Oklahoma is a great state to begin a career in real estate. It has more man-made lakes than any other state, four mountain ranges, and incredible southern food. It also has a high percentage of homeowners and renters, which means that you'll be working with people on a daily basis.
How to Become an Oklahoma Realtor
First, you need to get a license as a realty agent in Oklahoma. This requires you to complete a 90-hour pre-license course and pass the Oklahoma real estate exam, which consists of both national and state-specific questions. 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.
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 schools also offer exam preparation materials, so make sure you choose a course with these resources.
Your broker sponsor
After you've successfully passed your real estate exam, you'll need to secure a sponsoring broker in the form of an Oklahoma broker who will help you get your career off the ground. This is a crucial step. It's the broker who will set you up to succeed. You should choose one that is well-respected and has a good culture.
Your Broker Fees and Commission Structure
After passing the Oklahoma real estate exam, you'll need to sign a brokerage contract that outlines 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
Oklahoma requires you to complete 45 hours post-licensing work within your first academic year. You can find these courses in a variety of formats, including as individual courses or as a whole package at some schools. These courses will be required to obtain Sales Associate status. This is the next level within 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 or OREC will administer your exam. It has 130 questions, and you must answer 98 out of 120 to pass.
You should practice multiple sets of questions before you take the exam. This will allow you to familiarize yourself with the material and boost your confidence before taking it.
You can study with a friend or by yourself, but you will need to be able and willing to remain still for the duration. Some schools offer exam prep packages that include practice exams and digital flashcards.
You can pass the Oklahoma real estate exam by following a study program that breaks down complicated topics into small chunks. This will help you remember key information and avoid missing crucial details.
FAQ
What should I do before I purchase a house in my area?
It all depends on how long your plan to stay there. You should start saving now if you plan to stay at least five years. But if you are planning to move after just two years, then you don't have to worry too much about it.
How much does it cost to replace windows?
Window replacement costs range from $1,500 to $3,000 per window. The total cost of replacing all your windows is dependent on the type, size, and brand of windows that you choose.
How can I determine if my home is worth it?
It could be that your home has been priced incorrectly if you ask for a low asking price. Your asking price should be well below the market value to ensure that there is enough interest in your property. Our free Home Value Report will provide you with information about current market conditions.
What are the three most important factors when buying a house?
The three most important things when buying any kind of home are size, price, or location. It refers specifically to where you wish to live. Price refers how much you're willing or able to pay to purchase the property. Size refers the area you need.
How many times may I refinance my home mortgage?
It all depends on whether your mortgage broker or another lender is involved in the refinance. Refinances are usually allowed once every five years in both cases.
How do you calculate your interest rate?
Market conditions influence the market and interest rates can change daily. The average interest rate for the past week was 4.39%. To calculate your interest rate, multiply the number of years you will be financing by the interest rate. For example, if $200,000 is borrowed over 20 years at 5%/year, the interest rate will be 0.05x20 1%. That's ten basis points.
Is it better for me to rent or buy?
Renting is generally cheaper than buying a home. However, renting is usually cheaper than purchasing a home. Buying a home has its advantages too. You will have greater control of your living arrangements.
Statistics
- 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)
- When it came to buying a home in 2015, experts predicted that mortgage rates would surpass five percent, yet interest rates remained below four percent. (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)
- The FHA sets its desirable debt-to-income ratio at 43%. (fortunebuilders.com)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
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How To
How to Locate Real Estate Agents
Real estate agents play a vital role in the real estate market. They can sell properties and homes as well as provide property management and legal advice. Experience in the field, knowledge about your area and great communication skills are all necessary for a top-rated real estate agent. Look online reviews to find qualified professionals and ask family members for recommendations. You may also want to consider hiring a local realtor who specializes in your specific needs.
Realtors work with buyers and sellers of residential properties. A realtor helps clients to buy or sell their homes. In addition to helping clients find the perfect house, realtors also assist with negotiating contracts, managing inspections, and coordinating closing costs. A commission fee is usually charged by realtors based on the selling price of the property. Unless the transaction closes, however, some realtors charge no fee.
There are many types of realtors offered by the National Association of REALTORS (r) (NAR). NAR requires licensed realtors to pass a test. A course must be completed and a test taken to become certified realtors. NAR recognizes professionals as accredited realtors who have met certain standards.