How To Get A Real Estate Licence in Ohio: A Complete Guide

If you are looking for a rewarding and challenging career in the real estate industry, you might consider becoming a real estate broker in Ohio.

Independent Real Estate agent
How To Get A Real Estate Licence in Ohio| MYHOUSE

 

A real estate broker is someone who supervises and manages a team of real estate agents, and is responsible for overseeing transactions, contracts, marketing, and compliance.

Real estate broker can also work independently, without any agents under their supervision.

Becoming a real estate broker in Ohio requires meeting certain education, experience, and examination requirements, as well as obtaining a license from the Ohio Division of Real Estate & Professional Licensing.

In this article, we will explain the steps and qualifications needed to become a real estate broker in Ohio, and answer some frequently asked questions about this career path.

REAL ESTATE: Can You Be Your Own Real Estate Agent?

Education Requirements

The first step to becoming a real estate broker in Ohio is to complete the required education courses.

Depending on your previous education and experience, you may need to complete anywhere from 0 to 240 hours of approved real estate courses at an institution of higher education that awards a degree in at least a two-year program.

The courses you need to take are:

  1. Real Estate Principles and Practices (40 hours
  2. Ohio Real Estate Law, including instruction in civil rights, housing discrimination and desegregation problems (40 hours)
  3. Real Estate Appraisal (20 hours)
  4. Real Estate Finance (20 hours)
  5. Real Estate Brokerage (20 hours)
  6. A course in real estate administration, management, or supervision approved by the Ohio Real Estate Commission (20 hours)
  7. Two elective courses in real estate approved by the Ohio Real Estate Commission (20 hours each)

If you have a bachelor’s degree or higher from an accredited college or university, you are exempt from the 120-hour pre-licensing courses, but you still need to complete the 20-hour brokerage course and the two 20-hour elective courses.

If you have a degree in real estate from an accredited college or university, you are exempt from all the education requirements, except for the 20-hour brokerage course.

You must complete the education requirements within a 10-year period immediately preceding your application for the broker’s exam.

Experience Requirements

The second step to becoming a real estate broker in Ohio is to gain the necessary experience as a licensed real estate salesperson.

Have at least two years of experience as a full-time salesperson, or an equivalent amount of experience as a part-time salesperson, within the five-year period immediately preceding your application for the broker’s exam.

You must also have completed at least 20 transactions as a salesperson, or have been actively engaged in the management of a real estate office for at least two years, within the five-year period immediately preceding your application for the broker’s exam.

You must submit proof of your experience to the Ohio Division of Real Estate & Professional Licensing, along with your application for the broker’s exam.

Examination Requirements

The third step to becoming a real estate broker in Ohio is to pass the broker’s exam.

The exam consists of two parts: a national portion and a state-specific portion.

The exam is administered by PSI, a testing service provider, at various locations throughout Ohio.

To be eligible to take the exam, you must:

1.Be at least 18 years old

2.Be honest, truthful, and of good reputation

3.Not have been convicted of a felony or a crime of moral turpitude, or violated any civil rights laws or rules of the Ohio Division of Real Estate, within the past two years, unless the conviction or violation has been disregarded by the Division

4.Have a high school diploma or its equivalent, if you were born after 1950

5.Have completed the education and experience requirements, as described above

6.Have obtained a sponsoring broker, who will supervise and mentor you as a broker

7.Have submitted a completed broker’s exam application, a $135 fee, and proof of your education and experience to the Ohio Division of Real Estate & Professional Licensing

Once your application is processed, you will receive a Candidate Information Bulletin from PSI, with instructions on how to schedule and take the exam.

You must pass both parts of the exam within one year of receiving the bulletin, or you will have to reapply and pay the fee again.

The exam consists of 120 multiple-choice questions: 80 on the national portion and 40 on the state-specific portion.

You will have four hours to complete the exam.

You must score at least 75% on each portion to pass the exam.

License Requirements

The final step to becoming a real estate broker in Ohio is to obtain your license from the Ohio Division of Real Estate & Professional Licensing. To do so, you must:

Infographics for Ohio License Requirements
Ohio Real Estate Agent License Requirements

1.Pass the broker’s exam, as described above

2.Submit a completed broker’s license application, a $200 fee, and proof of your passing exam score to the Ohio Division of Real Estate & Professional Licensing within one year of passing the exam

3.Submit a copy of your errors and omissions insurance policy, or proof of your exemption from this requirement, to the Ohio Division of Real Estate & Professional Licensing

4.Submit a criminal background check report from the Bureau of Criminal Identification and Investigation (BCI) and the Federal Bureau of Investigation (FBI) to the Ohio Division of Real Estate & Professional Licensing

5.Complete a 10-hour post-licensing course in real estate brokerage within one year of obtaining your license

Once you have met all the requirements, you will receive your broker’s license and be authorized to practice as a real estate broker in Ohio.

Frequently Asked Questions

Here are some common questions and answers about becoming a real estate broker in Ohio:

How long does it take to become a real estate broker in Ohio?

It depends on your education and experience level, but generally, it can take anywhere from two to five years to complete all the requirements and obtain your broker’s license.

How much does it cost to become a real estate broker in Ohio?

The total cost can vary depending on the institution and provider you choose for your education and exam, but generally.

How much can I earn as a real estate broker in Ohio?

According to the U.S. Bureau of Labor Statistics, the median annual wage for real estate brokers in Ohio was $66,280 in 2020.

However, your income can vary depending on your location, experience, performance, and commission structure.

What are the benefits of becoming a real estate broker in Ohio?

Some of the benefits of becoming a real estate broker in Ohio are:

1.You can work independently or manage your own team of agents, and have more control over your business and income

2.You can expand your network and clientele, and access more opportunities and resources in the real estate industry

3.You can enhance your skills and knowledge, and provide better service and guidance to your clients and agents

4.You can increase your credibility and reputation, and stand out from the competition

What are the challenges of becoming a real estate broker in Ohio?

Some of the challenges of becoming a real estate broker in Ohio are:

1.You have to meet higher standards and expectations, and comply with more rules and regulations
2.You have to invest more time and money in your education and licensing, and keep up with the changing market and trends
3.You have to deal with more risks and liabilities, and protect yourself and your agents from legal and ethical issues
4.You have to face more competition and pressure, and cope with the stress and uncertainty of the real estate industry

Conclusion

Becoming a real estate broker in Ohio can be a rewarding and challenging career choice.

If you are interested in pursuing this career path, you should start by researching the requirements and qualifications.

You should also find a sponsoring broker who can support and mentor you as a broker, and join a professional association like the Ohio REALTORS, which can offer you more benefits and resources.

With hard work and dedication, you can achieve your goal of becoming a real estate broker in Ohio.

Leave a Comment