How To Become A Real Estate Agent In Ms – In Mississippi, real estate agents MUST be accredited by the Mississippi Real Estate Commission. To obtain your real estate license, you must:
- Satisfy the minimum requirements to apply for the real estate examination:
- Character: Must show trustworthiness and competence.
- Experience: None.
- Instruction: 60 hrs of approved courses in real estate fundamentals.
- Pay the Right fees.
- Apply for Real Estate License. Submit two photos of the candidate, an affidavit signed by the sponsoring broker.
Recently licensed brokers must work under the oversight of an employing (sponsoring) real estate broker. Most new agents start out by working for a few of those big brokerages such as Coldwell-Banker, Century-21, Remax, etc.. If you would like to have your own business and work for yourself, you have to upgrade to a broker’s license.
Obligations of Real Estate Agents
A real estate agent’s most important job is to assist their customers in the practice of buying and selling real estate.
Their list of responsibilities include:
- Submit buyers’ offer to buy to vendor for consideration
- Work with escrow officers, lenders, home inspectors, and pest control operators to make sure that terms and conditions of purchase agreements are fulfilled before closing dates.
- Interview potential buyers to determine what sorts of properties they are trying to find.
- Prepare documents like listing agreements, purchase agreements, etc..
- Function as an intermediary in negotiations between buyers and sellers, generally representing one or another.
- Determine a house’s competitive marketplace price by comparing the property with similar properties which have recently sold.
- Schedule appointments to show houses to potential buyers.
- Create lists of properties that are compatible with buyers’ needs and fiscal resources.
What is a REALTOR®?
The agent normally joins the local board or association. For instance, in Biloxi, as soon as you’ve obtained your property license, you might pay a fee to join the Biloxi/Ocean Springs Board of REALTORS®.
All REALTORS® are real estate brokers, however, not all real estate agents are REALTORS®.
Realtors are usually paid based on a proportion of the sales price. The seller will usually pay 4-6% of the sales price since the commission and that will be split 50/50 between the vendor and purchaser’s broker.
By way of instance, if the fee for a $100,000 home is 6%, the purchaser’s agent will be paid 3% or $3000 and the seller’s broker will be paid 3 percent or $3000 as well. The broker is paid by their broker, according to their formerly agreed-upon commission split.This can be 50/50 for starting agents, so if the broker in our example would receive $1500.
According to the National Association of REALTORS®, the Median Sales price for a present single-family home in the Biloxi-Gulfport region was $113,900 for its fourth quarter of 2004.
Here are some real estate colleges offering the pre-licensing classes for the state of Mississippi:
Cooke Real Estate School (800) 943-9993
Mississippi Realtor Institute (601) 932-9325
Real Estate Institute (601) 605-1900