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Old 03-04-2012, 10:27 AM
 
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For those who work or have worked within the New Jersey real estate market, what is the combined cost of receiving a real estate license in New Jersey?

Secondly, what is the process like in terms of transferring to conduct real estate in nearby states (Connecticut, New York, Massachusetts)? For example, may one still sale New Jersey real estate if they live in CT or NY? On the contrary, if one moves to Massachusetts is there a process where one may transfer real estate licenses from one state to another?
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Old 03-04-2012, 02:47 PM
 
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The cost of the salesperson cost is about $350 and it takes 75 hours. Books are usually included. Then there is the cost of the state test of about $80 and fingerprinting (I think it's $71). When all of this is done, there is a charge of $160 for the initial state license (which has to be renewed every other year for $100). As a salesperson, you will also have annual board dues (around $400).
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Old 03-11-2012, 11:11 PM
 
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Thank you for the information. As for if I were to eventually move to another state in the future, in particular NY-CT-RI-MA, would I have to retake the test and pay all of the fees?
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Old 03-12-2012, 02:20 PM
 
Location: Tempe, Arizona
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Quote:
Originally Posted by NowOrNever View Post
Thank you for the information. As for if I were to eventually move to another state in the future, in particular NY-CT-RI-MA, would I have to retake the test and pay all of the fees?
I don't know if those states have reciprocal license agreements, but you can probably find out by checking their local dept of real estate websites or calling their information number. Many states would require you to take their required classes, tests, and pay fees, including mine (AZ).
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Old 03-12-2012, 03:21 PM
 
Location: Princeton, NJ
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Don't forget the cost of E&O insurance. This year my E&O was $425.00. Then you have to account for access to the MLS systems. I have to belong to 3 different ones, as I list/sell homes in 3 counties and each have their own MLS system. Finally, the cost of the Supra key.

It costs me over $1000 a year to be a licensed NJ Realtor.
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Old 03-13-2012, 11:11 AM
 
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Thank you again. Would receiving my license, in addition to the aforementioned fees, accumulate to roughly one thousand I would have to put out this year? After a license is received, how much is the average upkeep?

Secondly, do the New England states and New York have reciprocal license agreements if one is licensed in New Jersey and eventually settles elsewhere?
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Old 03-19-2012, 04:55 PM
 
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^I would appreciate all of the help available so that the aforementioned question may be answered.^
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Old 03-19-2012, 08:48 PM
 
Location: Westwood, NJ
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I would imagine you would have to take the test in the different states since real estate laws vary state to state.
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Old 08-02-2013, 10:53 PM
 
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Default Being an agent in more than one state

Some agents and brokers keep licenses in more than 1 state. NJ does not have reciprocity with any state, you have to take the 75 hour class and pass the state test to become a real estate agent. However if you are a broker in another state, you may only have to take the two 30 hour classes, one on Ethics and one on Office Management to also be a licensed broker in New Jersey.
Some agents in NJ just become Referral agents, so they keep their license active and get referral fees, but don't have the yearly upkeep and expense of being an "active" agent. That would help if moving to another state.
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