Common Mistakes to Avoid When Getting your Indiana Real Estate License
Real estate exams are difficult for a reason. They are designed to ensure that anyone passing the exam is prepared to understand the complexities involved in real estate transactions and equipped to help buyers and sellers through the process. Each state has unique real estate licensing requirements. Are you in the process of earning your real estate license, or are you interested in becoming a real estate broker in Indiana? In this article, we discuss common mistakes to avoid and offer some helpful tips for getting your Indiana real estate license.
Not Being Familiar with the Minimum Requirements or Steps to Earn an Indiana Real Estate License
Many candidates need help understanding the basic requirements or the process of obtaining a real estate license in Indiana. Once you meet the minimum requirements, being familiar with the steps of the process will help you complete the process in the proper order and in a timely manner.
Basic Requirements for Indiana Real Estate License
- US Citizenship or lawfully admitted alien status
- 18 years of age or older
- High School Graduate or equivalent (GED)
Steps to Earn an Indiana Real Estate License
- Complete and pass a 90-hour state-approved broker pre-licensing course.
- Register for the Indiana licensing exam.
- Pass the Indiana licensing exam.
- Affiliate with a managing broker.
- Apply for a broker license.
- Complete and pass a 30-hour state-approved broker post-licensing course. All licensed real estate brokers in Indiana must complete this legal requirement within two years of obtaining their Indiana real estate license.
Trying to Expedite the Process
Indiana requires completing a ninety-hour, state-approved real estate course. Candidates must plan on time for the course and study time outside of class. Expediting the ninety-hour course is not possible, and it is not recommended to rush study time. Failing to plan realistically for the time it will take to complete the course, study and pass the exam is a common mistake many people make when deciding to become a real estate broker. The process typically takes a minimum of three to six months.
Focusing Study Time on Unimportant Things
Being strategic about your study focus for the real estate exam is critical. Understanding different home styles and construction is important for selling homes, but the real estate exam heavily focuses on housing and property laws. A good real estate prep course will help you know which areas to focus on to pass the exam.
Understanding what you will learn in a real estate course is crucial so you can focus your study time appropriately. Courses heavily emphasize legal aspects of real estate in addition to standard industry practices such as buying, selling, escrow, and taxes. In addition to various laws, legal disclosures, property ownership acquisition and transfer, real estate education includes some mathematical equations. A practical understanding of what you will learn during the required real estate course will help you throughout your licensing process.
Memorization is important in preparing for the exam, so you should memorize what you can. However, it is a mistake to approach the exam thinking each question will be exactly like the practice exam questions. It is also vital to internalize concepts such as “condition” vs. “term.” Real estate exams are full of uniquely worded questions, not just repetitive facts.
Not Sticking to a Study Plan
Establishing a consistent study plan for yourself and a group can help you avoid skipping study time and attempting to cram before the exam. Indiana Real Estate Institute helps students avoid this mistake by offering real estate exam prep and study materials.
No Notes or Outlines
Taking notes in class and creating study outlines will set you up for success.
Procrastination – Not Scheduling the Exam
Failing to schedule the exam quickly after completing the pre-licensing course. It is crucial to schedule the exam while the material is still at the forefront of your mind.
Online vs. In-Person Course, choosing what is best for you.
There are pros and cons to both online and in-person real estate courses. Online courses offer more flexibility and may cost less; however, in-person classes encourage more engagement and provide real-time interaction with both peers and instructors. Understanding your learning style will help you decide which option is right for you. For example, are you an auditory or visual learner? Can you stay focused in a home environment? Are you more motivated when among peers?
Some states require in-person learning, but Indiana does offer the option to attend real estate courses online.
Not Understanding Real Estate Agent vs. Broker in Indiana
Each state has different systems for licensing real estate agents or brokers. Some states differentiate real estate salespeople (agents) and real estate brokers. For example, the real estate licensing board in Indiana considers those who pass the real estate education requirements and exams real estate brokers. Another important distinction for real estate brokers in Indiana involves continuing education requirements after passing the real estate exam.
Failing to complete continuing education requirements.
Continuing education is a priority to keep and maintain a valid real estate license in the state of Indiana. The state requires real estate brokers to complete a state-approved thirty-hour broker post-licensing course. This requirement must be met within two years of your initial license issuance.
Ongoing continuing education requirements set by the Indiana Real Estate Commission include completing twelve hours for an approved course each year of a broker’s three-year license renewal cycle.
Not finding an Indiana State-Approved Course
Applicants must complete pre-license education through a state-approved course. An indicator of an unapproved course may be cost. Suppose the course you are considering is significantly less expensive than most. In that case, there is a good chance it is not a state-approved education option. Verifying that the state of Indiana approves a real estate licensing course before signing up is vital. Completing unapproved courses will result in wasted time and money. It is advisable to check Indiana.gov’s list of 90-Hour Pre-licensing Broker Courses before registering for a class.
Choosing a Real Estate Licensing Course
Choosing a real estate licensing program is an essential step in the process of obtaining your Indiana Real Estate Broker license. Asking reputable agents for referrals and researching schools can help you narrow your choices.