How Much Does It Cost to Maintain Real Estate License in Nashville

Nashville, Tennessee, has a flourishing real estate market that draws agents and brokers nationwide. To practice real estate in Tennessee, one must have a valid Tennessee Real Estate Commission license (TREC). Obtaining and maintaining a license demands a major expenditure of time, effort, and money, but the advantages outweigh the costs.

Having an active real estate license is critical for Nashville agents and brokers. An active license allows one to perform real estate services necessary for a business career legally.

An active license also indicates professionalism, dedication, and experience in the sector, which can lead to more business chances and money.

In this post, we’ll look at the costs and criteria of keeping a real estate license in Nashville, Tennessee, so that agents and brokers may plan and budget accordingly.

Requirements to Become a Tennessee Real Estate Agent

To become a licensed real estate agent in Nashville, Tennessee, you must meet the Tennessee Real Estate Commission’s standards (TREC). The first prerequisite is a high school certificate, GED, or comparable credential. You must also complete 90 hours of education, which includes a Real Estate Fundamentals course of 60 hours and a New Affiliates course of 30 hours. After completing the Real Estate Principles course, you can take the state exam.

Before becoming licensed, TREC also asks all applicants to submit their fingerprints for a background check. It would be best to meet the minimum age and residence criteria of 18 years old and having lived in Tennessee for at least 45 days. It is crucial to note that achieving these requirements does not guarantee you will be licensed as a Nashville real estate agent. If the TREC discovers any discrepancies or difficulties during the application process, they may reject your application.

Fees for Being a Tennessee Real Estate Agent

Becoming a Tennessee real estate agent can be an expensive affair. In addition to the above-mentioned educational requirements, you must pay various licensing costs.

To begin, you must pay a $911 application fee to the Tennessee Real Estate Commission. Even if your application is denied, this cost is non-refundable. Second, the state exam costs $392, and you must pass it before you can get your license. Also, once the license has been provided, copies are not priced.

Furthermore, once you have obtained your license, you must take continuing education courses to keep it. The cost of these courses varies according to the length of the course. Finally, you must pay a $75 renewal fee every other year to keep your license valid.

While becoming a real estate agent requires a considerable investment, it may also be a successful job with great earnings potential.

Fees for Tennessee Real Estate Commissions

To become a Tennessee real estate agent or broker, you must pay various fees to the Tennessee Real Estate Commission. Here are some of the costs you might anticipate:

• A. Initial and renewal costs for agents and brokers: You must pay a $91 application fee when applying for a license. After that, you must pay a $75 renewal fee every two years to keep your license active.

• B. Late renewal fees: You will be charged a late renewal fee if you do not renew your license before it expires. This cost is $50 per month for the first 120 days and $100 from days 121 to 365.

Remember these costs when budgeting for your Tennessee real estate agent or broker career. Failure to pay these fees on time may result in further costs and, in extreme cases, license suspension.

Tennessee Real Estate Ongoing Education Requirements

As a Tennessee real estate licensee, staying current on trends and rules is critical. Ongoing education is an important part of keeping a valid real estate license. The Tennessee Real Estate Commission (TREC) requires licensees to complete 16 hours of authorized continuing education every two years by the license’s issuance date, including a 6-hour TREC Core course.

The TREC maintains a list of approved course providers, and the cost of continuing education varies depending on the course provider and course length. The licensee must submit satisfactory completion of 16 hours of commission-approved real estate courses, or their license will not be renewed. As a result, it is critical to prioritize continuing education and finish the required hours before the renewal deadline.

Extra Fees for Keeping a Real Estate License

Required Organization Dues and Memberships

• NAR (National Association of Realtors): Although NAR membership is not required for Tennessee real estate agents, many professionals join the organization to take advantage of its perks.
• Tennessee Association of Realtors (TAR): While membership in TAR is not required, many agents choose to join because of its benefits. The TAR component of 2022 dues is $1201.

Costs for Local Association Membership

The fees for joining local associations vary based on the association. Greater Nashville Realtor Association, for example, charges $551 per year plus a $200 application fee; Knoxville Area Association of Realtors, $953 per year; Williamson County Association of Realtors, $592 per year; and Middle Tennessee Association of Realtors, $555 per year.

Costs for marketing and branding

Marketing and branding costs vary according to an agent’s specific marketing strategy, including social media advertising, website building and maintenance, and print advertising campaigns.

Brokerage and office fees

Real estate agents’ office and brokerage fees are determined by the brokerage with which they work. These charges include desk fees, office equipment rents, transaction fees, and commission splits.

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FAQs

What Happens if My Real Estate License in Tennessee Expires?

If your Tennessee real estate license expires, you can only practice real estate once you renew it. To renew your license, you must complete the required continuing education hours and pay any applicable fees. If you do not renew your license for a lengthy period, you may be required to retake the pre-licensing course and the state exam.

In Tennessee, how Do I Surrender My Real Estate License?

To retire your Tennessee real estate license, you must submit a request to the Tennessee Real Estate Commission. In addition, you must surrender your license to the commission and pay any outstanding fees or fines. Your license will be marked as retired once your request is approved, and you can no longer practice real estate in Tennessee.

What Is the Renewal Fee for Tennessee Brokers?

Every two years, brokers in Tennessee must pay a $120 renewal fee. Brokers must complete 16 hours of approved continuing education, including a 6-hour TREC Core course designated by the commission, biennially by the license’s issuing date, and the renewal cost. Late costs or license suspension may come from failing to complete the required continuing education or paying the renewal fee on time.

Conclusion

To summarise, being a licensed real estate agent in Nashville, Tennessee, necessitates finishing coursework, passing exams, and achieving certain conditions. The cost of obtaining and maintaining a license varies depending on various factors, including application fees, examination fees, continuing education expenses, and association membership fees. It is critical to thoroughly investigate the costs and requirements for becoming a licensed real estate agent in Nashville, Tennessee.

Real estate agents must also undergo continuing education every two years to keep their licenses. We advise aspiring real estate agents to carefully analyze all costs and requirements before embarking on a career in the sector. Agents can better plan and manage their expenses to prosper in their jobs if they know the fees and requirements of obtaining and maintaining a license.