How to Become a Real Estate Broker in Connecticut
By Colin Ryan
Nestled between New York and Boston and boasting some of the best towns and universities in America, Connecticut is an incredible place to buy a home and invest in real estate.
The Connecticut housing market is currently strong: from July 2009 to May 2019, the median home sale price in the state increased from $214,000 to $244,000.
Every day, more Connecticut real estate agents are advancing their careers by pursuing a real estate broker license. Becoming a broker enables you to start your own firm, manage a team of agents, and ultimately earn more money.
If you’re looking to become a real estate broker in Connecticut, you’re in luck: with the state’s straightforward requirements, an existing real estate agent license holder can upgrade to a full broker license in less than a year. In this guide, you’ll learn exactly what it takes to get your Connecticut real estate broker license.
How Much Money Can a Real Estate Broker Make in Connecticut?
Like those in other places, the vast majority of real estate brokers in Connecticut do not make a fixed salary. Instead, they earn a portion of their agents’ commission on every transaction that they close, as well as commissions on any transactions they handle themselves.
With mean annual earnings of $101,930, Connecticut real estate brokers are second only to Illinois in terms of pay. Depending on your market, you could make significantly more—take Greenwich, for instance, where the mean home price is over $1 million.
In addition, Connecticut employs just 0.05 brokers per thousand jobs. That means less local competition and more opportunity to carve out your own broker niche.
Connecticut Broker Qualifications
To qualify for a real estate broker license in Connecticut, you must:
- Be at least 18 years of age;
- Be a citizen of the United States or a lawful permanent resident;
- Meet the minimum requirements for prior experience as an active real estate agent;
- Complete Connecticut’s 90-hour broker pre-licensing education course; and
- Pass the Connecticut broker examination administered by PSI Services, LLC (PSI).
5 Steps to Become a Licensed Real Estate Broker in Connecticut
Connecticut broker licensing is governed by the Connecticut Real Estate Commission, which resides in the state’s Department of Consumer Protection. The state’s process for qualifying and certifying brokers in Connecticut boils down to five key steps:
- Exam Application
- License Application
How Long Does it Take to Become a Broker in Connecticut?
The time it will take to earn your Connecticut broker license depends on how much experience you have in real estate to start with. If, for instance, you already have at least two years of agent experience, you may be able to earn your broker license in less than a year. Meanwhile, experienced brokers from states that offer reciprocity with Connecticut can waive certain requirements and get their Connecticut license in a matter of months.
However, if you’re completely new to real estate, it may take as many as three years to meet the Connecticut broker license requirements.
Step #1. Satisfy the Connecticut Experience Requirements
In order to obtain your Connecticut broker’s license, you must have at least two years of full time experience as a licensed real estate salesperson under the supervision of a licensed real estate broker in the state.
Step #2. Complete the Connecticut Broker Education Requirements
Connecticut real estate broker applicants must complete 120 hours of approved pre-licensing coursework prior to taking the Connecticut broker exam. Those courses are divided as follows:
- Real Estate Principles & Practices (60 hours)
- Broker Principles & Practices (15 hours)
- Legal Compliance (15 hours)
- 2 Pre-License Elective Courses (15 hours each) OR Real Estate Appraisal (30 hours)
As a substitute for the elective course and appraisal course requirements, Connecticut broker candidates may submit proof of having completed at least 20 real estate transactions as an agent during the last five years.
For a complete list of approved schools and courses, visit the Connecticut Real Estate Commission website.
Step #3. Apply to Take the Connecticut Real Estate Broker Exam
Before you can take the Connecticut real estate broker exam, you must verify that you’ve met the above requirements by submitting proof to PSI/AMP, the private company that administers the exam.
To apply, fill out and submit the application form located at the bottom of PSI’s Connecticut Candidate Information Bulletin. This application must be notarized, and include documentation of your broker education course completion, as well as the required fee of $120.
Once your eligibility has been verified, you will receive an Examination Eligibility postcard from PSI.
Step #4. Pass the Connecticut Real Estate Broker Exam
Next, you can register to take the Connecticut real estate broker exam by signing into PSI’s Connecticut real estate exam website.
The Connecticut state broker exam is conducted via computer, and consists of 115 multiple-choice questions divided among the following topics:
- Property ownership (10%)
- Land use controls and regulations (5%)
- Valuation and market analysis (7%)
- Financing (8%)
- General principles of agency (11%)
- Property disclosures (7%)
- Contracts (18%)
- Leasing and property management (5%)
- Transfer of title (7%)
- Practice of real estate (14%)
- Real estate calculations (8%)
The exam consists of 2 parts: a section on general real estate (75 questions), and a Connecticut-specific real estate (40 questions). Examinees have a total of 3 hours to complete the exam, and must score 75% or higher to pass. Exam results are available immediately. For Connecticut broker exam preparation advice and sample questions, consult the Connecticut Candidate Information Bulletin.
Step #5. Apply for Your Connecticut Broker’s License
Finally, once you’ve passed the Connecticut broker exam, you can apply for licensure by filling out and submitting a license application form (along with a license fee) to the Connecticut Real Estate Commission’s License Services Division. PSI/AMP will provide you with a copy of this application after you successfully pass the exam.
Reciprocity and Portability for Connecticut Brokers
Unlike many states, Connecticut allows out-of-state brokers to conduct business within its borders (including handling showings, closings, negotiations, and other common tasks) as long as they sign a co-brokerage agreement with a Connecticut licensee.
If you’d prefer to do business in Connecticut on your own, consider earning your Connecticut broker license through reciprocity, which allows real estate brokers from other states to easily earn their in-state broker license by using their existing license as proof. Connecticut offers reciprocity with 13 states:
- New York
- Rhode Island
Resources to Start (and Run) a Successful Brokerage
Once you’re certified as a real estate broker in Connecticut, you can start building your new brokerage. Here are some tips and tools to help you spread the word and grow your business quickly.
Real Estate Broker Website
A real estate broker website isn’t just a place to promote your listings and expertise: for today’s consumers, it’s also the most trusted source of information about homes for sale. If you’re a new broker establishing your business, a professional, mobile-friendly broker website with MLS listings can elevate your brand and provide the proof your audience needs.
Resources for Real Estate Broker Websites:
Customer Relationship Management
Leads are only as valuable as the system you’re using to convert them into clients. An advanced CRM solution can help you organize incoming leads, assign them to your agents, and track relationships over time, ensuring that you’re communicating quickly and with the right message. A great CRM can pay off in a big way—in fact, companies that use a CRM report an ROI of $8.71 for each dollar they spend on it.
Resources for CRM:
- Real Estate Marketing Basics Bootcamp: Website & CRM
- How to Organize All of Your Real Estate Leads in a Single CRM System
Buying a home is a huge decision, and even the most qualified leads may not be ready to pull the trigger for several months. Lead nurturing tools can help you educate and guide potential clients toward a purchase via email or text message campaigns. These campaigns can be customized and automated, helping you stay top of mind with leads while you’re out in the field.
Resources for Lead Nurturing:
- 16 Perfect Drip Marketing Emails for Your Real Estate Leads
- Anatomy of a Real Estate Newsletter: How to Create Enticing Emails for Leads
Published on August 21, 2019