Are You Thinking About Entering Real Estate? Know How To Acquire Your LicenseFirst Steps and Fees Are Involved
To become licensed, you must first pass the sales agent exam and submit an application with the Utah Division of Real Estate. Furthermore, proof of your qualifications must also be provided.
Real Estate License Verification
Real estate license verification is an essential step to taking when conducting real estate transactions, to safeguard yourself against fraudulent activity and potential issues that might arise during a transaction. Often this process can be completed online quickly and conveniently.
Step One is to visit the state website where your real estate professional holds their license, then locate their ‘License Lookup’ or similar feature on its homepage or under Public Resources or Consumer Tools tabs. After entering specific information like name or license number into this search tool, results will then be retrieved from their database and displayed as results.
As well as showing the current licensee status and any disciplinary actions taken against them in the past, licensing checks provide valuable insight for prospective hires or disputes between agents/brokers.
As part of the licensing process in Utah, property sellers require a valid real estate license in order to sell property within its borders. The process entails passing a background check and fingerprinting that must be sent with their application to the Utah Division of Real Estate. Digital fingerprinting services are offered by Pearson VUE testing centers located in Bountiful, Draper, Ogden and Orem; those needing their fingerprints taken at one will receive a receipt that must be included with their application for license approval.
Utah real estate brokers must also maintain at least one property management trust account which is distinct from their operating and business accounts and used for holding tenant security deposits, rent payments, and money tendered by property owners. Documentation for this account must be within 30 days old from a bank or credit union on their letterhead with information such as account number, brokerage name and the phrase “Property Management Trust Account” included as account identifiers.
License Lookup
Becoming a licensed real estate agent in Utah requires significant commitment. There are various stages involved and fees payable, but the process can be rewarding and enjoyable. When choosing an agent to represent you when selling your home, find one whom you can work closely with and trust to assist in this important journey.
To search for license information, enter your criteria into one or both of the two search fields below. Adding additional criteria could unnecessarily narrow your results and make finding records more challenging; hover over any field text for help if necessary.
Search individuals by first or last name, license number or profession. When searching by last name be sure to spell it correctly and use initial letters of the last name to narrow your search results; too few or too many letters in a last name could limit results. Once searching has begun the screen will display names beginning with one that best matches the sequence of letters entered before finally showing the results of your search.
License Requirements
Utah law mandates that real estate agents hold valid licenses before selling property in Utah. While the licensing process is straightforward and relatively fast, certain requirements must be fulfilled to fulfill it successfully. Anyone interested in becoming an Utah real estate agent should read through and comply with the Candidate Handbook to meet education and experience criteria for becoming a realtor agent in this state.
First, an applicant must pass the state real estate exam administered by Pearson VUE and taken at any of their test centers across the state. Candidates should bring with them a basic calculator and scrap paper; those unable to pass first time should consider enrolling in an online study course that can help prepare them for it; some even offer money-back guarantees should they fail the first attempt!
Once they pass their real estate exam, applicants must go through four additional steps in order to become licensed in Utah. First, they must find a sponsoring real estate broker approved by the Division of Real Estate with an excellent track record. Next, candidates must submit a completed real estate application through MyLicense eGovernment system that contains all of the required documents as well as an $157 non-refundable fee that includes real estate application fee, recovery fund fee, fingerprint processing fee and FBI RAPBACK enrollment fee.
Applicant must possess a clean criminal history and meet the statutory licensing criteria of honesty, integrity, truthfulness and reputation. Furthermore, they must be 18 or over with either a high school diploma or GED certificate and never been convicted of any felony or misdemeanor involving fraud, dishonesty or theft in the last five years.
License Fees
Real estate can be an exhilarating and fulfilling career, but there are initial costs involved. First of all, you will need to complete pre-license education courses and pass your state licensing exam (usually around $3,000. Additionally, application and licensing fees must also be paid.
Applying for a license requires applicants to submit two fingerprint cards (Blue FD-258) or proof of digital fingerprint submission signed by them and submitted with their application. In addition, new Utah real estate agents must enroll in RAPBACK which is an FBI program which cross-references arrest and conviction records with real estate commission records; enrolling is mandatory for new Utah real estate agents.
Once you have completed your pre-license education and found a broker sponsor, the state licensing exam can begin. Administered by Pearson VUE at various test centers around the country and with a fee of $59; bring along a basic-function calculator; no external sources can be accessed during this test session.
As a licensed real estate agent, you have several options for work: you can either join an established brokerage firm as an employee, or establish your own brokerage firm and work independently. When working for a broker, commissions will be shared between yourself and your sponsor; some brokers even provide office space or support services as an added perk! In either instance, it would be wise to join your local real estate association as well as sign up with Multiple Listing Service so as to access up-to-date real estate data.
Additionally, you will likely need to invest in marketing materials like business cards and flyers, while as an independent contractor it is your responsibility to pay your own taxes – most experienced real estate agents budget accordingly so as to not face an unexpectedly large tax bill at year-end. New agents especially should understand all associated fees so as to plan accordingly.