How to Get a Real Estate License in Queensland

Real estate has become one of the most lucrative businesses in recent times. The positive global economic progress has opened new doors of opportunity for all businesses resulting in a real estate boom that is bound to last. To be a real-estate agent in Queensland, like most of everywhere else in Australia, you require a real estate agent license.
So how to you go about getting one…

To be eligible to get a real estate license in Queensland there are certain criteria that must be fulfilled. Here is a simplistic view of these requirements:

1)The candidate must be over 18 years of age
2)Must have at least one place of business in Queensland
3)Must have the requisite training from a recognised organization
4)The candidate must be a suitable person, which means that he/she must not be bankrupt and must not be convicted for any serious offence that carries three or more years in jail at least five years before applying for the license. Further, the candidate must not have been previously disqualified from holding a license for any reason. Also, the person should not also have been the director or one of the board of directors of a disqualified company.
5)Most importantly the person must be a citizen of Australia or an immigrant who has the required work visa.

To get a real estate license in Queensland, criminal history checks are also done for every applicant; and an applicant is required to pay the specified fee for criminal history checks to be carried out.

The processing time for the license is 4-6 weeks. It is usually never longer than this except when the authorities need to get in touch with the applicant for any missing documents or fees that need to be paid.

In order to ensure that there is no delay in obtaining the real estate license in Queensland, all photocopies of the original document must be attested. This means that the signature of the applicant is necessary as well as the signature of one of the following people – Solicitor, justice of peace, commissioner of declarations, barrister or a notary public. The applicant must take the original as well as the photocopy to the above-mentioned people and they will stamp it saying that the document is true. In Australia, photocopies of original documents are not accepted as proof of identity.

The most important thing needed for acquiring a real estate license in Queensland is training. There are many organizations that provide this type of training and it can be done in training classes or through correspondence mode as well. The advantage of correspondence mode is that the applicants can do the course in their own time, after regular work hours or after school.

In order to obtain a real estate license in Queensland, an applicant must fulfil as many as 19 units in the Property Services training package. For those who are already part of the real estate industry and are working as a salesperson, a resident letting agent or a property manager they would have completed at least six of the necessary units.

Once you attain a real estate license in Queensland, you can do any of the following

1)You can negotiate buying, selling, renting or exchange of apartments or houses, land or businesses.
2)Own a real estate agency. You can also manage a real estate agency that is not necessarily owned by you.
3)The license holder can directly buy, sell, rent or exchange houses or apartments, businesses or lands.
4)The license holder can look at, access and inspect any property that is up for sale or rent.
5)The property can be shown to interested buyers.
6)They can open property for rent or sale.
7)They can advertise a property that needs to be put up on rent or sold if they want to attract potential buyers. They can do this in the form of putting up signs as well.
8)They can take an apartment complex and sell in parts or however is suitable to them without going through an established agency.
9)They can sell, buy or exchange livestock (or an interest in them)
10)The license holders can operate a trust account in the name of either the buyers or sellers.

The real estate industry has seen a lot of positive changes in recent times. A real estate agent not only enjoys a great life but also helps people find homes like they always wanted. However, you need to be well trained and procure the real estate license in order to make the most of this career opportunity.

Posted in Uncategorized | Comments Off

Real Estate License Required

Looking for a very lucrative business opportunity? Real estate brokering is the top choice for a lot of people. Real Estate Brokers and real estate agents are working throughout the nation. Not only are they making excellent incomes, they are also contributing to the economy in direct, as well as, indirect ways. By helping the sellers in selling their property and at the same time helping the buyers in buying a property these agents help satisfy their need for shelter. Creating this transaction often entails many other services to be ordered. So, can anyone start real estate brokering? Well, not really.

Possessing a Real estate license is a pre-requisite for becoming a real estate agent. However, obtaining a real estate license is not difficult. In most states, the qualifications for getting a real estate license are very minimal. So you should first check the eligibility criteria for obtaining a real estate license (rather pre-license) in your state. The real estate license eligibility criterion includes things like the minimum age limit (which is mostly 19 years) and educational qualifications (which is mostly high school). Most states do require a clean criminal record, sorry. Once you know that you satisfy those real estate license (pre-license) eligibility criteria, you can go ahead and enroll for a pre-license training.

There a number of real estate schools that offer real estate license training. Some real estate schools offer online training for a real estate license. Choose a course that is spread over a sufficient duration of time e.g. 1 year so that you are able to grasp the concepts properly (after all you want to become a successful real estate agent and not just another real estate agent). You will be taught a number of topics as part of your real estate license training. All this will help you develop a basic understanding of real estate and various aspects related to real estate (e.g. real estate law, deeds, contracts, ownership transfer, etc)

Once you have undergone this real estate license training, you will be required to undergo a state exam. After you pass this exam, you will generally need to undergo additional training on state approved courses. That’s it, you can now get a real estate license which is worth that effort (as you will find in a couple of years of starting real state brokering). Most states also require you to go for continuous education after you have received your real estate license. However, this is a just a few hours every few years.

So a real estate license is what you need to start your career as a real estate agent. But your success after that will be dependent on how seriously, ethically and effectively you carry out your job. Unfortunately, eighty percent of new agents will have left the business within five years. Remember, this is a very competitive business and you will find that the top twenty percent of agents earn nearly eighty per cent of the money. Being average in the sales business will leave you hurting financially.

Posted in Uncategorized | Comments Off

Should Real Estate Investors Get A Real Estate License?

One of the most common questions that I am asked on a daily basis from new investors is whether or not it is beneficial for them to get their real estate license. I spent many years as a real estate investor wholesaling, rehabbing, fixing, flipping and renting without getting a license. Ultimately I decided that it was beneficial to get my license and that having a license does not hinder your ability to operate as an investor.

If you are thinking about whether or not you should get your license then here are some points for you to consider:

Why are you thinking about getting your license?
Are you required to get a license?
How will having a license benefit or hinder your ability to operate as an investor?

The first question you should ask yourself is why you are thinking about getting a license. If the answer is because you want to be an agent and show properties to buyers and sellers in exchange for a commission then obviously you need a real estate license. However for most investors that are interested in investing for themselves the lines become much more blurry.

The second question for you to ask yourself is if you are required to get a license? Many investors are not aware of when and if they need a license and often assume that they don’t when they do. If you are a full time wholesaler and you assign contracts to other investors for an assignment fee or you double close your own transactions for a profit then you probably do not need to get a license. However you must have beneficial interest in the property meaning that you must have a valid contract indicating that you are the buyer of that specific property and that you have equitable interest in it. If you do not have beneficial interest then this means that you cannot find buyers for other wholesalers.

If you are an active wholesaler with an active buyers list then you probably network with other active wholesalers in your area. If you do then invariably you will find yourself in a position where you know buyers that are looking for a house in a certain area and one of your wholesaling associates might have a house under contract in that area. In this scenario you would be stepping over the line since you do not have an interest in that particular property and you are marketing it. This would require you to be licensed. Keep in mind that this applies regardless of whether or not your associate gave you permission to find a buyer for their deal. Do not rely on joint venture agreements or beneficial Interest agreements to help you to get around this regulation. The local real estate licensing authorities might ask you for proof of your beneficial interest and they will be looking for your name on either the deed or the contract. So in summary if you are marketing your own deals you don’t need a license but if you are marketing other people’s deals then you do. If you do not have a real estate license then you cannot find buyers for other investors. You also cannot help other investors sell their properties. or a property for someone else (with a few exceptions).

The final question that you should ask yourself is how having a license will hinder or benefit you as an investor. If you only wholesale your own deals, manage your own properties or fix and flip your own properties then you do not need a license. However, the more active you get as an investor the more opportunities there will be for you to benefit from having a license. You will be able to list properties, manage properties for others, wholesale other investor’s deals, find sellers for other investors, find buyers for other investors, save money on purchases and sales and get access to the MLS. In short there are a lot of benefits to having your real estate license.

What are the negatives to having your license? I don’t really see any. You will have to disclose that you have a license and you will be bound to act ethically (which you should already be doing). Having a license will give you more opportunities to make money and if you are considering being a full time real estate investor then having a license will benefit you in the long run.

Posted in Uncategorized | Comments Off