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Responsibilities Of A Connecticut Real Estate Broker

By Elizabeth Elstien

Department of Consumer Protection licenses and regulates both real estate brokers and agents in the state of Connecticut. A real estate broker differs from an agent, as a broker has more responsibilities and legal obligations.

What does it take to become a Connecticut real estate broker and what exactly are the responsibilities incurred? Read the guidelines below to find out.

Responsibilities

A broker runs a real estate business, either their own or another broker's business. A broker must know how to hire the right real estate agents to work for her/him and take care of the property sales. They must have added management skills and legal expertise to protect the agents working for her/him. Through Errors and Omissions insurance, required by all brokers, a broker protects against real estate contract lawsuits brought against an agent of the company.

Basic Broker Licensing Requirements

The following requirements are the basics needed to prepare for a new broker license. As being a broker is a very complex business and requires complete honesty and trust in order to maintain business, the state standards are rigorous:

  • Be at least 18 years old
  • Be a U.S. citizen or permanent resident by law
  • May not be convicted of a felony related to character untrustworthiness such as forgery, theft, conspiracy to defraud, extortion; if convicted may not apply to get a associate broker license until five years after the full sentence was served
  • Finish 60 hours of state-approved training
  • Be a licensed real estate salesperson for 24 consecutive months within the previous 48 months with real estate being the main occupation

How To Apply For A Broker License

When the approved 60 hours of pre-licensing coursework is taken, an applicant can complete an application to apply for a broker license and send the: application fee and the required documents to PSI licensure. Then, an examination postcard will be sent to the applicant showing pre-approval.

Take The Broker Pre-licensing Exam

Once pre-approved by the state, the exam must be scheduled online in advance of the test date. Tests are given in a few locations around the state. There are two portions of the exam: state (60 minutes) and general (90 minutes). The exam costs $65 per portion and may be retaken at an additional cost if failed.

Submit Licensure Documents

After both portions of the state exam are passed, the next step is submitting the documents and fees for final broker licensure. When all documents and requirements have been approved, a broker license will be issued. Although the amounts increase, be prepared to pay over $550 in licensing fees for the first year and in the years thereafter.

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