California Broker License

Thinking of getting your California broker license? Or maybe you want to confirm that someone else is a licensed broker in the state. You can get the information you need with a California real estate broker license lookup. This California broker license lookup is straightforward to use and lets you easily check for a range of broker licenses. But before you use the real estate broker license lookup in California, take some time to learn what a broker is and how you can get your broker’s license.

Planning on using a mortgage broker or lender and want to ensure they are licensed? A California mortgage broker license lookup can be incredibly helpful. Whether you want to use that California NMLS license lookup or plan on becoming licensed yourself, there are a few important things to know.

What is a Broker?

Brokers are intermediaries between buyers and sellers. Brokers buy or sell properties or other assets on behalf of others. Brokers typically handle the various arrangements, including the transactions. In exchange for their services, brokers earn a commission.

There are brokers across various industries, with most people referring to real estate, insurance, finance, or stockbrokers. Some others include office brokers, sponsorship brokers, marriage brokers, pawnbrokers, and business brokers. As such, you may need to specify if you need a California insurance broker license lookup or are searching for another type of broker license.

What is a Real Estate Broker?

Compared to real estate agents, real estate brokers have more training and education. Real estate brokers can work with buyers or sellers. Those who work with sellers will typically determine the property’s market value, show properties, and help with offers. Those who work with buyers will look for suitable properties, negotiate, and make offers.

How to Become a Real Estate Broker?

If you want to become a real estate broker, you will have to start by taking a course in real estate sales. After completing the course, you can complete the state licensing program, which involves passing an exam.

You will then need to spend some time working as a real estate agent to gain experience. This process will include getting your real estate certifications.

Once you have gained experience, you can take a state-approved course for becoming a real estate broker. After this, you will pass an exam and become licensed.

How to Become a Mortgage Broker?

Becoming a mortgage broker is fairly straightforward, although it requires some training and experience. While the minimum requirement is a high school diploma or GED, it is best to earn an associate’s or bachelor’s degree in a relevant field, such as accounting, finance, or business administration.

Next, you must take a 20-hour prelicensure class. This will teach you financial regulations, state and federal laws, and broker ethics. After the course, you need to pass the SAFE Mortgage Loan Originator Test with a score of 75% or higher.

Now, you can register your mortgage brokerage. At this point, you can apply for a mortgage broker license and get the bond you need to practice.

Mortgage Broker License Requirements in California

The requirements to get a mortgage broker license in California depend slightly on the type of broker license you want.

A finance broker license is required if you make and broker commercial and consumer loans. If you make or service mortgage loans for California residences, you will want a residential mortgage lender license. If you want to act as a mortgage broker and real estate broker, you want a real estate broker license.

Before you can apply for a finance broker license or a lender license, you must have at least $50,000 of net worth if you want a residential broker license. If you want a residential broker/lender license, your net worth must be at least $250,000. If you want a non-residential broker or lender license, the net worth requirement is just $25,000.

All applicants also need to pass a background check. So do anyone else who will be an owner, officer, director, or manager. You also need a $25,000 surety bond and pay a fee for licensing and processing of $400.

If you want a residential mortgage lender license, the surety bond must be $50,000, and the licensing and process fee is $1,100.

To complete the application, you will first need to create an NMLS account, complete 20 hours of NMLS pre-licensing, and pass the mortgage licensing exam. Then, you can apply for your license.

How Do You Get a Broker’s License in California?

Before you can get your broker’s license in California, you must be at least 18 years old. You also need to meet one of the following three experience requirements:

Two years of experience as a full-time licensed salesperson within the past five years.
Two years of unlicensed equivalent experience.
A four-year degree that includes a major or minor in real estate.

You will also have to complete a total of eight courses, each of which is college-level. There are five required courses and your choice of three out of 11 others. Required topics include real estate practice, finance, appraisal, economics or account, and the legal aspects of real estate.

Once you have completed those requirements, you will take a written exam. Upon passing the exam, you receive a license application. You will need to complete that application and wait for approval by the Department of Real Estate.

Is it BRE or DRE in California?

In California, it is the DRE or Department of Real Estate. This change was effective as of July 1, 2018. Before that, it was the CalBRE. It had also been called the DRE before that, including at its founding in 1917.

What is a DRE License?

The DRE provides licenses to real estate brokers as well as real estate salespeople. The license allows you to legally provide your services. If you were to practice real estate without a license, you could face fines or even jail time.

How Do I Find Out if a Real Estate Agent is Licensed in California?

There are several methods to find out if a real estate agent is licensed in California, including using a California escrow company license lookup.

You can use the official California Department of Real Estate broker license lookup. This involves visiting the DRE website or calling them. You can also ask an agent to see their license. Many have a pocket card that includes their license number.

The easiest option is to use something like a California finance lenders license lookup but for real estate agents.

Do You Need a License to Be a Private Lender in California?

Yes, you need a license to become a private lender in California.

Do Mortgage Brokers Need to Be Licensed?

You must have a license to be a mortgage broker in California. This involves completing the 20-hour pre-licensure class and passing the exam, as well as satisfying the other requirements mentioned above.

Can a Real Estate Broker Also Be a Mortgage Broker in California?

If you have a California real estate broker license, you will also become a licensed mortgage broker. Keep in mind that you do not automatically become a licensed mortgage broker if you have a residential mortgage lender license.

How Do I Verify a Mortgage Broker?

Conveniently, the Nationwide Mortgage Licensing System maintains an official California NMLS license lookup. You can use this to confirm if someone is a licensed mortgage broker. You can search by name or license number.

Who Regulates Mortgage Brokers in California?

In California and across the country, the Nationwide Mortgage Licensing System (NMLS) regulates mortgage brokers. You will apply for your license through the NMLS. Within just California, the Department of Corporations regulates licensed residential mortgage lenders and finance lenders. Meanwhile, the California Bureau of Real Estate regulates real estate brokers.