You must successfully complete a 60-hour course in real estate, pass the state licensing exam and be affiliated with a brokerage to become a Arkansas real estate agent. It can be daunting but once you get your license, you will be able to succeed in your real-estate career.
Steps to Get Your Real Estate License in Arkansas
Completing a 60-hour course through an accredited provider is the first step in obtaining your real estate licence. You can choose to take the course in a classroom or online depending on your preferences and needs. The latter option will allow you to stay flexible with your schedule, and will also help you get a better understanding of the industry.
Once you've completed your pre-licensing education, you will need to submit an application for the real estate licensing exam with the Arkansas Real Estate Commission (AREC). This is a complex process that requires background checks and fingerprinting. After you meet all requirements, an AREC Certificate of Examination Eligibility will be issued to you.
The state exam is administered by Pearson VUE, a global testing company. You'll need to register and pay. You can find more information about the exam on the AREC's website or on the official Pearson VUE site.
Next, send the AREC your application along with any additional forms and all fees. After you have submitted the forms, the AREC will issue you a copy of you Certificate of Examination Eligibility. Once you have submitted these forms, Pearson VUE will email you a copy.
Additionally, you will be required to show a photocopy or your identification. A fingerprint card can also be submitted, which is provided to you by the AREC.
If you want to save time and money, you can consider taking your real estate license prep courses online. You can choose to attend classes in a classroom or online format. This allows you to work around your schedule.
National School of Real Estate in Little Rock is one of the best online real estate courses in Arkansas. Students who have taken these classes mention that their instructors are enthusiastic and helpful. There are many course options available, including self-paced and livestream classes.
Another popular option is the Arkansas Real Estate School, which offers both livestream and self-paced courses. Students who wish to learn directly from experts in the field and be able to interact with them are welcome to enroll.
These classes are great for students who don't have much time and want to learn in a quick, easy way. They are very affordable and have great customer service.
The final step in the process involves sitting for the real-estate licensing exam. The exam can be taken at many locations in the state including Little Rock, Springdale and Grand Junction. Pearson VUE is the global testing company that administers the real-estate license exam. The official Pearson VUE website allows you to schedule your test and you will receive a Candidate Fact sheet with all the details you need.
FAQ
What are the benefits of a fixed-rate mortgage?
Fixed-rate mortgages allow you to lock in the interest rate throughout the loan's term. This will ensure that there are no rising interest rates. Fixed-rate loans have lower monthly payments, because they are locked in for a specific term.
How do you calculate your interest rate?
Market conditions can affect how interest rates change each day. The average interest rates for the last week were 4.39%. Multiply the length of the loan by the interest rate to calculate the interest rate. If you finance $200,000 for 20 years at 5% annually, your interest rate would be 0.05 x 20 1.1%. This equals ten basis point.
What is a Reverse Mortgage?
A reverse mortgage lets you borrow money directly from your home. It allows you access to your home equity and allow you to live there while drawing down money. There are two types: government-insured and conventional. Conventional reverse mortgages require you to repay the loan amount plus an origination charge. FHA insurance will cover the repayment.
How do I know if my house is worth selling?
You may have an asking price too low because your home was not priced correctly. A home that is priced well below its market value may not attract enough buyers. For more information on current market conditions, download our Home Value Report.
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 your goal is to move within the next two-years, you don’t have to be too concerned.
How do I eliminate termites and other pests?
Your home will be destroyed by termites and other pests over time. They can cause severe damage to wooden structures, such as decks and furniture. You can prevent this by hiring a professional pest control company that will inspect your home on a regular basis.
What should I look for when choosing a mortgage broker
Mortgage brokers help people who may not be eligible for traditional mortgages. They compare deals from different lenders in order to find the best deal for their clients. Some brokers charge a fee for this service. Others provide free services.
Statistics
- 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)
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
- 10 years ago, homeownership was nearly 70%. (fortunebuilders.com)
- Based on your credit scores and other financial details, your lender offers you a 3.5% interest rate on loan. (investopedia.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)
External Links
How To
How to purchase a mobile home
Mobile homes are houses built on wheels and towed behind one or more vehicles. They were first used by soldiers after they lost their homes during World War II. Today, mobile homes are also used by people who want to live out of town. Mobile homes come in many styles and sizes. Some houses are small while others can hold multiple families. You can even find some that are just for pets!
There are two main types of mobile homes. The first type is manufactured at factories where workers assemble them piece by piece. This is done before the product is delivered to the customer. Another option is to build your own mobile home yourself. You'll need to decide what size you want and whether it should include electricity, plumbing, or a kitchen stove. Then, you'll need to ensure that you have all the materials needed to construct the house. You will need permits to build your home.
There are three things to keep in mind if you're looking to buy a mobile home. Because you won't always be able to access a garage, you might consider choosing a model with more space. You might also consider a larger living space if your intention is to move right away. Third, you'll probably want to check the condition of the trailer itself. Problems later could arise if any part of your frame is damaged.
Before you decide to buy a mobile-home, it is important that you know what your budget is. It is important to compare the prices of different models and manufacturers. Also, consider the condition the trailers. There are many financing options available from dealerships, but interest rates can vary depending on who you ask.
It is possible to rent a mobile house instead of buying one. Renting allows you to test drive a particular model without making a commitment. Renting is not cheap. Most renters pay around $300 per month.