Real Estate Licensure
Program Summary
One of the most complex and important financial events in peoples’ lives is the purchase or sale of a home or investment property. Because this is a complex process of great importance, people usually seek the help of real estate brokers and sales agents when buying or selling real estate. Real estate brokers and sales agents have a thorough knowledge of the real estate market in their community. They know which neighborhoods will best fit clients’ needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.
Real estate agents usually are independent sales workers who provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent’s sale of the property. Brokers are independent businesspeople who sell real estate owned by others; they also may rent or manage properties for a fee. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers wherein details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales. Brokers supervise agents who may have many of the same job duties. Brokers also manage their own offices, advertise properties, and handle other business matters. Some combine other types of work, such as selling insurance or practicing law, with their real estate business.
Employment Trends
- While the income potential is good, real estate brokers and sales agents often work evenings and weekends and usually are on call to suit the needs of their clients.
- A license is required in every state and the District of Columbia.
- Although gaining a job as a real estate agent or broker may be relatively easy, beginning agents and brokers may face competition from well-established, more experienced agents and brokers in obtaining listings and in closing a sufficient number of sales.
Program Objectives
- Successful completion of each course earns a Certificate of Completion
- Skills development and preparation leading to State credentialing as;
- Real estate sales agents, who typically sell real estate directly to end users
- Real estate brokers, who are independent businesspeople selling real estate owned by others
- Real estate appraisers, who evaluate property to ensure that it is what it is claimed to be
Preparation for Licensure for Real Estate Sales
The Maryland Real Estate Commission requires an applicant to successfully complete 90 hours of instruction in the following approved courses. PGCC offers two 90-hour courses to meet this regulation:
- RES305. Real Estate Principles and Practices for Salespersons – non-credit, or
- RLS103. Real Estate Principles and Practices for Salespersons -- four-credit course.
Since this is a certification program, credit students must earn an A, B, or C to qualify for the state test.
Preparation for Licensure for Real Estate Appraisal
All real estate appraisers, with the exception of some agencies, must be licensed or certified to appraise property involved in federally related transactions. Candidates for licensure must have 90 hours of classroom study and 2,000 hours of appraisal experience before sitting for the state exam.
- RES 412. Principles of Appraising (37.5 hrs)
- RES 413. Practices of Appraising (37.5 hrs)
- RES 400. Appraisal Standards & Ethics (15 hrs)
Candidates for Certified General Appraiser (property over $1 million including commercial properties) must have 120 hours of classroom study (90 hours plus RES422. Residential Real Estate Appraisal) and 2,000 hours of appraisal experience, and at least 1,000 hours must have been in non-residential real property appraisal work. After satisfactory completion of the appropriate courses, including a passing score on the course finals and required hours of experience, students are eligible to take the Maryland State test for licensure or certification.
NOTE: Effective January, 2008, the requirements for licensure will be 150 hours of education. The revised educational criteria includes requirements for college-level education for the Certified Residential and Certified General classifications. The revised educational criteria for the Certified Residential classification requires an Associate Degree or higher, or in lieu of a degree, a minimum of 21 college semester hours in specified coursework. The revised educational requirements Certified General classification requires a Bachelors Degree or higher, or in lieu of a degree, a minimum of 30 college semester hours in specified coursework.
Preparation for Licensure for Real Estate Brokers
To become a broker, the Maryland Real Estate Commission requires 135 hours of approved courses, 3 years of experience as a real estate salesperson, and a passing score on the electronic testing. The following courses satisfy the broker's education requirement of 135 hours:
- RES335. Real Estate Principles for Brokers, Part I
- RES365. Real Estate Finance
- RES366. Real Estate Investment
These courses may also be taken for college credit. The student must first apply as a credit student and complete all requirements, including the counseling and the placement exam.
Program Curriculum
- The Maryland Real Estate commission requires students to attend all hours – 100% -- of each commission-approved session or course. If you arrive late or leave early, you will not receive a course completion certificate. There are no exceptions.
- All students must pass the final exam with a minimum score of 75. Make up exams are given upon request and with approval of the instructor.
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Crs #
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Course Name
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Hrs
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Sales Licensure
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RES305.
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Real Estate Principles and Practices for Salespersons
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90
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Program total
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90
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Appraisal Licensure
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RES412.
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Principles of Appraising
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37.5
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RES413.
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Practices of Appraising
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37.5
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RES400.
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Appraisal Standards & Ethics
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15
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Program total
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90
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Broker Licensure
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Credit Courses:
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RES335
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Real Estate Principles for Brokers
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45
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RES365
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Real Estate Finance
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45
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RES366.
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Real Estate Investment
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45
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Program total
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135
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State Credentialing Exam
The licensing examination is administered by the Psychological Systems Incorporated (PSI) of Glendale, California. This is a computer exam which is administered every business day of the week.
The six test sites are:
- PG County Location
5900 Princess Garden Parkway, Suite 240
Lanham, MD 20706-2925
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- Montgomery / PG Counties / College Park Center
The Sterling Building
4920 Niagara Road, Suite #211
College Park, MD 2074
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- Eastern Location
Beaglin Park Plaza Complex, Building 2
1323 Mt. Hermon Rd., Suite 2A
Salisbury, MD 21801-4924
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- Central Location / Baltimore Center
The Rotunda
711 W. 40th Street Suite 352
Baltimore, MD 21211
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- Eastern Location / Salisbury Center
Humphrey's Building
309 East Main St., Suite 10, 2nd Floor
Salisbury, MD 21801-4924
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- Western Location / Hagerstown Center
920 West Washington St., Suite #B-2-A
Hagerstown, MD 21740
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Candidates must register for the examination by sending an application and supporting documents directly to PSI. The Registration Office will no longer stamp and issue candidate handbooks. PSI will notify qualified candidates of the date, time, and location of the exam based on the candidate's preference. Registered candidates will also be able to dial a toll-free telephone number, 1-800-733-9267 to reschedule for an exam up to 72 hours in advance. Exams must be taken within 90 days of registration or the process must start over and the candidate must pay an additional fee. Walk-in registrations are no longer allowed. The exam fee is $118 for appraisers and $60 for salespersons. Payment may be made by check, money order, company check, cashier's check, MasterCard, or VISA. Cash is not accepted. Refer questions to the Real Estate Commission of Maryland 1-(410) 333-6230.
The college does not administer the state exam for salespersons or brokers. Candidates will register for the examination by sending an application and supporting documents directly to Psychological Systems, Inc. (PSI). PSI will notify qualified candidates of the date, time, and location of the examination based upon the candidate's preferences. Examinations will be offered each regular business day at test centers. For more information, call the Maryland Real Estate Commission in Baltimore at 1-410-230-6230 or PSI at 1-800-733-9267.
Frequently Asked Questions
- What are the continuing education requirements for Appraisers?
In order to renew a real estate appraisal license or certificate, 14 course hours of continuing education for each full year of licensure or certification are required. Two hours shall be about appraisal standards of conduct and ethics. Unless otherwise stated, courses are approved by the Maryland State Commission of Real Estate Appraisers. Full attendance is required.
- What are the Continuing Education Requirements for Brokers and Salespeople?
Real Estate Brokers and sales people are responsible for taking approved continuing education courses. Courses must be completed every 2 years according to the date on each individual license. Both 3 hour and 6 hour classes are available. No partial credit is given. Students must attend the full course. Renewal is therefore on a staggered basis. The Real Estate Commission notifies licensees of their renewal date.