FREQUENTLY
ASKED QUESTIONS
HOW DOES A PERSON BECOME LICENSED?
- Real Estate Council 1–604-683-9664
- University of B.C. 1-604-822-8444 - www.sauder.ubc.ca/Programs/Real_Estate_Division
WHAT IS THE COST OF TAKING THE REAL ESTATE COURSE?
- $1,150 upon registration
- HP – 10BII Calculator $60
- LENGTH OF COURSE
- 26 Chapters – 20 Assignments
- Assignments must be completed within one year of registration date.
FORMAT OF EXAM?
- Three (3) hour exam – In Kelowna, five scheduled dates per year or
- At UBC University, Vancouver with 14 days request notice.
- Exam must be written within 2 years of completing last assignment, no more than 2 attempts.
CAN I WORK A FULL TIME JOB WHILE TAKING THE COURSE?
- Yes! Correspondence course, 1-2 hours per day required (depending on study habits).
WHAT TRAINING OR ASSISTANCE IS AVAILABLE? PRE-LICENSE TUTORIALS? COST?
- Assignments require 70% pass to qualify to write final exam.
- Math & Law review ( 3 days ) prior to examination date.
- Weekly tutorials. We provide study notes, classroom discussion, practice exams, flash cards etc.
- Contact Taylor Kirsch at 250-717-2224 or admin@kelowna.royallepage.ca to register for the online training program
WHAT REQUIREMENTS?
- English Language Proficiency Test OR have graduated with a bachelor degree or higher from a recognized university degree program at an accredited university, college or technical institute at which English is the primary language of instruction, OR are licensed in another jurisdiction in Canada and have satisfied that jurisdiction’s language requirements
ONCE I HAVE PASSED THE REAL ESTATE COURSE MUST I GET LICENSED IMMEDIATELY?
- After one year period lapses - must re-write exam.
WHAT AREA CAN I SELL IN?
- Licensed for province of British Columbia
- Immediate area – Central Okanagan / Kelowna and surrounding areas
WHAT IS ROYAL LEPAGE’S SELECTION PROCESS?
- 3-4 Step interview
WHAT ARE MY START-UP COSTS? LICENSING FEES, ETC…
- See Schedules.
WHAT POST LICENSING TRAINING DO YOU OFFER? COSTS?
- See Training Schedule
CAN I CONTINUE TO WORK ANOTHER JOB AFTER I AM LICENSED?
- YES
WHAT ARE MY POTENTIAL EARNINGS?
- $25,000 - $500,000
- First year goal $40,000+
- Average gross commission in year 2019 - $113,398
HOW DO I GET PAID?
- As per commission structure.
- Once transaction completes and money transfers from buyer to seller, REALTOR® gets paid.
HOW LONG WILL IT TAKE BEFORE I AM EARNING MONEY?
- Average 6 to 12 months
HOW MANY HOURS EACH WEEK WILL I HAVE TO WORK?
- First year 50 – 60 hours
WHAT ARE THE TAX BENEFITS AFTER I AM LICENSED?
- Independent contractor, same as owning a business.
HOW IS COMMERCIAL REAL ESTATE DIFFERENT THAN RESIDENTIAL REAL ESTATE?
- Involves transactions with leases and sales of business. Financial statements. May take longer to negotiate, money larger. Sales fewer and far between. More specialized. More difficult to obtain by traditional prospecting methods.
Royal LePage Kelowna
#1 – 1890 Cooper Road,
Kelowna, BC V1Y 8B7
