What are the Costs of being a real estate agent in Virginia?
A pre-license course approved by the Virginia Real Estate Board is required for all new agents. The course costs vary widely from around $189 to over $400. After passing the course, one must take the license exam which is run by the company hired by the VA Real Estate Board, which is PSI (psiexams.com).
The costs for being real estate agent in Virginia are relatively low when considering the potential for a substantial income. Persons who get their Virginia real estate license are called salespersons, although we tend to say the word agents to refer to salespersons. Salespersons must work under the authority of a broker or brokerage company. Salespersons are usually paid by a split of the commissions received by the broker.
Below are the basic costs, although you should independently confirm costs as they do change over time.
- Real estate course and course exam: $189 with our school. Many other schools charge more. Our course is approved.
- Official Virginia real estate license exam (PSI exam): $60 plus $50 fingerprinting & background check.
- License application to Virginia Real Estate Board: $170 Apply with a broker or brokerage company. You may interview brokers in your area to determine the best choice for your particular situation.
- REALTOR ® association fees: Roughly $400-600+ per year plus about $100-250 in initial application fees. In order to use a lockbox and enter homes with a lockbox key card and to join the MLS (Multiple Listing Service) association, one must become a REALTOR ®. Membership requires one to join the local, state and national associations. These fees vary by region in Virginia.
- In Northern Virginia – MLS Fees:
- MRIS which covers the entire Northern Virginia area charges $165/quarter which equals $65/month.
- Lockbox and key card fees: Usually about $100 depending on lockbox and key card/key cost
- License renewal fee: $65 every two years for salesperson
- Company / Brokerage fees: These can vary widely since all brokers or brokerages have their own policies. You need to check with each company since this can add a substantial annual cost based on the company or brokerage.
Get your Virginia License: varealtyschool.com/license