Purchasing a new home or parcel of real estate involves complex transactions and careful considerations. Real estate salespersons and brokers help make the process less complicated and easier to understand. In Wisconsin, real estate agents and brokers must be licensed through the Department or Regulation and Licensing. The process involves learning about the nuances and intricacies of real estate transactions, passing an examination and paying a licensing fee.
Determine which type of real estate license you wish to pursue. Wisconsin offers licenses for brokers and salespersons. A broker may manage his or her own business. A salesperson must work with a licensed broker. Brokers must undergo additional training than that required of a salesperson.
Meet the education requirements set forth by the Wisconsin Department of Regulation and Licensing (WDRL). Specifically, you must complete one of the following: a 72-hour salesperson course from an approved educational program, 10 semester hours from an accredited college or university in courses that specialize in real estate or real estate law, or belong to the Wisconsin State Bar.
Complete the educational requirements necessary for a broker if you intend to be a broker. In addition to the basic education requirements, you must complete either a 36-hour broker course from an approved education program or an additional 10 semester hours from an accredited college or university in courses that specialize in real estate or real estate law. If you belong to the Wisconsin State Bar, you need not meet this additional requirement.
Pass the Wisconsin real estate examination. Sales persons need only pass the examination designated for a real estate license in sales. Brokers must pass both the sales examination and the broker’s examination. Sign up for an examination by contacting PearsonVue.
Fill out the “Application for New Salesperson or Broker License” form. Include the license fee ($75 as of 2010 for an initial license). Obtain the form from the WDRL website. Additionally, sales persons must also be employed by a licensed broker in order to become licensed. If the sales person fills out the application before becoming employed, the sales person must file a “Notice of Real Estate Employment Form” when he or she becomes employed by a broker.
If you hold a real estate license from a different state, you may seek reciprocity. Check with the WDRL to see if your state has a reciprocity agreement with Wisconsin. As of 2010, Wisconsin had reciprocity agreements with Illinois and Indiana; this is subject to change in the future. You still must pass the examination to operate as a real estate salesperson/broker in Wisconsin.
2016 Salary Information for Real Estate Brokers and Sales Agents
Real estate brokers and sales agents earned a median annual salary of $46,810 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, real estate brokers and sales agents earned a 25th percentile salary of $30,850, meaning 75 percent earned more than this amount. The 75th percentile salary is $76,200, meaning 25 percent earn more. In 2016, 444,100 people were employed in the U.S. as real estate brokers and sales agents.
- Wisconsin Department of Regulation and Licensing: Real Estate Salesperson Licensing
- Wisconsin Department of Regulation and Licensing: Real Estate Broker Licensing
- Bureau of Labor and Statistics: Real Estate Brokers and Sales Agents
- Wisconsin Realtors Association: Become a Realtor
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: Real Estate Brokers and Sales Agents
- Career Trend: Real Estate Brokers and Sales Agents