One question asked most frequently by individuals exploring what a career in real estate looks like is “How much does it cost to get an Idaho real estate license?” While this is a great question it has a few different answers that we will explore.
First, individuals interested in obtaining their Idaho real estate salesperson license must take the two required 45 hour pre-license classes (Modules 1 & 2). Cost for these courses varies from the Real Estate Career Institute’s total cost for both Module 1 & 2 of $694 including all books and materials all the way up to some competitors charging $795 for the same courses, books and materials.
Upon successfully passing the National and Idaho state exam licensees then must choose to affiliate with a particular brokerage firm. In doing so newly licensed Idaho sales persons then must join the National, State and Local Associations of REALTORs if the office that they will be affiliating with are REALTOR members. Dues for the associations are pro-rated based on the month joined and can range from $800 annually if joined in January or as low as approximately $400 if joined in December.
Newly licensed associates must also sign up to become members of the local Multiple Listing Service which gives agents access to the listings from other brokerages as well as access to open the key boxes at the listings to gain access to show buyers. This cost is charged monthly and is $25/month for the Coeur d’Alene Multiple Listings Service.
Last but not least, newly licensed associates must obtain an Errors & Omissions insurance policy. This is purchased through an E&O Insurance provider and is pro-rated. The Idaho state preferred vendor for E&O insurance is RISC Insurance. Cost for this coverage starts at approximately $208 if started at the beginning of the term in October.
All costs included, starting a career in real estate sales is a relatively affordable venture compared to starting any other small business. Questions about costs associated with getting into real estate? Contact us today! We look forward to being a great resource for you!
