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Real Estate Program
Frequently Asked Questions 		Real Estate Program Banner Image.
   
 
Real Estate Student Questions About:
Getting started here at Mt. SAC Mt. SAC's Real Estate Program The Real Estate Industry
Classes, in general Real Estate Degrees Careers in Real Estate
Degrees, in general Real Estate Certificates  
Financial Aid Real Estate License  

Frequently Asked Questions about Real Estate Careers:


(Click on the question to reveal the answer.  Click again to close the answer window.)
arrow What does a real estate agent make a year?
Most agents are paid on commission and that commission is divided between the agent and their broker.   Commissions are negotiable between the principal (typically the seller) and the agent.  Each broker will set their own commission split between themselves and the agent based on the number of transactions done by the agent.   While there is not "typical" income for real estate agents, incomes in the 6-digits is not unusual for agents who commit themselves to the business.
arrow I understand that some real estate companies also do loans, how does that work?
A real estate broker or salesperson working for a broker may also make loans secured by real estate.  Typically the agent will "broker the loan" by putting a lender (a bank or other financial institution) together with the borrower and collect a commission for doing so.  This is more fully explained in
BUSR 53 - Real Estate Finance and BUSR 62 - Mortgage Loan Brokering and Lending.
arrow A friend of my parents said I would make a good escrow officer, how do I do that?
Typically escrows are handled by banks, title insurance companies and independent escrow companies licensed by the department of corporations.  In addition, attorneys and real estate brokers may handle escrows under certain situations.

While there is not specific licensing requirement of an employee working for a company doing escrows (the company itself is licensed or regulated), most companies will require a minimum amount of education and experience to be an escrow officer.   It is recommended that a student complete
BUSR 50 - Real Estate Principles as well as BUSR 76 - Escrow Procedures 1 prior to applying for a position in an escrow company or division.  To graduate from being an escrow assistant to an escrow officer, students should also complete BUSR 77 - Escrow Procedures 2.

The decision on whether or not someone is employed as an escrow assistant or as an escrow officer is made by the employer.   Typically, to become a senior escrow officer, you must have five years experience as an escrow officer
arrow What about becoming an appraiser; how do I do that?
Appraisers are regulated by the Office of Real Estate Appraisers (OREA) .  Specific information can be obtained from their website: (http://www.orea.ca.gov)

Appraisal candidates must complete 150 hours of education to be eligible for the Trainee Licensee.   The following courses should be completed in the order below:
Due to lack of enrollment, Mt. SAC is not currently offering BUSR 83 - Residential Appraisal and
BUSR 84 - Residential Appraisal: Case Studies ; a student wishing to complete their appraisal education requirements will probably have to take these two courses at a private trade school.  Students are cautioned make sure that any class they take outside of Mt. SAC is approved by the OREA.  Upon completion of the educational requirements (a total of 150 hours of classroom education is required); a student may then apply to the OREA to be a Trainee Licensee.  As such, the Trainee Licensee must work under the supervision of a Certified Appraiser for 2,000 hours over a minimum of 12 months and complete an additional 150 hours of education.

Because there is limited demand for Trainee Licensees (most appraisers work independently), students are cautioned not to embark on this field unless they have a prospective employer.  Good prospects for employment are large financial institutions (Banks and Credit Unions), Insurance Companies and county assessor's offices.
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