns).

 There is a renewal fee of $165.

 

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.

For example, in Tulsa, OK once you have obtain your real estate license, you may pay a fee to join the GREATER TULSA ASSOCIATION OF REALTORS®.

Joining the local board makes you a member of the Oklahoma 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 Oklahoma, the March 2005 average home price is approximately $105,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $3150.

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 $1575 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 Oklahoma's average home price and the above example, a real estate agent in Oklahoma can make about $15,750/year by selling 10 houses a year.

By selling one house per week, the real estate agent in Oklahoma will have a salary of $81,900.


5) Real Estate Schools

The first step to becoming a real estate agent in Oklahoma is to take the required classes at an approved real estate school.

School status may change so it is best to call the Oklahoma Real Estate Commission at 405.521.3387 prior to signing up for a class.

Below are real estate schools in Oklahoma that are currently approved by the Oklahoma Real Estate Commission.

 

Real Estate Schools in Oklahoma City, OK:

Marie Burroughs School of R.E. 5900 Mosteller Dr #108 (405)717-4720
Oklahoma School of Real Estate 12401 N May Ave (405)947-4448
Stegall School of Real Estate 8220 S Pennsylvania Ave (405)605-4788
Francis Tuttle Technology Center 12777 N Rockwell Ave (405)752-4700
DeSpain Real Estate School 401 N Meridian Ave (405)232-7901
Metro Tech 1700 Springlake Dr (405)833-6656
Coldwell Banker Advantage 10900 Hefner Pointe Dr Ste 400 (405)691-2556
American Institute of R.E. Educ. 641 NE 15th St (918)825-2284
Southwestern School Of Real Estate 1525 SW 36th St (405)273-7493

 

Real Estate Schools in Tulsa, OK:

First Gait Real Estate School 716 N Xenophon Ave (918)587-1818
Prudential - Detrick Realty 4636 S Harvard Ave (918)746-6000
Greater Tulsa Realtors PO Box 470603 (918)663-7500
Mooney R. E. Seminars 4867 S Sheridan Rd #715 (918)665-0478
Tulsa Technology Center 3638 S Memorial Dr (918)828-5414
ERC Real Estate School 2116 S 117th East Ave (918)438-1175
CUTEC Properties School of Real Estate 5314 S Yale Ave Ste 500 (918)585-5793
Tulsa Real Estate Academy 4408 S Harvard Ave (918)712-4310
John Hausam Realtors 6550 E 71st St (918)492-2000
Career Development Institute 5555 E 71st St #9100 (918)496-2252
McGraw Davisson Stewart Realtors 8040 S Sheridan Rd (918)492-5900

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read about other real estate careers in Oklahoma:

 

 

 

 

 

 

 

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