Responsible borrowers use credit to go to college, open businesses, and buy homes. American consumers should have the opportunity to use credit to build a better future for themselves and their loved ones. Credit discrimination prevents people from having access to these opportunities, and can make credit more expensive.

Warning Signs of Credit Discrimination

Credit discrimination is often hidden or even unintentional, which makes it hard to spot. Look for red flags, such as:

• You are treated differently in person than on the phone.
• You are discouraged from applying for credit.
• You hear the lender make negative comments about race, national origin, sex, or other protected groups.
• You are refused credit even though you qualify for it.
• You are offered credit with a higher rate than the one you applied for, even though you qualify for the lower rate.
• You are denied credit, but not given a reason why or told how to find out why.
• Your deal sounds too good to be true.
• You feel pushed or pressured to sign.

What Laws Protect Me from Credit Discrimination?

Home Mortgage Disclosure Act (HMDA)

The Home Mortgage Disclosure Act (HMDA) requires that certain financial institutions collect and report information about home mortgage applications and originations, including the race, ethnicity, and gender of applicants. Some of this information is then made public, which can help identify potential discrimination and thus assist in enforcing the fair lending laws, such as ECOA.

Equal Credit Opportunity Act

The Equal Credit Opportunity Act makes it illegal for a creditor to discriminate in any aspect of credit transaction based on certain characteristics. The law protects consumers by prohibiting credit discrimination based on the nine characteristics below. In addition, the Fair Housing Act makes many discrimination practices in home financing illegal. 

Illegal Activities Surrounding Credit Discrimination

Currently, the law supports arguments that the prohibition against sex discrimination also affords broad protection from discrimination based on a consumer’s gender identity and sexual orientation.

Additional Ways You Can Protect Yourself from Credit Discrimination

1. Do your research and shop around: Learn about the various features and downsides of the credit product you want. Research the current interest rates. Compare products from several lenders.  Talk to your friends and family members about their credit products.

2. Know your credit history: Creditors will make decisions based on your credit history. Be sure there are no mistakes or missing items in your credit reports. Get a free copy of your credit report from each of the three biggest consumer reporting agencies every 12 months. Get your free copy from AnnualCreditReport.com.

3. Ask questions: Don’t focus only on your monthly payment. Be sure you understand the rates and fees you will pay over the long run. Ask whether the rates and fees quoted to you by your lender are set, or if there are any circumstances in which the quoted rates and fees could change. Keep asking questions until you are fully satisfied. If a creditor does not want to answer your questions, this could be a bad sign.

4. Stay in control: Your lender shouldn’t make you feel rushed, or unnecessarily delay action on your application. Walking away and continuing the discussion later, if you so choose, is a good way to control communications with the lender.

5. Don’t sign until you’re satisfied that the credit product works for you: Remember, the product that works for you today may not work for you down the road. Make sure you’ve considered both before you sign.

Written and Published by: VanEd

So, you passed the exam and just got your real estate license… Now, what can you do with it?

Congratulations on Getting Your Real Estate License!

Before you ask what you can do with your license or what career opportunities you have in real estate, take a moment to congratulate yourself. You did it! You made it through real estate school and passed your exam – amazing work!

Before you worry too much about how to get your first job in real estate, take a moment to appreciate everything you have already invested into your career. What you accomplished up to this point was not easy! The team at VanEd – Real Estate School is proud of what you have accomplished thus far.

Even with the amount of work you have invested into your career up to this point, you know that this is only the beginning. You have an entire future ahead of you with many exciting possibilities. One of the best parts of working in the real estate industry is the incredible opportunities available to you. But with so many possible career paths, where do you start?

Here is our list of the top 8 real estate jobs you might consider after getting your real estate license.

What Can You Do With a Real Estate License?

Having a real estate license does not lead you down any specific path. There are many real estate career paths that match the different skills and interests of those with a license.

Before your get your first job in real estate, it is important to consider your options. There are many opportunities available to those who earn their real estate license. Even though being a real estate agent may seem the obvious first step, there are many options to consider.

1. Real Estate Agent (Buyers Agent or Sellers Agent)

This is the most popular first job in real estate. A real estate agent aids in the sale of a property. The main purpose of this job is to represent the seller or buyer of a property. This position involves a fair amount of networking, maintaining relationships, and paperwork. Real estate agents usually earn a commission, or percentage, of the amount their property was sold/purchased for. In most states, a real estate agent must work under a brokerage. Learn more about the difference between agents and brokers here. Check out our article about how real estate agents get paid to learn more.

2. REALTOR®

If you want to take one step further into the industry, consider joining the National Association of REALTORS® and becoming a REALTOR®. Taking the extra steps to become a REALTOR® indicates to buyers, sellers, and other real estate industry professionals that you have made the commitment to provide a high level of professional service to your clients by securing a strong educational foundation.

The GRI designation is the mark of a real estate professional that has made the commitment to provide a high level of professional services by securing a strong educational foundation. If you are still in the mindset to learn more about the industry, consider obtaining this valuable certification!

3. Real Estate Broker

Like agents, brokers assist with the sale, leasing, and purchase of real estate or real property. However, brokers have the unique opportunity to work independently or manage other agents.

A broker may specialize in retail property, investment property, farmland, businesses, industrial or medical facilities and dozens of other types of property.

Some brokers specialize in resort management or assist government agencies with redevelopment of industrial sites or reclamation of land. But, in many states, you are required to work in the real estate industry for a few years before you can become a broker. Still, this is a great goal to work towards. Additionally, brokers make more money than agents on average so this may be a great opportunity if you are interested in increasing your salary.

How much do real estate agents and brokers get paid in each state?

What Can You Do With a Real Estate License Besides Sell Houses?

1. Property Manager

Once an investment property is purchased or developed, it needs to be managed. The property manager handles the day-to-day operations of a property. This includes staffing, contracting for services, repairs, maintenance, and leasing. Property management is usually a salaried position. This opportunity gives  more financial stability to those who are hesitant to work for commission.

2. Real Estate Appraiser

An appraiser’s job involves developing an opinion of the market value or other value of real estate property. Almost all houses under contract or people looking to refinance need to undergo an appraisal. It is a great way to be active in the real estate field and get a consistent paycheck. Appraisers need to be experts in their market. If you feel like you are an expert in your area, appraisal may be a great career for you to consider.

Get Your Appraiser License

3. Mortgage Broker or Mortgage Loan Originator

Mortgage loan originators work with loan processors and underwriters to create a home loan.

A mortgage loan originator typically works for a bank or mortgage lender and guides mortgage borrowers through the application process.

A mortgage originator helps people find the right type of loan and the best mortgage terms for their individual needs.

Get Your Mortgage Broker License

4. Real Estate Investor

Real estate investors invest in or purchase real estate that is used for income-generating purposes. Real estate investors will typically purchase a property and rent it out for a few years so the property can gain equity.

Investors will then sell the property when they can make a profit. The renters typically pay the amount of the monthly mortgage on the property. By the time it is time to sell the property, the seller makes a profit based on equity gained from the past few years and the market’s rising value.

5. Real Estate Attorney

A real estate attorney is licensed to practice real estate law. These attorneys have the knowledge and experience to advise the parties involved in a real estate transaction, such as a home sale.

In a home purchase transaction, both a buyer and seller can hire an attorney to represent their interests. Real estate attorneys typically make a three-figure salary.

Real Estate Jobs – Choosing Your Niche

When it comes to choosing what type of job you’d like in real estate, there are many niches to specialize in. Choosing a specialty will define your career and help you stand out in the industry.

When choosing which real estate specialty to pursue, remember that your interests and skillset are the top priority. While it may seem like choosing the easiest or most lucrative market is the best path, make sure your interests and skills align so that you not only make a high salary, but also feel satisfied and fulfilled.

Here are a few real estate niches to consider if you choose to become an agent or broker:

1. Residential Real Estate

These agents usually work with families or individuals looking for a home. The most common property types are single-family homes, condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational and vacation homes.

Consider this niche if you:

• Love working with people
• Know how to find properties that suit different families or individuals
• Are great at multi-tasking and working with multiple clients at once
• Enjoy working in fast-paced environments

2. Luxury Real Estate

These agents usually work with ultra-wealthy individuals who have assets of $30 million or more. They’re among the world’s wealthiest individuals and it is difficult to break into this field of real estate without connections or a network already established.

Consider this specialty if you:

• Have connections who are looking for luxury properties
• Understand what makes a home luxury
• Love diving into the latest trends and following the top brands
• Are comfortable working with ultra-wealthy clients

3. Commercial Real Estate

These agents usually work with clients interested in purchasing business properties. These properties include shopping centers, strip malls, medical centers, educational buildings, hotels, offices, and apartment buildings.

Consider this specialty if you:

• Enjoy working with businesses
• Have a thorough understanding of commercial property values and assets
• Have an eye for commercial real estate value
• Have a background in understanding the needs of businesses

4. Industrial Real Estate

These agents usually work with clients interested in purchasing property for manufacturing and warehouses. These properties are commonly used for research, production, storage, and distribution of goods. The main difference between Industrial and commercial properties is in the zoning of the property and the construction of the buildings.

Consider this specialty if you:

• Understand the needs of the industrial industry
• Can work to develop relationships within the industry
• Know how to assess an industrial client’s needs
• Have an industrial background and connections
• Have an understanding of regulations and laws

5. Land and Vacant Property Real Estate

These agents usually work with clients interested in purchasing land. These properties include vacant land, working farms, and ranches. Vacant land includes undeveloped, early development, reuse, subdivision, and site assembly parcels.

Consider this specialty if you:

• Can see the potential in a blank plot of land
• Understand the farming industry
• Can help your clients see multiple possibilities
• Have thorough knowledge of property values within your area

What To Expect Your First Year in Real Estate

Every real estate professional’s first year at their first real estate job is different. But, there are certainly similar experiences that can be expected

It is important that you find a brokerage that invests in your growth and continued education. Even though you completed some difficult real estate courses, you still have a lot to learn about being in the industry. Make sure you find an experienced mentor who can take the time to show you how the day-to-day business of how the industry is handled.

Growing Your Sphere Of Influence

A real estate career is made of the relationship you build. Your first years in the real estate industry will be defined by the success of your networking efforts. Your happy clients quickly become an expanding network of possibilities when they start referring you to their friends and families. It is important to establish positive working relationships with each client you meet.

Do Not Forget Your Opportunities to Learn and Grow as a Real Estate Licensee!

As a real estate professional, you are a life-long learner. There are many great educational opportunities available in the classroom or out in the market. It is important to remember that real estate professionals have certain requirements that need to be met to renew their licenses. Continuing Education (CE) courses are required education that must be taken to renew a license. The CE requirements vary in every state.

Written and Published by: VanEd

The Federal Reserve System, often referred to as the Federal Reserve or simply “the Fed,” is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law.

What Does the Federal Reserve Do?

Today, the Federal Reserve’s responsibilities fall into four general areas.

• 
  

  Influence Money and Credit in the Economy

  
  

  Conducting the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices.




• 
  

  Supervise and Regulate Banks

  Supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers.





• 
  

  Maintain Stability of the Financial System

  Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets.

• 
  

  Provide Financial Services to the United States Government

  
  

  Providing certain financial services to the U.S. government, U.S. financial institutions, and foreign official institutions, and playing a major role in operating and overseeing the nation’s payments systems.

Written and Published by: VanEd