How to Get a Real Estate License in Rhode Island
Earning your real estate license in Rhode Island can be challenging, but it doesn't have to be once you know what to do and where to start. This article unfolds the process of getting your Rhode Island real estate license. You'll discover how long the process will take, how much it will cost, and other details.
Rhode Island Real Estate License Requirements
The following are the requirements for obtaining a real estate license in Rhode Island:
- Be at least 18 years old.
- Be a resident of the United States or a duly admitted alien.
If you meet the state requirements cited above, you're eligible for licensure in Rhode Island.
How to Get a Real Estate License in Rhode Island
Step 1: Real Estate Pre-licensing Course
The first step to pursuing a real estate career in Rhode Island is completing an approved 45-hour pre-licensing coursework. This 45-hour class includes 3 hours of new agency law and 3 hours of Lead poisoning Mitigation. You can take the classes online or in person in a typical classroom setting.
The coursework will cover the following topics:
- Property value and appraisal.
- Real estate practice.
- Financing and settlement.
- Duties and obligations under licensing law.
- Property disclosures.
- Real estate contracts and agencies.
- Real estate maths calculations and more.
After completing your coursework, you must sit for a final exam before advancing to the next stage. Your education provider administers this exam, and you must score not less than 75% to be awarded a course completion certificate.
Step 2: Take the Rhode Island Real Estate License Exam
After acing the course final exam, you can take the Rhode Island real estate license exam. The exam fee is $70, and there is no limit to the times you can retake the test. To begin, you must create an account with Pearson VUE (the official provider of the license exam in Rhode Island)
From there, you can access the scheduling portal to book your exam.
This test is split into two sections: general and state. The first part focuses on national-related questions, while the second covers state-related questions. You will be allowed 4 hours to complete both sections of the exam. It is a difficult test, but paying special attention to each question ensures you pass on your first try.
Soon after completing the exam, you'll receive your results on the computer screen. If you pass, you'll be provided with information on how to apply for your real estate license. If you fail, your scoring document will integrate diagnostic information to help you discover your weaknesses. It would help if you retook the failed exam portions within a year of your first attempt.
Step 3: Background Check
In Rhode Island, you must complete a criminal history record check before applying for your real estate license. You can get your criminal history record by visiting the Bureau of Criminal Identification at the Rhode Island Department of Attorney General's location.
If you apply in person, you'll need to bring a picture identification bearing your date of birth to the Bureau of Criminal Identification. If you apply via mail, you must send a notarized copy of your photo ID bearing your date of birth and a valid signed letter. This mandates the DAG to initiate a background investigation.
Whichever application method you choose, you'll be charged $5, payable to the Bureau of Criminal Investigation by check or money order. In case of any questions regarding this process, contact the Department of Attorney General.
The attorney general's office will mail your state agency, informing them whether you have qualified. After that, the Rhode Island Real Estate Commission will assess your criminal history report for eligibility. If they discover any findings, they'll contact you to offer additional information.
Step 4: Obtain Errors and Omissions Insurance
You can only be granted an active real estate license if you have errors and omissions insurance coverage. This insurance coverage protects you from the mistakes committed while practicing. The Rhode Island Real Estate Commission partners with RISC to provide affordable real estate errors and omissions insurance.
This program is particularly designed for Rhode Island licensees. However, you can choose a different insurance provider as long as you submit a certificate of coverage along with your application.
Step 5: Real Estate License Application
You're almost there!
You can apply for your real estate license using the Rhode Island DBR online system. The application fee is $140, including a $25 fee for the Rhode Island Real Estate Recovery Fund.
Please upload the following documents with your application:
- Both pages of your test score report from Pearson VUE.
- A completed Real Estate Application.
- A course completion certificate.
- A criminal history record from the Department of Attorney General Office.
- A taxpayer status affidavit.
- A certificate of Errors and Omissions Insurance.
- A certificate of the 3-hour new agency law course.
- A certificate of the 3-hour course in Lead poisoning Mitigation.
After submitting your application, you must wait for your license to be issued within 7-10 business days. The commission will send you a copy of your license via email. If not, contact them at (401) 462-9500.
How Much Do Real Estate Agents Make in Rhode Island?
The average wage for real estate agents in Rhode Island varies depending on their experience level, education, and property niche. For example, agents with 1 or 2 years of experience can earn at least $97,658 annually.
It's worth noting that agents who focus on expensive niches, such as industrial real estate, earn more than others.
How Much Does it Cost to Get a Real Estate License in Rhode Island?
The cost of procuring your real estate license in Rhode Island varies depending on the school where you take your pre-licensing course. Check below to find out how much your license will cost:
- All Rhode Island fees: $390
- Pre-licensing education: $600-$800
- Total estimated cost: $900-$1,100
How Long Does it Take to Get a Real Estate License in Rhode Island?
It all depends on your dedication to the licensing process. The sooner you complete your pre-licensing education, pass the salesperson exam, and apply for your license, the better. In this case, you can have your real estate license in less than 3 months.
If you want to see some examples of questions that will be on the actual real estate exam, check out our free real estate practice exam. We have been named as the best real estate exam practice for 7 years in a row!
If you need to get your required educational hours done, check out our partners for online real estate education that can be done at your own pace from home or where ever you have internet access.
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