Becoming a real estate agent in Tennessee is a straightforward process that sets you on the path to a new and exciting career. In this article, we will provide you with all the information you need to know to obtain your Tennessee real estate license quickly and seamlessly. From the necessary steps to the costs involved, we have it all covered. So, let's get started on this journey together!
5 Steps to Obtain a Real Estate License in Tennessee
The Tennessee Real Estate Commission (TREC) has a few requirements that aspiring real estate agents must meet. These include being at least 18 years old, possessing a high school diploma or equivalent, and passing a background check. Once you meet these prerequisites, you can follow these steps:
Step 1: Complete the 90-hour Affiliate Broker Real Estate Pre-License Course
Your real estate course will consist of 90 hours, with 60 hours dedicated to the basic principles of real estate and an additional 30 hours for new affiliate brokers. The course covers a range of topics, including real estate contracts, agency understanding, land use, mortgage financing, and real estate formulas.
Step 2: Get a Background Check
We recommend scheduling your fingerprinting appointment as soon as you begin the affiliate broker course. Fingerprinting and background checks can often take 3 to 6 weeks to process. IndentoGO®, the approved provider, will send your fingerprints to the Tennessee Bureau of Investigation (TBI) and Federal Bureau of Investigation (FBI) for processing.
Step 3: Schedule and Pass the Tennessee Real Estate Exam
Once you complete the 90-hour course, the school will send a certificate of completion to the approved testing center, PSI. After confirming your eligibility, you can schedule your state examination through PSI's online platform or by calling their dedicated Tennessee Candidate Service Center. The exam consists of 120 questions, and a minimum score of 70% is required to pass.
Step 4: Find a Sponsoring Brokerage
To activate your license after passing the exam, you need to select a sponsoring broker. It is essential to consider the support and training offered by different brokerages when making your choice.
Step 5: Submit Your Tennessee Real Estate License Application
Once you receive your exam results, the next step is to complete the license application on the Comprehensive Online Regulatory & Enforcement System (CORE) website. Along with the application, you will need to submit various documents, including ID, pre-license certificate of completion, background check results, and proof of Errors & Omissions Insurance policy.
How Long Does It Take to Get a Real Estate License?
You may be eager to start your real estate career in Tennessee, but it's important to understand the time it takes to obtain your license. On average, the process can take around 8 to 10 weeks. Here is a breakdown of the timeline:
- 2 to 8 weeks to complete the 90-hour Tennessee pre-licensing course
- 1 to 2 weeks for the real estate school to submit the Completion Certificate
- 1 to 2 weeks to schedule the state real estate exam
- 3 to 6 weeks for fingerprinting and background check approval
- 1 to 3 weeks to interview and select a real estate brokerage
- 1 to 2 weeks for the real estate commission to approve your license application
To expedite the process, consider taking an online course. Additionally, start your background check as soon as you begin the course, and conduct brokerage interviews while completing the course. By following these tips, you can become a real estate agent in Tennessee within the estimated timeframe.
Cost to Become a Real Estate Agent in Tennessee
Becoming a real estate agent involves several fees in Tennessee. Here is an overview of the costs you can expect:
- Pre-License Real Estate Course: $200 to $550
- Application Fee: $91
- State Exam Fee: $39 ($49 for retakes)
- State Exam Prep Courses or Materials: $25 to $150 (optional)
Total Cost to Get Licensed: $340 to $630
It's important to note that there are additional expenses to consider as a new realtor. These include post-license continuing education fees, annual state license renewal fees, fees associated with joining local boards of realtors, multiple listing service fees, and various marketing and business expenses.
Total Cost to Become a Real Estate Agent in Tennessee: $1,550 to $2,050
Finding the Top Real Estate Schools
To obtain your real estate license in Tennessee, you must attend a school approved by the Tennessee Real Estate Commission. Several approved schools offer a combination of online and in-person courses. Here are a few popular options:
- Real Estate Express: Online with a high pass rate
- CE Shop: Online courses
- Tennessee Real Estate & Comprehensive Sales School (TRECS)
- McKissock Learning: Online courses
- Tennessee Real Estate Educational Systems (TREES): Located in Chattanooga, Nashville, and other cities
- All-Star Real Estate Academy: Offers Zoom, online, and in-person classes
When choosing an online real estate school, consider factors such as pass rates, guarantees in case of failure, availability of practice tests, and additional exam preparation courses.
How to Select a Tennessee Real Estate Broker
Affiliating with a real estate brokerage is a crucial step for active participation in the real estate market as a licensed agent. While commission splits may be attractive, the most important aspect to consider is the support provided to new agents. Look for brokerages with formal training programs, accessible mentors, and availability outside traditional business hours. A supportive brokerage will greatly enhance your chances of success as a newly licensed agent.
Commonly Asked Questions
To address common concerns, here are brief answers to some frequently asked questions:
- How hard is the Tennessee real estate exam? The exam is considered challenging, consisting of 120 questions that must be answered correctly by at least 70% within 160 minutes.
- What if I don’t pass the real estate exam? If you fail a section of the exam, you will have two more attempts to pass within six months. The cost to retake the exam is $49.
- Can I become a real estate agent in Tennessee with a criminal record? Under certain circumstances, it is possible. Convictions involving theft require a waiting period of two years after incarceration, probation, parole, or conviction.
- How much do real estate agents make in Tennessee? On average, Tennessee agents earn around $85,000 per year. Earnings vary based on location and sales performance.
- Is getting a Tennessee real estate license worth it? It depends on your goals. If you plan to make a career in real estate, the thriving market presents great opportunities. Ensure you have sufficient savings to transition from a salaried position to a commission-based business.
Embarking on a real estate career in Tennessee can be both exciting and rewarding. By following the steps outlined in this article and considering the associated costs and support systems, you can set yourself up for success.
