Oklahoma is a great place to start a real estate career. It boasts four mountain ranges, more man-made lake than any other state and amazing 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. To become a Oklahoma real-estate agent, you will need to pass a 90-hour training course. You'll also need to submit fingerprints and pass a background check, which can be done through IdentoGO for in-state or out-of-state candidates.
To be eligible for a Pre-Licensing course, you will need to register at an approved realty school. The Oklahoma Real Estate Commission requires that you enroll in a Pre-Licensing Course. Many schools offer this service online. Some courses also include exam prep materials.
Your Broker Sponsor
After passing the real estate exam, it's time to find an Oklahoma sponsoring broker. He will help get you started in your career. This is a critical step. The broker you choose will determine your success. You want to choose a broker that is well-respected in your local area, has a strong culture, and offers 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. Compare these contracts from different brokers before you sign.
Your Post-Licensing Responsibilities
You must complete 45 hours in Oklahoma post-licensing coursework during your first year. You can find these courses in a variety of formats, including as individual courses or as a whole package at some schools. You will need to successfully complete these courses in order to be eligible for the Sales Associate level of licensure.
How to pass the Oklahoma Real Estate Exam
After you have completed your prelicensing training and have your fingerprints ready, it's possible to schedule the real estate exam. The Oklahoma Real Estate Commission (OREC), will administer the exam. The exam has 130 questions and you will need to answer 98 of the 120 questions in order to pass.
It is recommended to practice multiple sets and questions in preparation for the exam. This will help you get to know the material better and increase your confidence before you take the exam.
You can study by yourself or with a friend, but you'll need to be able to sit still for the duration of the test. Many schools offer exam preparation packages that include digital flashcards as well as practice exams.
The best way to pass the Oklahoma real estate exam is by following a study plan that breaks down difficult topics into bite-sized chunks. This will make it easier to remember important information and prevent you from forgetting crucial details.
FAQ
What should you look for in an agent who is a mortgage lender?
A mortgage broker is someone who helps people who are not eligible for traditional loans. They compare deals from different lenders in order to find the best deal for their clients. Some brokers charge fees for this service. Other brokers offer no-cost services.
What are the benefits associated with a fixed mortgage rate?
Fixed-rate mortgages allow you to lock in the interest rate throughout the loan's term. This means that you won't have to worry about rising rates. Fixed-rate loans come with lower payments as they are locked in for a specified term.
How much will my home cost?
It depends on many factors such as the condition of the home and how long it has been on the marketplace. The average selling price for a home in the US is $203,000, according to Zillow.com. This
Do I need flood insurance?
Flood Insurance protects you from flooding damage. Flood insurance protects your possessions and your mortgage payments. Learn more about flood insurance here.
Statistics
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
- Private mortgage insurance may be required for conventional loans when the borrower puts less than 20% down.4 FHA loans are mortgage loans issued by private lenders and backed by the federal government. (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)
External Links
How To
How to Rent a House
Finding houses to rent is one of the most common tasks for people who want to move into new places. Finding the perfect house can take time. There are many factors that can influence your decision-making process in choosing a home. These include location, size, number of rooms, amenities, price range, etc.
We recommend you begin looking for properties as soon as possible to ensure you get the best deal. Consider asking family, friends, landlords, agents and property managers for their recommendations. This will ensure that you have many options.