Real Estate Career FAQ

Q. Are there any requirements to obtaining a real estate license?
A. Each individual must be a U.S. citizen or have a U.S. work permit, be at least 18 years of age, attend and pass an accredited real estate licensing school and pass the State licensing exam.

Q. Once I pass the State exam, how do I get my license?
A. First, the written application and required fees must be paid. Once a license has been obtained, it must be affiliated with a brokerage company to become Active. Otherwise, the license must be applied for and placed on an Inactive status until hired by a brokerage company.

Q. How long after I pass the State exam do I have to apply for my real estate license?
A. Candidates who successfully pass the State exam must apply for their license status within 2 years from the exam date or their test results will become invalid and candidates will have to take and pass the exam again.

Q. How much training is required to get a license and start my career in real estate?
A. The State of Hawaii requires that all applicants must complete the salesperson Commission approved, 60 hour pre-license course. Applicants must successfully pass the class with a 70% or higher before they are able to take the State exam. Applicants must pass the State exam with a 70% or higher.

Q. Does it cost anything to attend Coldwell Banker’s Real Estate School?
A. The tuition for the sales course is only $600.00 plus applicable GET tax. These costs include tuition, books, GET tax and processing fee.

Q. What if I am unable to take the course after I have registered?
A. If written notice is received prior to the beginning of the first scheduled class, a refund of the tuition and textbooks will be made within 3 to 5 weeks from receipt of the written notice. The school reserves the right to ask any student to withdraw without refund for misconduct, unsatisfactory progress or unethical conduct.

Q. Can I keep my current day job during the course?
A. Yes. Classes are held at the Kahala Mall Roof Top Education Center, 4211 Waialae Ave., Suite UB-6 from 5:30 – 9:30, twice weekly.

Q. What topics are covered in the pre-licensing class?
A. This course will prepare you to take the State exam. The State exam has two sections, the general real estate principles and practices and the State Law section, which covers specific Hawaii statues.

Q. What happens after I pass the State Exam?
A. Career counseling will be available to students, upon request. Candidates are not obligated to join any firm after receiving their license. Each firm has its own independent policies.

Q. When will I know if this is the right career choice for me?
A. There is no hard and fast rule to determine success. Most people will know in 3 to 6 months if they have chosen the correct career path.

Q. How much time will it require during the first year to be a success?
A. Successful agents find the profession requires strong work habits and put in long workweeks to succeed. Newly licensed agents typically spend 50 - 60 hours a week in the first year of real estate. The flip side is that you are your own boss and can set a schedule that suits you and take time off and vacations when YOU choose.

Q. How much will it cost to get started and what are the ongoing costs?
A. The approximate cost will be $2,955. See below for a breakdown:

• Real Estate School $600
• State Exam $68
• GET license $20
• Activate your State license $255
• *Errors and Omissions Insurance $863
• **MLS fees $450
• **Honolulu Board of Realtors fees $699
• *Approximate annual cost. Actual cost will vary depending on brokerage
• **Included is the one time initial Honolulu Board of Realtors fee.

Q. What is my job description?
A. There are literally dozens of activities that, as an agent, you can take part in during your business week, such as the following:

• Previewing your office's new listings on office tour
• Setting showing appointments
• Showing properties to buyers
• Attending office meetings
• Managing purchasing and selling transactions
• Negotiating with other agents
• Doing listing presentations
• Answering calls at the office on a schedule assigned by office (commonly called floor time)
• Holding open houses for the public
• Promoting yourself (preparing brochures, cards, etc to mail to identified markets/other promotions to increase name recognition)

Q. Where will I get most of my customers?
A. The following is where our successful associates get their customers:

• Sphere of influence (people you already know)
• Open Houses
• On-line leads
• Corporate Relocation

Q. How long before I get paid?
A. Generally, you should expect to have a transaction within six months; commissions are paid at closing which is 30 to 45 days after the time of sale.

Q. How much money can I realistically expect to take home the first year?
A. In recent years our top first-year agents have taken home incomes in the $25,000-40,000 range.

Q. How do I register for the next Coldwell Banker Real Estate School session?
A. Contact us by e-mail or by calling 748-3410.