The process to get real estate license in Maine requires completing a set number of hours of education and passing a state examination. Here’s what you need to do to get started:
1. Complete the Required 55 Hours of Education
With a provider approved by the Maine Real Estate Commission, you must complete the coursework within three years of applying for licensing. Prerequisites include completion of high school or equivalent, a clean criminal record, and proof of residency.
2. Pass the Real Estate Exam
You must take the test twice within one month, and the second attempt must be taken within 30 days of the initial test date. After passing both tests, you are eligible to apply for licensure.
3. Find a Sponsoring Brokerage
Your broker will help you choose courses, provide references, and manage the application process. Once you are accepted into the program, your broker will act as your sponsor. Sponsoring brokers are typically local agents, but some larger firms offer programs where a single broker acts as your manager.
Legal Requirements for Your Real Estate License in Maine
To obtain a Maine residential real estate agent license, you must meet the following basic legal qualifications:
• You must be at least eighteen years old;
• You must hold a high school diploma or equivalent degree;
• You must be a lawful resident of the United States;
• You must reside within the state of Maine;
• You must complete the prelicensing course offered by the Maine Residential Mortgage Commission (MREC);
• You must successfully complete the written examination administered by MREC; and
• You must undergo a criminal background check.
Complete Required Prelicensing Courses
After determining that you qualify for licensing as a realtor in the states of Maine, you must complete the required prelicensing courses and pass them along with meeting the minimum requirement of continuing education credits. These classes are mandatory in order to maintain licensure.
The 55 hours of required pre-license education cover the following topics:
Real property characteristics, legal descriptions and property use
Forms of ownership, transfer and recording of title
Property value and appraisal
Take the Maine Real Estate Exam
The Maine real estate salesperson examination is divided into two parts. You’re required to pass each part separately, and you’ll need to do well enough on each to earn your license. You’ll take the general practice test first, followed by the law exam.
Both tests are multiple choice; there are no essay sections. There is no penalty for failing either part. After you complete the exams, you’ll be given a score report showing whether you’ve passed or failed.
If you pass, you’ll learn what to do next. If you fail, you can schedule another try within 24 hours of taking the exam. You don’t have to wait a full month to retest because the licensing course requirements are just one calendar year long.
Pick a Company to Work For
You need to become affiliated with a broker who best fits your needs and goals. Finding one that works for you is important. There are different levels of affiliations, ranging from independent agents to exclusive franchises to full-service companies. And each level offers varying benefits and drawbacks. So what type of affiliation do you want to pursue? Here are some things to consider.
1. What Kind of Brokerage Do You Want?
There are several different kinds of brokerships, including exclusive franchises, exclusive territories, full-service agencies, and independent contractors. Each type of affiliation has its advantages and disadvantages. Exclusive franchises, for example, offer a number of perks such as training classes, marketing materials, and access to industry events.
But these companies often require a large upfront investment and don’t allow independent contractors to participate in their sales process. Full-service agencies, on the other hand, give agents the ability to manage their own clients without having to pay franchise fees. They also provide extensive resources like marketing tools, support systems, and technology.
Independent contractors, meanwhile, can set their own hours and prices, allowing them to earn money while making their own decisions about their careers. However, it takes a lot of effort to build up a client base without being affiliated with a larger agency.
2. How Much Does Affiliation Cost?
Affiliating with a brokerage costs anywhere from nothing to thousands of dollars per year. Some companies charge a monthly fee while others give you a percentage of the commission earned by your team members. If you’re looking to start off small, consider signing up with a smaller brokerage that allows you to take part in their sales cycle. On the other hand, if you plan to grow your business quickly, look into joining a bigger company where you’ll receive additional resources to help you succeed.
3. Which Benefits Are Right for Me?
The biggest benefit of working with a brokerage is that you’ll receive access to their marketing materials and support systems. These include everything from online listings to print ads to social media campaigns. In addition to those freebies, most brokerages offer ongoing training opportunities. Many even offer office space and equipment like laptops and cell phones. Finally, some brokerages offer discounts on insurance policies and mortgage loans.
In conclusion, if you’re looking to become a realtor in Maine, here’s everything you need to know to pass the exam. And remember, even though you may have to wait until you turn 18 to take the test, once you do, you’ll be ready to go!
Let us know if your pass the exams!