How To Become a Real Estate Broker in Ohio

Take Your Career to the Next Level – Become a Broker!

Are you an experienced real estate agent in Ohio? It may be time to take the next step in your career. Becoming a real estate broker can open doors to greater independence and earning potential. This guide will walk you through everything you need to know about how to become a real estate broker in Ohio.

What Is a Real Estate Broker?

A real estate broker is a licensed professional who has completed additional education and training beyond that of a real estate agent. Brokers have the authority to manage their own real estate firms, supervise agents, and handle more complex transactions. While agents must work under a broker, brokers can choose to work independently, run their own brokerage, or continue working for another brokerage.

Responsibilities of a real estate broker

Here are some of the typical responsibilities of a real estate broker.

• Oversee real estate transactions and ensure compliance with state and federal real estate laws
• Supervise real estate agents within their brokerage
• Negotiate and review contracts
• Provide guidance and mentorship to new agents
• Manage administrative tasks for their brokerage, such as marketing, finances, and client relations

You have more career options as a broker! You can continue to work with clients on a daily basis, or you can dedicate your time to training a new generation of agents.

Real Estate Broker vs. Salesperson: What’s the difference?

While both real estate brokers and salespersons (agents) can help clients buy, sell, or rent properties, their roles can differ significantly regarding responsibilities and earning potential.

Real estate agents must work under the supervision of a broker. As a result of this arrangement, they must share a portion of their commissions with the brokerage.

On the other hand, a licensed broker can choose to work independently or with a brokerage while keeping a larger share of their commissions. A licensed broker may also work less directly with clients and instead spend their time overseeing agents or completing tasks for the brokerage.

Brokers in Ohio typically earn more than real estate agents.

How to Get a Broker License in Ohio

A real estate salesperson must meet experience requirements before becoming a broker in Ohio. Here’s a breakdown of the requirements and steps for licensing.

Step 1: Meet experience requirements

To become a real estate broker in Ohio, you must have had an active Ohio salesperson license for two of the last five years. Additionally, you must have 20 transaction points using the following formula:

• Listing agent in the sale of property = ½ transaction
• Selling agent in the sale of property  = ½ transaction
• Listing agent in the lease of commercial or industrial real estate for a term of at least one year = ½ transaction
• Procuring agent in the lease of commercial or industrial real estate of at least one year = ½ transaction
• Listing and /or procuring agent in the lease of four residential real estate properties for a term of at least one year = 1 transaction

Please note that transaction points cannot be earned from the sale, purchase, or lease of an agent-owned property.

Step 2: Complete broker pre-licensing courses

Complete 90 hours of Ohio broker pre-licensing courses from an approved education provider. Here’s a breakdown of the coursework.

• Financial Management
• Human Resources Management
• Business Law
• Business Economics

Step 3: Submit a broker exam application

Complete the Broker License Exam Application from the Ohio Division of Real Estate & Professional Licensing website. In addition, submit the following:

• $135 fee
• Proof of completion of the education requirements
• Experience statement
• Criminal records check

Once the Division processes your application, you’ll receive information about scheduling your broker exam from PSI, the testing vendor.

Step 4: Pass your Ohio real estate broker exam

You must get at least 75% on the state and national portions of the Ohio Real Estate Broker exam in order to earn your license.

• Number of questions on the state and national portion of the exam: 115 questions
• Time allotted for the exam: 180 minutes
• Passing score: Above 75%
• Cost of the broker exam in Ohio: $63

FAQ: Is the Ohio broker exam hard?

The Ohio real estate broker exam is known to be more challenging than the salesperson exam, as it covers a broader range of topics in more depth. The multiple-choice exam has two parts: a national portion and a state-specific portion. The national portion focuses on topics such as property ownership, land use controls, valuation, and contracts, while the state portion tests knowledge of Ohio real estate law.

Preparation is key. Many aspiring brokers invest in exam prep courses to ensure they’re ready for the test.

Cost of Getting a Broker License in Ohio

Of course, there are some costs involved in getting a broker license. Consider these costs as an investment in your future:

• Broker Pre-Licensing Education: $4,000 – $6,500
• Application Fee:  $135
• Exam Fee: $63
• Fingerprinting Fee: $50 – $80
• Additional Costs: Potential fees for study materials and exam prep courses.

In total, the cost of becoming a broker can range from $4,250 to $6,700 or more. Financing may be available. Talk with your real estate education provider to learn more.

How long does it take to become a broker in Ohio?

The timeline to become a real estate broker in Ohio can vary depending on your pace and current qualifications.

• You must be an active real estate agent for at least two years and complete at least 60 semester hours of post-secondary education.
• Completing the required 100 hours of broker education typically takes 3 to 6 months, depending on whether you attend full-time or part-time.
• After completing the education, it may take another 2 to 3 months to prepare for the exam, submit your application, and receive approval to take the test.

In total, expect the process of becoming a broker to take at least two and a half to three years.

Ohio Broker Continuing Education

Real estate brokers in Ohio are required to complete continuing education (CE) to maintain their license. Ohio brokers must complete 30 hours of CE every three years. There are four required courses:

• Civil Rights (3 hours)
• Core Law (3 hours)
• Ohio Canons of Ethics (3 hours)

The other 21 hours of elective courses must cover real estate topics.

Brokers who do not complete their continuing education on time risk having their license suspended or revoked.

Ready to Take the Next Step?

Becoming a real estate broker in Ohio is a rewarding career move that requires dedication, education, and experience. If you’re ready to advance your career, Hondros College offers Ohio broker pre-license courses and exam prep materials you need to succeed. Our online or in-person courses (or a combination of both!) will prepare you for the Ohio broker exam – and a successful career.

Hondros College offers Broker Education Planning Services. We’ll work with you to determine your individual course needs to qualify to sit for the Ohio Real Estate Broker exam. Email your academic transcripts to us at href=”mailto:broker@hondros.com” target=”_blank”>broker@hondros.com or call us at 614.350.5748 for a free evaluation.