Working as a real estate agent comes with many advantages. Many agents who decide to start their journey of becoming real estate agents in Rhode Island start on the quest to build a business that offers more of a flexible schedule.
Others want to simply break the glass ceiling and enter a career that rewards them for all the hard work and effort they invest into it. If you are tired or feel stuck in an unrewarding job, now might be the perfect time to chase your goals and become a real estate agent.
Do you have what it takes to work as a Rhode Island Real Estate Agent? If yes, let’s dive into the basic steps of getting your real estate license in Rhode Island.
How To Become A Real Estate Agent In Rhode Island
- Must be at least 18 years old
- Must have a high school degree.
- Take 45 hours of real estate classes online or live
- Get your criminal history record
- Pass the final real estate exam.
- Pick A broker or brokerage firm.
- Submit your license application.
- Show proof of E and O insurance.
Choose Your School And Sign Up For Classes
Before you can start listing million-dollar homes, the very first step toward getting your Rhode Island License is choosing your classes and completing the mandatory educational requirements set by the state to become a real estate agent.
Rhode Island Real Estate Classes
Get ready for some classroom time! To become a licensed real estate agent in Rhode Island, you must first complete your state’s mandatory education requirements. In total, you will be required to complete 45 hours of state-approved courses for pre-licensing.
Click here for state-approved real estate classes and pricing. The good news is that the state of Rhode Island allows you to take a portion of your real estate classes online. This is great because it will allow you to complete the course at your own pace and even speed up the process if you put in the hard work.
In Rhode Island, there are required courses that must be taken before applying for a real estate license. These classes may be taken live or online. It consists of 45 hours of coursework from a trained instructor. I
Rhode Island Pre- licensing Education Requirements
You must complete 45 hours of state-approved real estate pre-license education and 3 hours of new law agency training. The total will be 72 hours
- 3 Hours Of new law agency training
- 12 hours of Buying Practices
- 12 hours of Listing Practices
- 45 hours pre license course
Keep in mind you must score a 70% or higher on each final exam. So, it is important to pay close attention in class.
What Will I Learn In My Pre-License Classes?
I remember sitting in my real estate pre-licensing class. For many, real estate is like
Learning an entirely new language. In class, you will learn many new things. One of the most important being state laws as they relate to you as a real estate agent. This will help keep you out of legal trouble once you get out in the field and start practicing real estate. Here are some subjects you will learn about in real estate school.
- Real estate math
- Land use laws and regulations
- Fair Housing laws
- Real Estate Financing
- Contracts
- Transfer of title
- Brokerage relationships
- Disclosures
- Property analysis
- Rules of the Rhode Island Real Estate Commission
- License law
- Ethics
- Agency Laws
To become a licensed real estate agent in Rhode Island, you must first complete your state’s mandatory education requirements. In total, you will be required to attend 45 hours of state-approved courses for pre-licensing.
Schedule Your Rhode Island Real Estate Salesperson License Exam
In Rhode Island, your real estate exam will be taken with the broker exam and salesperson Exams. It is recommended you call and schedule with a customer service representative. Here are a couple of important things to know.
- This test can be taken by computer at the testing center.
- This is not an open book test.
- The test must be scheduled at least one day in advance.
Rhode Island Real Estate License Background Check
Any person applying for a Rhode Island real estate license must pass a background check. The current cost is $5 for the application fee.
Rhode Island law requires all real estate licensee applicants to get a background check. This process can take time, depending on the way you choose.
If you order your background check report from BCI by mail, the process can take several weeks. And if you get your record done in person, it will take several hours or maybe a day.
What Is The Best Way To Study For The Rhode Island Real Estate Exam?
Many people fail the Rhode Island real estate exam the first time around. This is ok. Many of the great real estate agents having huge success today failed their exams the first time around. The bad news is that it costs money to retake your exam. At the time of writing, it is $70 to retake the exam. You have to pay the whole fee every time you retake the exam.
To increase the chances of passing your exam the first time, we recommend checking out Prep Agent. This study tool gave many other agents and me a huge boost in confidence when taking the real estate exam.
In fact, Prep agents are so confident in their study tool that they offer a 100% refund if you use the tool and fail your real estate exam.
What Do You Need To Bring When Taking The Exam At A Testing Center?
Don’t show up on test day only to be turned down. You will need to bring two forms of
Identification that has not expired and has a matching name and signature. One form of identification must have a photo to qualify. Here are some examples of accepted identification.
- Drivers license
- US social security card
- Passport
- Debit Card with Signature
- Credit Card with Signature
- Green Card
You are allowed to bring a basic non-scientific calculator that can be used for the math portion of the exam.
How Long Will I Have To Complete The Rhode Island Real Estate Exam?
There are two portions to the exam:
- General Portion – 120 minutes
- State law Portion – 120 minutes
- Total- 240 minutes
Number of Questions on Salesperson’s License Exams:
- General – 80 questions
- State – 40 questions
- Total- 120 questions
The Rhode Island Real Estate exam is split up into two real estate exams. One state and one national. You will have a total of 240 minutes to complete both. ( 4 Hours )
You will have 2.5 hours to complete general knowledge questions in the exam. You will have 1.5 hours to complete the state law portion of the exam. Some people even complete their exams early. Do not stress; you have 3 hours to focus and get this done.
Pass Or Fail- How Long Does It Take To Get Results?
Taking the real estate exam can be nerve-racking. Once complete, we all become anxious and want to know if we passed or failed the big test. The good news is that you will know the results immediately after you complete your exam.
Can I Retake The Real Estate Exam If I Fail?
Yes, If you fail, you can retake the real estate exam. First, you need to register yourself again and pay the whole $70 again to retake the exam.
But stay positive; many agents have failed the real estate exam multiple times and have gone on to have very successful careers.
How Long Does It Take To Become A Licensed Real Estate Agent In Rhode Island?
I am sure you are excited and want to get licensed ASAP. You should expect the process to take about 4 to 5 months to become a Rhode Island Real Estate Agent. The two most time-intensive parts of the process are completing your 45 hours of real estate
pre-license classes, 3 hours of additional course work of new law agency training and then completing your background check, which can take several weeks or sometimes several days.
Aside from completing your real estate classes and studying, you will need to spend your time doing other important things like interviewing brokerages and deciding which one is the right fit for you and your new business.
This is just an average time frame. Keep in mind everyone works at a different pace. If you are taking some of your courses online, you may be able to work through the course work a little faster, or maybe it takes you a little more time to get through the course work.
Either way, try not to overwhelm yourself and focus on getting a little further along in the process each day. Many people set out on the journey to become a Rhode island agent and quit before they even start because they simply overload themselves with work. Keep the focus on working toward your goal little by little each day.
How Much Does It Cost To Get A Rhode Island Real Estate License?
It will cost around $100, $70 or $75 to apply for your Real Estate License depending on the test you are taking. Some of these costs are fixed, such as the FBI background check and exam fee.
Total Rhode Island Real estate license cost estimate $561.50
Sign up for Rhode Island Real Estate Classes Here: Real Estate Express
Note- These are just averages and are subject to change at any time.
Does Rhode Island Have Reciprocity With Any Other States Regarding A Real Estate License?
Rhode Island has reciprocity agreements with two other states, and they are:
How To Choose The Right Brokerage?
Selecting your broker is a business choice that we all have to make at some point in our careers. As a new agent, you likely do not know what to look for or what questions to ask. As an experienced agent who has worked at multiple offices, here are some things to consider.
Training- This is important. One of the biggest complaints I hear from new real estate agents is how lost they often feel. Many times they feel the brokerage they choose to partner with has poor mentorship or, even worse, no mentorship at all. When interviewing brokers, you must ask if they have a mentorship program in place for new agents. If the answer is yes, make sure you dig deeper and ask how the program works. What are the expectations for the new agent, and what are the expectations for the mentor. It would help if you found out how much support and training they actually provide.
Splits- Every brokerage offers a different compensation model, and as a new agent, this is important to consider. However, do not make this your main focus. I see many new agents make commission splits, the main reason they choose a brokerage. This can be a huge mistake. Focus on what kind of value and training is being offered for that split. The harsh truth is that 100% of nothing is still nothing.
Ongoing monthly fees- Some brokerages charge monthly fees to stay a part of the company. This is something to consider if you have a small savings account. As a new agent, you might be looking to stretch your dollar until you get a couple of closings under your belt. Joining a company with high ongoing monthly fees can put a dent in your savings account.
Commission Cap- This is in the same boat as commission splits, in my opinion. As a new agent, this should not be your main focus. You should be focused on support and training. However, as a business person, it is a question you should be asking. Some brokerages will cut off your commission fees once you “cap”. Every brokerage and market is different, but on average, we have seen the brokerage cap between 14k-21k. Once you pay that amount into the brokerage, your commission will shift to 100% in some cases with a small broker transaction fee.
Conclusion
Becoming a real estate agent in Rhode Island is something worth working towards. To make this all happen, it is going to require work and consistency. Still, if you love the idea of selling homes in Warwick, Providence and or any other city in Rhode Island, it is worth all the effort and hard work to make your dream become a reality. Study hard and do not quit even if you fail your exam the first time around. Many of the greatest agents I know today in my local market did not pass the exam the first time around.