Getting your commercial real estate broker license can provide opportunities to enter into a dynamic and satisfying new career. As a commercial real estate broker, you will be able to specialize in selling and buying income-producing properties. These include apartments buildings, professional offices, medical and dental offices, warehouses, stores, and shopping centers.
The requirements for obtaining your commercial real estate broker license vary from state to state. Here in Arizona, licensing requirements are governed by the Arizona Department of Real Estate. To qualify for your commercial real estate broker license, you must be at least 18 years of age and demonstrate honesty, good character, and competency. You must also take a series of classes and pass exams that test your knowledge about commercial real estate.
For those interested in a commercial real estate broker license in Arizona, here is a basic outline of what you need to do:
- Investigate your eligibility. A license can be denied to you if you have had a real estate license denied within the past year or revoked within the previous two years. As well, you can be prevented from obtaining your commercial real estate broker license if you have any prior civil judgments, criminal convictions, or disciplinary actions pertaining to other professional licenses.
- Enroll in an Arizona-approved real estate school. You must complete 90 hours of education and pass the class final. The 90 hours must be in the classroom, not done online. Some classes you will probably take include Real Estate Law, Business Law, Real Estate Accounting or Finance, and Property Management.
- Take the state and national and real estate exams. You are required to take and pass two tests. The first one is nationally based and the other is specific to Arizona real estate laws. If you fail either test, you can re-take them. Fees are required each time you take an exam.
- Compile documents for the application process. These include three letters of character reference, a 10-year work history, and a set of fingerprints on an Arizona Department of Real Estate-issued fingerprint card.
- Apply for a commercial real estate broker license. Once you’ve passed your exams, you can apply for your license with the Arizona Department of Real Estate. You have one year to apply after passing the tests. If you wait longer, you will need to retake the exams. A fee is required once the license is approved.
The process of obtaining your commercial real estate broker license takes time and dedication. But, being a commercial real estate broker is an interesting and rewarding profession. At the Menlo Group, we enjoy what we do and can’t imagine being in any other business. If you have any questions about what it’s like, we’d be happy to help.