How to Become a Real Estate Agent in Virginia

The licensing and requirements to become a real estate agent in Virginia are handled by the Virginia Real Estate Board in the Department of Professional and Occupational Regulation. There is an educational requirement that must be completed at a real estate school approved by the Virginia Real Estate Board.

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 Virginia

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

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

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

  1. successfully complete 60 hours in Principles of Real Estate at a real estate school approved by the Virginia Real Estate Board.
  2. be licensed to practice in another state - you are required to take ONLY the state portion of the Virginia Real Estate License exam.

ii) Take and pass the Virginia salesperson exam. The exam is 150 minutes long, with 80 questions on the national portion and 40 questions on the state portion. There is a $60.50 exam fee (register by mail) and $65.60 fee if you register via internet, fax or phone.

iii) Complete and submit application for real estate license to the Virginia Real Estate Board along with:

 

2) License Renewal and Continuing Education Requirements

To renew your Virginia real estate license, you must complete 30 hours of continuing education at an approved real estate school within the first 2 years of licensure. There is a renewal fee of $65.

 

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 over 20  local boards or associations in Virginia.

For example, if you're located in Williamsburg, VA once you have obtain your real estate license, you may pay a fee to join the Williamsburg Area Association of REALTORS®. Or if you're in Charlottesville, VA,  you may join the Charlottesville Area Association of REALTORS®.

Joining the local board makes you a member of the Virginia 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 Virginia, the March 2005 median home price is approximately $155,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $4650.

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 $2325 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 Virginia's median home price and the above example, a real estate agent in Virginia can make about $23,250/year by selling 10 houses a year.

By selling 1 house per week, the real estate agent in Virginia will have an annual salary of $120,900!


5) Real Estate Schools

The first step to becoming a real estate agent in Virginia is to take the required classes at an approved real estate school. School status may change so it is best to call the Virginia Real Estate Board at 804.367.8526 prior to signing up for a class.

Below are some real estate schools in Virginia that are currently approved by the Virginia Real Estate Board.

Real Estate Schools in Virginia Beach, VA:

GSH TRAINING CO.
582 LYNNHAVEN PARKWAY #400
VIRGINIA BEACH VA 23452
PH: (757) 490-6500 FAX: (757) 490-6593
 

HAMPTON ROADS SCHOOL OF REAL ESTATE

184 BUSINESS PARK DR
SUITE 200
VIRGINIA BEACH VA 23462
PH: (757) 473-9700 FAX: (757) 473-9897

 

Real Estate Schools in Richmond, VA:

THE REAL ESTATE EDUCATION CENTER
2737 MCRAE ROAD
P O BOX 3860
RICHMOND VA 23235
PH: (804) 915-4001

 

THE REAL ESTATE SCHOOL OF THE RICHMOND ASSOC OF REALTORS
8975 THREE CHOPT ROAD
RICHMOND VA 23229 4657
PH: (804) 422-5015