Michigan Real Estate Requirements
Article Summary: This article will help educate anyone seeking to understand what it takes to obtain a real estate license in the state of Michigan. Detailed information outlined below includes the regulating board, pre-license education necessary, examination, renewal, and more..
The Michigan Board of Real Estate Brokers & Salespersons is part of the Department of Licensing and Regulatory Affairs (LARA). This Board was created in 1980 to regulate and license all real estate brokers and salespersons within the state. The 9 members appointed serve for 4 year terms and either represent the public or represent Real Estate Brokers and Salespersons. All of their meeting information can be found on the LARA website.
When it comes to obtaining a real estate license in Michigan, the age requirement is at least 18 years old. In addition, a person must be a US citizen or permanent resistant alien and show proof of high school graduation or equivalency.
LARA has standards of completing an approved required 40 hour Michigan Real Estate Fundamentals course when it comes to a salesperson applicant. This includes 4 hours of civil right law and equal opportunity in housing. After the pre-license course is complete, one needs to apply for licensure within 36 months.
Each person must complete the Real Estate Salesperson license application and then receive authorization to register for the exam. The exam must be taken within one year of the application. PSI administers the examination for Michigan. After an individual is authorized, they can schedule and complete.
Each real estate salesperson is required to be sponsored by a licensed Michigan Employing Broker in order to practice.
For continuing education for each licensee, they must complete at least 18 clock hours of CE courses within each 3 year cycle. At least 2 of those hours must be completed involving law, rules, and court cases regarding real estate.
In order to obtain a Michigan broker’s license, a licensee must have at least three years of full time experience in the real estate field. An applicant is required to complete 90 clock hours of approved pre-licensure coursework within 3 years of application. There are 30 of the hours needing to cover broker preparation and 9 in civil right and fair housing laws. Finally, after education requirements, a person must pass the Michigan State Broker Exam with a score of 75% or higher before submitting the license application.
Within MI, one can apply for an Individual Broker which are the owner-operators of their own real estate firm or an Associate broker who works under an Individual Broker.