The examination is more comprehensive for brokers than for agents; includes questions on basic real estate transactions and laws affecting the sale of property. Most States require candidates for the general sales license to complete between 30 and 90 hours of classroom instruction, whereas those seeking the broker's license are required to complete between 60 and 90 hours of formal training in addition to a specified amount of experience in selling real estate (generally 1 to 3 years). Some States waive the experience requirements for the Broker's license for applicants who have a bachelor's degree in real estate. State licenses generally must be renewed every 1 or 2 years, usually without reexamination. Many States, however, require continuing education for license renewal. Prospective agents and brokers should contact the real estate licensing commission of the State(s) in which they wish to work to verify exact licensing requirements.
*Real Property Appraisers who have either earned one of the Appraisal Institute's general MAI, SRPA, or SREA designations, or who are Independent Appraisers and/or Institute Candidates who have trained under and appraised extensively for, or in conjunction with MAI's, are backed by years of appraisal education and experience, and are highly respected by those seeking professional opinions of value - individual property owners, investors, government agencies, corporations, the courts, and others seeking professional appraisal services.