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Real Estate - Overview

Overview

Real estate programs prepare people to buy, sell, and manage real estate. Students learn about real estate law, brokerage, and land use. They also learn to manage rental property and leases.

Did you ever hear the Woody Guthrie folk song "This Land Is Your Land"? To many settlers of our country, land was almost holy in its potential to increase their fortunes. Land, and a house, is more than a place to live--it's an investment. It is the largest purchase most people ever make. Businesses and investors also buy and sell commercial properties. That means that real estate transactions are a big business and account for a lot of jobs.

You may work in this field as a real estate broker or as a sales agent working for a broker. For both types of jobs you need to be licensed. Most states require between 30 and 90 hours of classroom instruction for candidates for the general sales license. Candidates for the broker's license usually need between 60 and 90 hours of instruction, plus a few years of experience selling real estate. You may take these classes at a community college or local adult education program. Home study courses are also available. You do not need to complete a degree program.

Nevertheless, an associate's degree in real estate may help you get a managerial job in a real estate office. It also may lead to work as a property manager. This is someone who manages one or more houses, stores, or office buildings and sees that they make a profit for their owners. The associate's degree usually requires two years of study beyond high school. A large number of community and technical colleges offer such a program.

Many colleges offer a bachelor's degree in real estate. This program normally takes four years to complete. It may qualify you for a more responsible managerial position in a brokerage, a mortgage lender, or the property management office of a firm. With some experience in real estate sales you may be able to work as an appraiser.

For high-level managerial work in this field you may want to consider a master's in business administration (MBA). The degree usually takes two years beyond the bachelor's and includes an internship between the first and second years. See the Business Management and Administration program in CIS for more information.

Source: Illinois Career Information System (CIS) brought to you by Illinois Department of Employment Security.
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