Becoming one or more certified real estate business manager (CPM) is the highest professional credential an individual or business can have. This title usually means that your realty license has been renewed, your business has been licensed, and that you are on the right side of the law. Becoming one of these people requires that you pass a comprehensive exam that tests your knowledge about realty law, ethics and integrity.
In the real estate business there are several certifications or licenses you will need to take. There are many areas in realty law that you will need to become knowledgeable about, and the CPM certification is among the top. Doing your own research can be time consuming but necessary if you want to know how to make money in the realty business.
Becoming certified in realty law does not necessarily mean you must have a realtor’s license or even have a license to practice in the state you live in. Just because you have been trained and licensed does not mean you are licensed or able to run your business as a licensed realtor. There are some things that can be done in order to avoid a licensing requirement such as registering as a “Limited Liability Company” (LLC), which is actually a corporation separate from the realty company that is managing the business and can conduct all transactions under the LLC name. Another option is to register as a sole proprietor, which is a separate business from your main one.
The best way to become a certified realtor is to become a member of the National Association of Realtors (NAR) and get a CPM (Certified Property Managers) credential after passing the examination. The NAR is the largest trade association in the realty industry and is considered the “go to” resource for all of your questions related to realty law and licensing.
Once you have your CPM certificate and passed the examination, you can either work as a business consultant or you can become a salesperson for your company. If you prefer the former, you will be paid a commission for each realty deal you close, while if you prefer the latter you will receive a fixed fee based upon your commission sales per deal.
The training courses typically consist of classroom sessions, hands-on training courses, and online training courses. Most online courses provide a lot of on the job training to prepare you for your certification exams.
The classroom sessions and online course work should cover everything from the basics of the law to more advanced concepts. The classroom sessions should give you detailed information on all aspects of the law, how it works and what it covers, and teach you the procedures that should be followed when dealing with the laws and regulations. As you become a more experienced realty professional, you will have the opportunity to add more specific information to the curriculum, depending on how much time you have available to work on the material.
When you go through your education and take the necessary classes, you will need to pass an exam in real estate law and be certified. This exam can usually take about a year to complete. Once you pass the exam, you will become a real estate professional and will be required to take continuing education courses in order to keep your certification current and valid. At this time you will be required to take a written examination to renew your license.
You may also be required to attend refresher continuing education courses, but these are usually not as intensive as the continuing education courses in your classroom training program. Many states require continuing education courses in real estate to continue to be a licensed real estate professional. The main purpose of these continuing education courses is to ensure that you are on top of your current knowledge base on real estate and to make sure you are up to date on new developments and trends.
While you can find plenty of training programs available to help you become a realtor and obtain a CPM certificate, the best option is to become a licensed professional first. By becoming a licensed professional you can take care of all the details of your new career and can focus on doing what it takes to become a great real estate agent.