Becoming a Ral Estate Agent

[TemekuT]

The qualifying courses needed to sit for the agent and broker exams are a joke. When I applied for the agent exam, my undergrad transcripts were analyzed and I was allowed credit for business law (3 semester units), economics (total 9 semester units), and accounting (my major). I was denied credit for finance (6 upper division units!) because I hadn’t taken “real estate finance”. The exam was a joke also…if you can memorize lots of arcane information and understand junior high math, you’ll pass.

Later, through an approved on-line school, I completed the so-called coursework for the broker exam, including “real estate finance”. The class consisted of more memorization of factoids, such as learning all the acronyms – FNMA, FreddieMac, FIRREA etc., and very basic explanation of topics such as the monetary system, the secondary mortgage market, loan, deed of trust, beneficiary. Not even an iota of the rigor of my non-real estate finance classes, and no mention of details such as IRR, present value, investment analysis and comparison.

When I compare the coursework and exam requirements for becoming a real estate broker to the coursework I had to complete and the exam I passed to become a CPA, it becomes apparent that no great intellect or reasoning abilities are required for the former.

[ibjames]

Yeah, but a CPA shouldn’t be compared to a broker IMO, I would naturally think the CPA reqs are much harder

[JWM in SD]

Almost nothing in business compares to the reqs to pass the CPA exam. I took it and passed in 95 and it was a bear. The pass rate at that time was less than 15%. This is why I laugh at the idea of a broker or worse a realtor calling themselves professionals…they don’t have a freaking clue…

[sdrealtor]

There are professionals and jokesters in just about every field. BTW, I passed the CPA exam in 87.

[mixxalot]

I agree- CPA is much tougher and more respected than used car sales people ahem most realtors and mortgage con artists these days.

Congrats- I am thinking of doing my MBA in finance/accounting and study for CPA to enhance my career prospects. Its a good career path and pays quite well.

A CPA with a law degree is powerful combination for business!!!

[kewp]

Hey cooprider,

(nice name btw)

Could you give me some predictions for stocks you think are good buys?

I’ll short ’em and make a killing.

(sorry for the cheap shot, couldn’t help it)

[SD Realtor]

JWM (the other SD Realtor here)

I have a BSEE from UCSD and I also direct a staff of ASIC designers for PCI Express technology used in storage and networking applications. My expertise is in verification and system architecture.

SD Realtor

[JWM in SD]

I don’t understand your point SD Realtor?? I don’t care what else you do. I’m sure those designations were difficult to attain, but the Realtor designation as well as a broker designation is not…period. That’s why there are so many scumbags who got into the industry to begin with during the boom. Why? Because they didn’t have to go study for 3 years before sitting for a exam that spans two full consecutive eight hour days.

By the way, I also hold a masters in project management and I’m PMP as well. FWIW.

[SD Realtor]

JWM –

The point is that you wrote,

“This is why I laugh at the idea of a broker or worse a realtor calling themselves professionals…they don’t have a freaking clue…”

You have painted the entire industry to be a bunch of bumbling idiots. This is not true. I am not saying that there are not a whole lot of idiots that are licensed. Believe me I have dealt with lots of them. I am saying that I am not one of them and I have dealt with many others who are quite bright and have a diverse interest in other professions and are quite educated.

My point is that there are those like myself who are much more educated then you implied in your post. I have no power over what the state mandates in order to be called a real estate professional. The designation is from the state DRE. Don’t hate the players, hate the game, because you get to choose the realtor or broker you work with. If you get an idiot change. Commissions are not law, they are negotiable by law. Nobody forces you to use these people.

SD Realtor

[salo_t]

cooprider14, to answer your original post its really up to you and how driven you are. There are agents that will prosper in an up or down market because they love what they do and are completely devoted to it. That’s the beauty of something like RE because your success is entirely up to you. Don’t get me wrong though its not easy and starting brand new in this market makes it even that much harder but if you think you have what it takes then give it a shot.
Work close with your broker and seasoned agents and learn everything you can. Even if you never do a single transaction you can at least save some money when you finally buy your own home. I do RE part time mainly for friends and family. Its not my main source of income but I’m glad I went out and got licensed. Just do what feels right for you.

[TemekuT]

My point in posting about the all-too-easy, quasi-academic requirements in order to sit for the CA agent or broker exam was to illustrate the low caliber of the CA state requirements. IMO this lack of standards has contributed in no small way to the current situation. That said, I worked with a wave of career transitioners, starting in 2000, who left the tech field in the Bay Area due to layoffs. For the most part I found those highly educated newbies to be ethical and competent.

I do immediately dismiss those bloggers who, painting with a broad brush, characterize all agents and brokers as charlatans who will ultimately flip burgers at MickeyD’s (which I did in high school).

As in any field, there are the incompetent…the competent…the superstars…and always the ethical and those lacking ethics.

[JWM in SD]

My post isn’t specifically directed at you SD realtor. Second, your industry has been hijacked those idiots much the same way my former profession (accounting) was dealt a blow to reputation by the likes of Jeff Skilling and Arthur Anderson as a result of the Enron scandal…which by the way will be a drop in the ocean compared what we about to experience from this real estate mess.

Welcome to real world pal, don’t preach to me about how an industry can be tainted the acts of a few…been there already.

[ibjames]

I.T. is the same may, every hooligan that doesn’t want to go to college and instead goes to some quick certification place is flooding the industry..

In a working environment it shows they know jack and just passed tests.

[pocket23]

If you want an affordable institute but you can learn a lot especially in making your own strategy, just check out http://www.motivatedsellermagnet.net/. It’s kinda old school but it can help you a lot. It has a step by step teaching process. Anything you need is there like advices from the experts, books as well as guides in starting into this business. All you need is patience and enthusiasm. Make some money…Good luck.

[pocket23]

If you want an affordable institute but you can learn a lot especially in making your own strategy, just check out http://www.motivatedsellermagnet.net/. It’s kinda old school but it can help you a lot. It has a step by step teaching process. Anything you need is there like advices from the experts, books as well as guides in starting into this business. All you need is patience and enthusiasm. Make some money…Good luck.

[Author]

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