Getting a New Jersey real estate license isn’t as simple as filling out an application. Interested parties have to meet certain state requirements and complete a 75-hour course. The course covers ethical conduct, real estate laws and regulations, as well as mortgages, deeds and taxes.
What Are the Basic Requirements for Earning a Real Estate License in NJ?
In order to become a real estate salesperson in New Jersey, the applicant has to be a legal resident of the United States. If not a citizen, the applicant must have the required permission to work in this country. Applicants have to disclose if they tried to apply for a real estate license in the past or if they have a criminal history. After completing the course, applicants have one year to take their real estate test. A passing score of 70 or above is necessary to apply for a license via a sponsoring real estate broker.
How Much Does it Cost to Get a Real Estate License in NJ?
There are several expenses to consider for anyone wishing to become a real estate agent in New Jersey. The real estate course is one cost, and prices vary. Depending on where you take your course, it can run a couple of hundred dollars to over a thousand dollars. Applicants can also expect to pay a $60 fee for the exam and a licensing fee of $160, which includes the cost of a background check.
How to Get a New Jersey Real Estate License Online
The State of New Jersey doesn’t allow online real estate applications. To receive a real estate license in this state, the applicant must complete the 75-hour real estate course in person. Applicants have a year to take and pass the test after completing the course. After passing the test, the applicant has to undergo fingerprinting and apply for a license. All of the required steps must be handled in person.
Applicants cannot apply for a license without a licensed broker as a sponsor.
How Much Do Real Estate Agents Make in New Jersey?
Real estate agents work on a commission basis. How much they earn depends on how much they sell and the amount of the commission. Most new real estate agents don’t earn as much as established agents who have an existing client base and reputation.
Housing prices also play a factor in potential earnings. Homes in higher-end or more desirable neighborhoods earn a higher commission than lower priced housing. In New Jersey, real estate agents can earn as little as $20,000 or as much as $1 million per year.
The New Jersey Department of Banking and Insurance handles real estate licensing. For more information on obtaining a New Jersey real estate license, see the New Jersey Real Estate Commission at the NJDOBI website.
The State of New Jersey doesn't allow aspiring real estate agents to apply for their licenses online. Applicants must handle all coursework and paperwork in person at a real estate school approved by the New Jersey Real Estate Commission.