How Much Does It Cost to Get a Real Estate License in Massachusetts?
This article breaks down all the costs associated with obtaining a real estate license in Massachusetts.
From your MA real estate license fee to the exam itself, we’ve collected all the costs involved to give you a realistic picture of the financial investment this career choice requires.
Keep reading to ensure you know how much a real estate license in MA costs.
Obtaining Your License
Pre-Licensing Coursework: $230 to $350+
The first cost of a real estate license in Massachusetts involves taking the required pre-licensing coursework.
Forty hours is the length of your pre-licensing course whether you’re going for a salesperson or broker’s license. Three years of working experience is also a prerequisite for brokers.
Hours are completed through an authorized real estate school. You can browse our directory of providers offering the best real estate courses in Massachusetts.
Many of these providers have online and in-person options. It’s important that you know which method fits your learning style best to make it easier for you to study.
You can refer to our guide comparing the pros and cons of real estate classes online vs. traditional classroom courses.
In order to move forward with your license, your school must submit an Educational Real Estate Certificate once you’ve completed your hours.
While your class will provide plenty of study materials and resource suggestions, you can also take a practice test through PSI. The cost of the practice test is $17.95.
Exam Application: $31 for Salesperson; $52 for Broker
Before you’re able to take the real estate license exam in Massachusetts, you must complete an application. Fees vary based on the type of license you’re getting.
A salesperson application fee is $31, while a broker’s fee is $52.
Before filing your exam application, make sure you’ve prep completely to ace the test on your first attempt. Read our article on how to study for the real estate exam.
Exam Fee: $85 for Salesperson; $106 for Broker
PSI administers the real estate exam in Massachusetts. The best way is to schedule your test online, but you can also call 800-723-9267.
The exam fee varies based on license type as well. It’s $85 for a salesperson exam, and $106 for a broker exam.
Both tests have the same number of questions, which is 120, and take the same amount of time, four hours. You need a minimum score of 70 percent to pass.
On testing day, make sure to arrive at least 30 minutes early to sign in. Bring two forms of ID.
One should be a government-issued ID with your first and last name and a picture. The other just needs your name. A credit card even works.
Exam Retake: $54
You have two years from the date you complete your pre-licensing education to pass the real estate license exam in Massachusetts.
Should you need to retake one or both parts of the exam, the cost is $54. You can call PSI to schedule a retake beginning the day after you receive a failing grade.
Licensing Fee: $103 to $150+
You’ll receive your real estate license immediately after you pass the test. The fee for the license is based on the month you were born. The range is between $103 to $150.
In addition to the license fee, PSI charges a processing fee of $12, which you also must pay to receive your real estate license.
Surety Bond: $5,000
For those interested in a broker’s license, there’s one other cost associated, which is a surety bond. In order to get a license, you must have a $5,000 surety bond.
A surety bond is a written agreement that guarantees payment or performance of an act. It’s unique in that three parties are involved:
- The person buying the bond
- The insurance company
- The party who requires or receives the benefits of the bond
The cost of this bond is usually dependent on your credit score. A higher score will pay less. Regardless, a form completed and signed by an insurance agent is required.
One final requirement that you must fulfill when getting a real estate license in Massachusetts is to be sponsored by a broker.
Keeping Your License
Continuing Education: $45 to $129
Once you get your real estate license, the next expense to focus on is continuing education. You must take 12 hours of continued education every two years.
Real estate agents in Massachusetts cannot renew their real estate license without meeting this requirement.
Course topics often break down into 2-hour classes, allowing you to vary the classes you take. Based on length of course and total number, final costs will vary as well.
License Renewal: $103 for Salesperson; $142 for Broker
Every two years, you must renew your real estate license in Massachusetts. It expires on your birthday, no matter when you first get your license.
The renewal cost for a salesperson license is $103. Brokers will pay $142 to renew. Failure to renew on time can mean having to pay an additional late fee of $57.
How to Reduce Real Estate License Education Costs
Now that you have an idea of how much a real estate license in MA is, you can easily allot a good budget to ensure you meet all the costs involved.
Certain fees associated with getting a real estate license in Massachusetts are non-negotiable.
However, it is possible to save a little if you plan smartly.
- Instead of separating out the cost of your pre-licensing coursework from supplementary materials, look for a bundle from one school. It may cost less overall.
- Take your classes online rather than in person. All the time you’ll spend working independently may total up to a cheaper price tag.
- Study enough to pass the real estate license exam the first time around. Avoiding retake fees can be a huge money saver.
Focusing on accomplishing the goal of earning your real estate license can enable you to cut down on costs and get you to the end of the process faster.
As a new agent, you need all the help you can get to be successful in your career.
Refer to our article discussing the benefits of being a real estate agent, with insight from some of the top realtors in the industry.
Make sure that you take all the necessary steps after passing the real estate exam to set your real estate business on the path of success.
Joining a real estate team is also a must to be able to meet experienced agents who can help guide your career.
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