Program Spotlight: Real Estate License Courses and Careers

1) What Is Real Estate?

Real Estate is a legal term that refers to land and anything that is a permanent fixture on that land, such as a home or business structure. Real estate can be sold from one individual to another, a process that is handled according to the rules of property law. Those who work in the real estate industry handle the sale and legal details of the property transactions.

Working in real estate is perfect for those who want flexible schedules, and the ability to set their own job pace. Because the income of many real estate professionals is directly proportional to their success, it's easy to track success in the profession. Whether you choose to work for yourself or to join a brokerage firm and work in tandem with other agents, continuing education can help ensure you'll have a wide range of career choices.

2) Preparing for a Career in Real Estate: Campus and Online Real Estate License Programs

Whether you simply want to obtain your real estate license or you have an eye toward owning your own business, there is a real estate degree program to suit your needs.

If you are looking to start a new career, you can ease into the change by preparing to obtain your real estate license through online real estate courses. Choosing to attend real estate school online can provide the education you need without sacrificing time with family or your current job.

If you already have experience in real estate, but want to improve your skills, increase your knowledge, or open your own real estate brokerage firm, you can pursue continuing education through online real estate courses.

Associate Degree in Real Estate: The associate degree in real estate should provide enough of the required instruction hours for an aspiring real estate agent to obtain his/her license and get to work. Classes that focus on the legal aspects of real estate, real estate appraisal, economics, business mathematics, and advertising and marketing principles are usually on the agenda. In many cases, an associate degree in real estate can be obtained in two years or less.

Bachelor's Degree in Real Estate: In choosing to pursue a bachelor's degree in real estate, you can learn the ins and outs of contract negotiation, evaluation of properties and loans, and gain an understanding of what influences the cost of real estate properties. Many programs offer a strong foundation in finance, accounting, and business administration.

From studies of appraisal and finance theory to courses on international real estate, the bachelor's degree in real estate studies covers all the basics and then some. Most bachelor's degrees take four years to complete.

Master's Degree in Real Estate: If you choose to pursue a master's degree in real estate, you may study in-depth property law and transaction procedures. You will likely undertake comprehensive study of real estate investment, development, and management. Financial modeling, business communications, and ethics courses are usually required. You might also take real estate courses that relate to the business of creating property, such as construction, architectural, and engineering studies.

Some students might opt for a Master's of Business Administration (MBA) with an emphasis on real estate. These courses are similar to those required for the real estate degree, but may have a stronger emphasis on general business practices. The time required to earn a master's degree can vary, but usually takes about two years.

PhD in Real Estate: Earning a doctorate in real estate puts you in the upper tier of the real estate sales industry. To enter the PhD program, you must have completed a master's degree. In some cases, a bachelor's degree and sufficient work experience might fulfill the entry requirement. The PhD in real estate might take several years to obtain. Courses on design, development, construction, marketing, and law will add to your already expansive wealth of knowledge.

3) What You Can Do With a Real Estate Degree

The world of real estate offers a wide range of careers. The list below is just the beginning--if you have a deep knowledge of real estate and all the associated disciplines, your career options can spill over into construction, management, finance, and many other areas.

Real Estate Agent: A real estate agent is a state licensed professional who helps individuals buy or sell a home or other property. A real estate agent might work for a real estate broker, and can often handle sales for a split of the broker's commission.

Real Estate Broker: A real estate broker is also licensed by the state, but has more responsibility than the real estate agent. The broker might own his or her own business, and can be a supervisor over several real estate agents. Those who earn a real estate broker's license can handle the legal details of a real estate transaction.

Real Estate Appraiser: Real estate appraisers determine the fair market value of a property prior to the sale. They are usually hired by mortgage companies in order to make certain that the property being sold is worth the price a buyer and seller have agreed upon. A real estate appraiser must understand the different types of appraisals and have a good knowledge of which type is required for a particular home loan program.

Home Inspector: A career that takes the real estate professional a bit closer to home--literally--is that of the home inspector. Home inspectors look over all aspects of a home to determine whether there are any defects or problems that should be addressed before a sale. Significant knowledge of structures, including plumbing, electricity, and the like, is a requirement for entering the field of home inspection.

Industrial and Office Real Estate Specialist: A career in industrial and office real estate demands knowledge of the requirements for a particular industry, including workspace, transportation, and access to power sources, among other factors. The real estate professional must also have a firm working knowledge of taxes, zoning laws, and local building ordinances.

Farm and Land Real Estate Specialist: Real estate professionals who handle farms and land need to have a clear knowledge of what the property can yield in terms of agriculture, but they also need to be prepared to evaluate the potential of the land if it is sold for urban development. Often, the real estate agent or broker is the middleman between farmers and local city and government officials who want to use the farmland for more commercial purposes.

Property Manager: Commercial properties such as apartment complexes, shopping centers, office buildings, and rental homes often need managers to oversee the day-to-day activities, both in a physical and financial sense. Property managers usually work for real estate firms, but they might be employed by banks or trust companies. Some individuals in the property management field work on-site and are required to be on call for emergencies at all hours.

Commercial Real Estate Specialist: Those who specialize in commercial real estate will often handle properties meant to produce income, such as shopping malls and office buildings. These real estate professional will have a firm understanding of growth possibilities, tax regulations, and agreements that will benefit the investor. Commercial real estate professionals might also handle financial details for their clients.

Land Developer: Developers turn usable land into a project that can include residential, commercial, or industrial interests. They begin by choosing the site, and then follow through on every aspect of the planning, design, construction, implementation, and legal aspects of the job. When the project is finished, developers might help with promotion and marketing.

Real Estate Counselor: Purchasing a home is one of the biggest financial investments a person will ever make. Coming to the bargaining table prepared for every eventuality is key to getting what you want, and that's where a real estate counselor comes in. Real estate counselors help those who want to invest in real estate, whether they are purchasing a single family home or planning a high-rise apartment building.

Real Estate Researcher: Those who choose to look at the big picture of real estate trends might do well in real estate research. This career path will require in-depth research of both the physical and economic aspects of real estate, as well as the ability to predict trends and offer educated, often public opinions on the state of the business.

4) Career Trends in Real Estate

It is a good time to be in real estate. The Bureau of Labor Statistics (BLS) predicts the real estate field will grow by 11 percent through 2016, and the flexible working conditions are expected to draw more people into the fold. Additionally, relatively low interest rates along with the commonly held belief that investment in real estate can be a solid long-term decision may continue to stimulate the real estate market, increasing the need for agents and brokers.

At the same time, job growth in this field could potentially be held back by the increasing use of technology. Customers who in the past depended on agents and brokers to find properties can now perform their own searches on the Internet. The real estate agents and brokers who embrace the use of technology will have the best chance of getting around this potential hindrance. Additionally, those who keep an eye on any changes to real estate law will find themselves in a good position as general consumers often need the help of those with legal expertise when it comes to these transactions.

5) Salary Information for Real Estate Professionals

For both real estate brokers and real estate agents, commissions on sales serve as the bulk of their income. According to the Bureau of Labor Statistics, $57,500 was the median income for a real estate broker in the United States in 2008, while real estate sales agents made a bit less at $40,150 per year.

Depending upon location and experience, real estate jobs can be very lucrative: In 2006, the top 10 percent of both sales agents and brokers made over $100,000 per year.

6) Career Skills of Successful Real Estate Professionals

All real estate courses will teach something different, and the knowledge obtained by the time you finish real estate school will be vast. Everything you learn can translate into solid, marketable skills that can help you land the real estate career you really want. By the time you have your degree in hand, you will have strong knowledge of the following:

• Financing and Loans. Loans and financing are the basics of any real estate transaction. By the time you earn your degree, you will understand the different types of financing and loans that are available, as well as what potential homeowners must do in order to qualify.
• Real Estate Technology Tools. The ever-changing real estate market has embraced new technology, and the best real estate agents are at the forefront of the trend. Earning your online real estate license puts you ahead of the game by proving you can handle technology to get the job done.
• Tax Laws. Every transaction in real estate is subject to scrutiny by tax officials on the local, State, and Federal levels. Understanding the implications of tax law is an absolute requirement, and your clients will benefit from your expertise and advice.
• Home Appraisals and Inspection. By understanding what an appraisal requires, and being able to pinpoint problems that might arise during a home inspection, you'll be in a position to protect your client's best interests in any real estate negotiation. Additionally, you will have the skills to branch out into appraisal and inspection if these career paths intrigue you.
• Contract Negotiation. Before you take real estate courses, contracts might look daunting. However, by the time you finish, you will know the ins and outs of contracts. Good real estate agents have an eye for mistakes and little details that can stop a real estate transaction in its tracks, and they understand every clause on every page of those long agreements.

7) Certification and Licensure

Every state requires real estate brokers and real estate agents to be licensed. The written license exam covers many aspects of property law and basic rules of transactions, and is more rigorous for brokers than it is for agents.

Agents should have 30 to 60 hours of classroom instruction prior to taking the exam. Brokers are usually required to earn 60 to 90 hours of classroom training in addition to at least one year of sales experience. These licenses must be kept current, and some states require continuing education for license renewals. For the very busy and successful agent, this is where online real estate courses can be especially handy.

There are numerous professional organizations to join after you earn your real estate license. Beyond the broad real estate organizations are smaller ones that cater to specialties, such as property management or appraisal. Start with a clearinghouse like Realtor.org to find a list of organizations that suit your particular career needs.