In 2020, there were a total of 5.64 million existing homes sold in the United States and another 822,000 new homes were built and sold. Not only that, but there are more than three million real estate agents in the US and over 106,000 brokerage firms currently in operation in the US.
Every year, thousands of people show an interest in gaining their real estate license and it’s becoming an extremely smart decision for many – including investors, soon-to-be homeowners, and those looking for a reasonable income. It’s something anyone can obtain with a little effort.
As of March 31, 2022, there are a total of 7,157 realtors in the state of Mississippi – an increase of 83 since the end of February 2022. That doesn’t include the thousands of licensed real estate agents – those that aren’t an active member of the National Association of Realtors (NAR).
The Mississippi real estate market has experienced an encouraging amount of growth in the past few years, despite the COVID-19 pandemic. Home prices are on the rise, as well as the number of homes sold. That’s why now might be the perfect time to get your real estate license and become a real estate salesperson.
Mississippi Real Estate License Requirements
Mississippi residents that are interested in earning a real estate license will be pleased to learn how easy it is to get one. That’s not to say it won’t take a good amount of time, energy, and effort, but it’s a 100% real possibility for anyone that’s serious about it – which I’m sure you are!
Before you can get started with the process, there are two major requirements that must be met. First, you must be a legal resident of Mississippi – if you live in a different state, you’ll need to get your license in that state. The other requirement is you must be at least 18 years old.
If you’re an 18-year old (or older) legal resident of Mississippi, congratulations – you just passed the first test! Of course, that’s only the beginning. Let’s take a look at the other real estate license requirements you must meet before having your permanent real estate license issued.
1. Complete 60 Hours of Pre-Licensing Education
Mississippi requires all potential licensees to first complete a 60-hour salesperson pre‑licensing course. If treated like a 40-hour work week, you can complete this course in as little as two weeks. The course usually costs around $200, but many real estate courses offer additional add-ons to help you prepare for the exam and further build your business as you work through the process.
2. Take & Pass the Final Exam for the Course
After you complete your 60-hour pre-licensing course, the education company you’re going through will require you to pass a final exam. This is different from the Mississippi real estate exam. Most pre-licensing course final exams contain 100 questions. In order to pass, you must get at least a 70% on the exam. Anything above that will get you one step closer to the end goal.
3. Partner With a Quality & Reliable Licensed Broker
Before you can apply for your real estate license, you must first find real estate brokers that are willing to sponsor you. Think of the sponsoring broker as your mentor – you’re going to represent them and they’re going to represent you. With that said, it’s important that you do your research and find a sponsoring broker that you believe in – and likewise, one that believes in you!
4. Apply for Your Mississippi Real Estate License
The next step in the process is applying for your real estate active license in the state of Mississippi. To do this, you’ll need to fill out the application form and send it to the Mississippi Real Estate Commission. The application form will ask for things like:
- Personal Information
- Sponsoring Broker’s Information
- Your real estate history
- Past employers (doesn’t have to be real estate related)
- References & Recommendations
- Banks You Have an Account With
- Personal Signature
In addition to the application form, you’ll need to send multiple photos and provide a background check. Once they accept your application, the Mississippi Real Estate Commission will send you an approval letter. That’s not the end of it, though.
5. Take & Pass the Mississippi Real Estate Licensing Exam
Now that you’ve been approved, it’s time to take your official real estate exam. You’ll need to contact PSI to schedule the exam. It costs $75 per attempt and the exam consists of two portions. The state portion is 40 questions and you have 1.5 hours to complete and the national portion is 80 questions and you have 2.5 hours to complete.
You need a 30/40 on the state and 56/80 on the national portion.
6. Complete 30 Hours of Post-Licensing Education
Once you’ve passed your real estate exam, you will be asked to complete 30 hours of post-licensing education. This is extremely similar to the pre-licensing education and is included in most courses. It can cost around $150 for the course. You’re just one step away from starting your real estate career!
7. Receive Your Permanent Real Estate License & Get to Work
When your post-licensing education comes to an end, you’ll receive your permanent real estate license and will be ready to start work as a real estate agent. From here, you can complete further courses and education to become a real estate broker or become an active member of the National Association of Realtors (NAR).
We Wish You Luck In Getting Your MS Real Estate License
At Sell Your House Fast Mississippi, we love to see the real estate market grow and that remains true with the real estate agents that join the community every year. If you’re planning on becoming a licensed Mississippi real estate agent, we wish you the best of luck moving forward!
In your future endeavors, if you ever know of anyone that needs to sell their house fast, you know where to go – your friends here at Sell Your House Fast Kansas City. We look forward to buying your home and giving you the cash you so desperately need!
