Oklahoma is a great spot to start a career as a real estate agent. It has more man-made lakes than any other state, four mountain ranges, and incredible southern food. You will also work with many people daily because of the high percentage of both homeowners and renters.
How to become a realtor in Oklahoma
The first step to becoming a real estate agent in Oklahoma is getting a real estate license. The first step to becoming a Oklahoma real estate agent is to obtain a license. In-state or out-of state candidates will also need fingerprints to pass background checks.
An approved real estate school must offer a Pre Licensing Course. This is required by the Oklahoma Real Estate Commission, and you can find many schools offering this service online. Some also offer exam prep materials so be sure to select a course that includes these.
Your broker sponsor
After you pass your real-estate exam, you will need to find a sponsoring Oklahoma broker. They will help you build your career. This is a critical step. The broker you choose will determine your success. It's important to pick one that's reputable in your area, has a strong culture and good commission splits.
Your Broker Fees & Commission Structure
After passing the Oklahoma real-estate exam, you will need to sign a contract detailing your compensation. This contract will explain the split and fees you'll have to pay for services such inspections and commissions. Before signing, make sure you compare the contracts of different brokers.
Your Post-Licensing Responsibilities
Oklahoma requires that you complete 45 hours of post licensing coursework in your first year. Some schools offer these courses as a single package, but you can also find them as individual courses. You'll need to complete these courses before you can apply for Sales Associate status, which is the next level of licensure in the industry.
How to Pass The Oklahoma Real Estate Exam
After you have completed the pre-licensing course, and your finger prints are ready, you can book to take your real estate exam. The Oklahoma Real Estate Commission (OREC), will administer the exam. It has 130 questions. To pass, you must answer 98 of 120.
You can practice multiple sets to help you prepare for the exam. This will allow for you to gain a better understanding of the material and boost confidence before taking the exam.
You can study alone or with a friend. However, you must be able sit still for the entire test. Some schools offer preparation packages that include digital flashcards or practice exams.
A study plan that breaks down complex topics into manageable chunks is the best way to pass Oklahoma's real estate exam. This will help you remember key information and avoid missing crucial details.
FAQ
Do I need flood insurance
Flood Insurance covers flooding-related damages. Flood insurance protects your belongings and helps you to pay your mortgage. Find out more information on flood insurance.
How do I eliminate termites and other pests?
Over time, termites and other pests can take over your home. They can cause damage to wooden structures such as furniture and decks. To prevent this from happening, make sure to hire a professional pest control company to inspect your home regularly.
What are some of the disadvantages of a fixed mortgage rate?
Fixed-rate loans have higher initial fees than adjustable-rate ones. You may also lose a lot if your house is sold before the term ends.
Can I get a second loan?
Yes, but it's advisable to consult a professional when deciding whether or not to obtain one. A second mortgage is usually used to consolidate existing debts and to finance home improvements.
How long does it take for a mortgage to be approved?
It depends on several factors including credit score, income and type of loan. Generally speaking, it takes around 30 days to get a mortgage approved.
Statistics
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
- It's possible to get approved for an FHA loan with a credit score as low as 580 and a down payment of 3.5% or a credit score as low as 500 and a 10% down payment.5 Specialty mortgage loans are loans that don't fit into the conventional or FHA loan categories. (investopedia.com)
- 10 years ago, homeownership was nearly 70%. (fortunebuilders.com)
- Some experts hypothesize that rates will hit five percent by the second half of 2018, but there has been no official confirmation one way or the other. (fortunebuilders.com)
- This seems to be a more popular trend as the U.S. Census Bureau reports the homeownership rate was around 65% last year. (fortunebuilders.com)
External Links
How To
How to Find Houses to Rent
For people looking to move, finding houses to rent is a common task. But finding the right house can take some time. When you are looking for a home, many factors will affect your decision-making process. These include location, size, number of rooms, amenities, price range, etc.
You can get the best deal by looking early for properties. Ask your family and friends for recommendations. This will give you a lot of options.