Here are some common questions about the Austin real estate market and real estate in general.
Being a REALTOR®
How to become a REALTOR®?
Requirements for a License
- Citizen of the United States or lawfully admitted alien
- 18 years of age or older
- Meet TREC’s qualifications for honesty, trustworthiness, and integrity
- Consider requesting a Fitness Determination before applying for the license
How long does it take to get a REALTOR® license?
180 classroom hours of the following qualifying real estate courses:
- Principles of Real Estate I (30 classroom hours)
- Principles of Real Estate II (30 classroom hours)
- Law of Agency (30 classroom hours)
- Law of Contracts (30 classroom hours)
- Promulgated Contract Forms (30 classroom hours)
- Real Estate Finance (30 classroom hours)
Find a qualifying education provider. Submit your course completion documents to TREC after applying online or with your paper application. After completing your course work, you are welcome to submit a course and instructor evaluation.
If you completed any of the above qualifying real estate courses through an accredited college/university for academic credit, submit a transcript for evaluation.
How do REALTORS® get paid?
REALTORS® typically get paid based on a percentage commission on the final sales price.
How much commission does a REALTOR® make?
The standard commission for residential real estate transactions is 6%, of which 3% goes to the buyer’s brokerage and 3% goes to the seller’s brokerage. Each agent has its own commission structure in place with their brokerage.
Watching the Market
What does contingent mean on a real estate listing?
When a listing is listed as contingent, that means that the seller has accepted an offer that has a contingency. The most common contingency in residential real estate is a contingency on the sale of real property.
What does pending mean on a real estate listing?
When a listing is listed as pending, it means that the seller has accepted an offer and they are awaiting the closing of the sale.