You passed PSI. Congratulations! Now comes the question that deserves just as much attention: What do I do next? I work in real estate as well as education, so I care about what happens after the exam. Your next decisions involve your license application, your brokerage and the practical training you will need to serve clients.

After students pass, the questions come quickly: When can I apply for my license? How do I find a broker? What should I ask them? When can I close my first deal?

I love that eagerness. I also want you to put the steps in order so you are ready when a client needs you. Start with your application and brokerage affiliation, then build the support and skills for your first transaction.

Complete the licensing process

Follow MREC's current application instructions after passing. Its licensing FAQ states that applicants have one year from the exam date to apply. Active status requires immediate affiliation with a broker; applying for an inactive license is a different path.

Save your exam results and application records. You need an active license and the appropriate broker affiliation before performing licensed services.

Interview brokerages about actual support

Please do not make this decision based only on the commission split. Ask what support you will receive when you are working on your first transaction and do not know what to do next. A split is easy to compare on paper. Access to someone who can guide you takes more questions.

Who reviews your first contract? Who can you call with a question during an evening showing? What does the first month of training include? Will you observe consultations, practice forms and receive feedback?

Ask for examples of the training schedule rather than relying on a general promise of mentorship. Find out whether the mentor is assigned, how often you meet and whether there are additional costs or commission arrangements.

If I were helping you compare brokerages, I would ask you to describe the support in plain language. Who is helping you, with what, and when? If you cannot answer those questions after the interview, follow up before deciding.

Compare the full startup budget

Request a written explanation of brokerage charges. Depending on your arrangement, you may need to plan for technology, insurance, association membership, listing service access, marketing or transaction fees.

Ask which items are required, which are optional and when payment is due. Compare costs under the same assumptions across brokerages. A lower monthly charge can look different once transaction fees and training costs are added.

Keep your personal bills in the budget too. I know it is exciting to picture that first commission, but your expenses will keep coming while you are building the business. Give yourself a plan that does not depend on a closing happening exactly when you hope it will.

Learn the brokerage's workflow before buying tools

Your brokerage may already provide systems for contacts, documents and transaction management. Learn those tools before paying for overlapping subscriptions.

Confirm the process for advertising approval, document review, record storage and escalation when you do not know the answer to a client's question. Have your broker review public marketing before you use it as required by the firm's policies and applicable rules.

Use a weekly plan with time for training, relationship building and administrative work. A simple routine you follow is more useful than a complicated business plan you never open.

When can you close your first deal?

There is no standard date for that first closing. It depends on your licensing status, finding a client, the transaction and how it progresses. Your first month is a good time to learn the brokerage's process, build relationships and practice client conversations.

I want you to be excited about the first deal, but I do not want your entire plan to depend on it happening immediately. Ask your broker how you will be supported from the first consultation through closing.

Build practical skills with feedback

Pick one practical skill to improve each week. Can you explain a representation agreement in language a client understands? Can you prepare for a consultation? Can you keep track of the deadlines in a transaction? Those are the questions I want you asking alongside your income goals.

Use realistic examples and ask your broker or mentor to review your work. The purpose is to discover gaps before a client depends on your answer. Additional education can support this process, while the brokerage remains responsible for its supervision and procedures.

Source: MREC licensing FAQs. Reviewed October 14, 2026.