How to Become a Real Estate Agent in Rhode Island

To become a real estate agent in Rhode Island, you must satisfy all the requirements set by the Rhode Island Department of Business Regulation which includes completing the required education in an approved real estate school.

One requirement that is different from other states is that the Rhode Island license application requires references from three US citizens who have owned property and known the applicant for at least 3 years and are not related to the applicant.

The State of Rhode Island currently has signed reciprocity agreements with Connecticut and Massachusetts which allows you to apply for licensing through reciprocity if you are a resident and are currently an active real estate agent in one of those states.

There is a $130 licensing fee as well as other fees involved.

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

1) Real Estate Agent Licensing Requirements in Rhode Island
You MUST be licensed by the Rhode Island Department of Business Regulation in order to be a real estate agent in Rhode Island.

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

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

be 18 years or older.
Must file a statement under oath on the application by a licensed Rhode Island real estate broker attesting to the fact that the individual is competent and trustworthy and a suitable person to be licensed.
Must have references from 3 US citizens that are property owners, not related to the applicant and have known the applicant for at least three years certifying to the applicant’s good reputation for honesty and trustworthiness.
Must complete 45 classroom hours in a real estate course given by a school licensed by the Rhode Island Department of Business Regulation.

ii) Upon satisfying all items listed in (i), submit a completed Rhode Island salesperson license application. There is a $10 application fee.

iii) Receive an Authorization To Test card from Rhode Island Department of Business Regulation. Applications take about 3 weeks to process and the Authorization To Test card will only be sent to qualified applicants.

iv) Schedule to take the Rhode Island Salesperson Real Estate exam. There is a $70 exam fee. (The Authorization To Test card must be presented when taking the exam)

v) Pass the Rhode Island Salesperson Exam. The exam is administered on a computer, is 4 hours long with 80 questions on general real estate and 45 questions on state law.

vi) Apply for your Rhode Island real estate license. Upon passing the exam, you'll receive a score report and instructions on how to apply for the license. There is currently a $130 fee to obtain the license.

2) License Renewal and Continuing Education Requirements

The Rhode Island real estate license must be renewed every 2 years in order to continue practicing as a real estate agent in Rhode Island.

There is currently a $130 fee to renew the salesperson license.

To renew your license, you'll have to submit:

a completed renewal application with the fee
a current certificate of Errors and Omissions Insurance
original certificates of at least 18 hours of approved continuing education courses. Six of the 18 hours must be of the core course subject matter e.g. Law of Agency, Law of Contracts , Fair Housing, Lead Hazard Mitigation or R. I. License Law & Ethics.

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 Providence RI, once you have obtain your real estate license, you may pay a fee to join the Greater Providence Board of REALTORS® which also makes you a member of the Rhode Island 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 Rhode Island, the 2004 median home price is approximately $265,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $7950.

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 $3975 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 Rhode Island's median home price and the above example, a real estate agent in Rhode Island can make about $39,750/year by selling 10 houses a year.

By selling one house per week, the real estate agent in Rhode Island will have a salary of $206,700!

5) Real Estate Schools

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

School status may change so it is best to call the Rhode Island Department of Business Regulation at 401.222.2255 prior to signing up for a class.

Below are real estate schools in Rhode Island that are currently approved by the Rhode Island Department of Business Regulation.

Real Estate Schools in Pawtucket, RI:

North American Institute for Appraisal & Real Estate Studies
141 Power Road, Lower Level
Pawtucket, RI 02860
(401) 722-6520

Future Properties Real Estate Academy
435 Benefit Street
Pawtucket, RI 02861
(401) 725-3100

Century 21 FastTrack Real Estate School
749 East Avenue
Pawtucket, RI 02860
(401) 521-9490

Real Estate Schools in Warwick, RI:

Coldwell Banker Residential Brokerage Real Estate School
2258 Post Road
Warwick, RI 02886
(401) 739-9500

Rhode Island Association of Realtors
100 Bignall Street
Warwick, RI 02888
(401) 785-3650

Real Estate Schools in Coventry, Middletown, Newport and Providence, RI:

Access America Real Estate
1027 Tiogue Avenue
Coventry, RI 02816
(401) 828-9052

Gold Star Real Estate School, Inc.
294 Valley Road
Middletown, RI 02840

Bellevue Real Estate School
65 Bellevue Avenue
Newport, RI 02840
(401) 849-6084

Real Estate Institute
5835 Post Road, Suite 113
East Greenwich, RI 02818
(401) 884-9595

East Bay Real Estate Academy, Ltd.
90 Elm Street
Providence, RI 02903
(401) 438-6550

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