Real Estate start up costs
Hi, I recently passed the NJ state Real Estate Exam and was fingerprinted, my future Broker will fill out my form and submit… A $250.00 check was required. What is that for… The actual license? I must still join the MLS correct? Any other boards or groups? It wasn’t made clear to me. Is part of the $250 for the NJ board of Realtors?
Thank you for your help.
Thanks for visiting our site and posting on the forum, we appreciate it. Congratulations on passing the NJ real estate exam! For state specific questions, I recommend contacting the real estate commission of NJ. Generally, there’s an exam fee, a fee to join the MLS, fees associated with a new license and most brokerages charge some type of joining fee for paperwork etc. Most brokerages require that you get an MLS membership and if you plan on practicing real estate, it’s necessary to look up properties for sale, comps etc. In terms of what other organizations you’re required to join, that’s something you should talk to your new broker about. Typical associations include the National Association of Realtors (NAR) and with this membership, your local association of Realtors is generally included.
Wishing you all the best with your new real estate career,