There are three reasons for which New Jersey real estate schools are essential: to fulfill pre-licensing requirements, help prospective agents pass the state’s real estate exam and to meet continuing education requirements set by New Jersey’s Real Estate Commission.
Pre-Licensing
If you’re looking for New Jersey real estate schools to help you meet the pre-licensing requirements or to pass the state exam, first verify that the school is licensed in New Jersey. If it is not, your hours studying there will not count towards the 75 hours required for pre-licensing.
Although many schools will allow you to meet pre-licensing requirements, some schools prepare students more for the state exam than others. The exam has two sections; one which covers national real estate information and one that concerns state-specific real estate information. The state exam, according to New Jersey’s Real Estate Commission, is designed to ensure the applicant is well-versed in the following areas:
- Technical real estate terms and economic real estate law concepts.
- Basic real estate law.
- Land economics and real estate appraisals
- Grounds for disciplinary action against appraisers.
- Appraisal mathematics, depreciation, cost estimating and related topics.
- Other general real estate appraisal principles and procedures.
It is important to find a school that will increase your knowledge in all of these areas, if you are taking the classes as a prerequisite to the state exam. Another factor which may determine which school you attend is the cost of tuition; it is best to attend a school that guarantees you your money back should you not pass the state licensing exam.
Other qualifications you must meet to become licensed as a New Jersey real estate agent:
- Be age 18 or older
- Have high school diploma or equivalent
- After meeting education requirements and passing the state exam, apply for a license through a sponsoring broker
- Satisfy the commission as to your honesty, trustworthiness, character and integrity.
For further information concerning New Jersey specific real estate, you can visit New Jersey’s Real Estate Commission home page at http://www.state.nj.us/dobi/remnu.shtml.
Continuing Education
The state of New Jersey requires a minimum of 48 continuing education credits per licensing cycle (a licensing cycle is five years). Like the pre-licensing education, continuing education must take place at one of the approved New Jersey real estate schools. Recent laws specify that 24 of the 48 credits must focus in areas which the agent is licensed and six credits must focus in fraud and ethics.
If you are a member of the National Association of Realtors, you will be required to do two and a half hours of “Quadrennial Ethics Training” every four years. This is provided by the NAR to its members, and cannot be used towards the six credits of state-required ethics courses.
Becoming a real estate agent in New Jersey requires investing both time and money. New Jersey’s pre-licensing requirements are among the most time-consuming in the nation, and the $178 licensing fee for a salesperson is also comparatively high. But for dedicated individuals, the investment pays off. New Jersey’s real estate market is currently expanding, and a real estate career allows flexibility and unlimited achievement.
By Riannon Cutler