Current Utah Real Estate Income, Sales, and Trends

Real estate has plenty to offer those looking for a new career. There’s the opportunity to work independently, helping friends, neighbors, and other clients buy and sell homes.

Others may enjoy working as a team with other members of a brokerage, combining resources and talents to market listings and build the business. This industry also offers a solid paycheck, with plenty of opportunities to increase earnings over time.

Pay Range for Real Estate Agents in Utah

The Bureau of Labor Statistics maintains a database of U.S Census Bureau salary data for a wide variety of professions, including real estate agents. In Utah, the mean hourly wage for an agent is $29.24 per hour or $60,830 per year.¹

The median wage is $24.91 hourly or $51,820 annually.¹ The lowest tenth percentile of real estate agents in the state earns $14.50 per hour or $30,160 per year, while the 90th percentile earns $38.46 hourly or $80,000 annually.

Pay Range for Real Estate Agents in the U.S.

Nationwide, average earnings for real estate agents are slightly higher than they are for agents in the Beehive state. The mean hourly wage is $31.66, or $65,850 annually.²

The median wage is $24.03, or $49,980. The lowest tenth percentile earns $14.01 per hour or $29,130 per year, while the 90th percentile rings in at $54.48 hourly or $113,320 annually.

Average Commission Fee for Real Estate Agents

Pay scales for real estate agents often rely on a commission fee. This means that the agent earns a commission equal to a certain percentage of the sale price of a property.

Statewide, the average commission is 6 percent,³ which means that the total commission on a $500,000 home would be $30,000. That doesn’t mean one agent walks away with $30,000, however.

Instead, the commission is split between the buyer’s agent and the brokerage he or she works for, as well as the seller’s agent and brokerage.

Real Estate License Revival and Cross-State License Equivalence in Utah

Earning a new real estate license is only the beginning. To keep your career going, you’ll have to keep your license up to date, which means following the state’s renewal policies.

How To Renew a Real Estate License in Utah

All agents across the state must renew their licenses every two years. The renewal period starts 45 days before the expiration date,⁴ and anyone renewing after the expiration date must pay a penalty fee.

In preparation for renewing the license, all real estate agents should complete the required Continuing Education(CE). This includes 18 hours of CE every two years.⁴

Three of these hours must consist of a mandatory class selected by the state’s Division of Real Estate. Another six should be core classes, and the final nine hours can be electives.

New agents who have just gotten their first license in the state have slightly different CE requirements. They include a 12-hour “New Agent” program,⁴ a three-hour mandatory class, and three hours of core or elective options.

Licenses can only be renewed online,⁵ and renewal costs $100.⁶ In 2020, the state added fingerprinting and a criminal background check to the requirement for holding a real estate license.

This was handled by requiring all agents to undergo fingerprinting and a background check during renewal. Anyone who fails to renew during this period will be subject to this requirement upon future renewals.

Does Utah Offer Reciprocity With Other States?

Reciprocity is a concept that means if you hold a professional real estate license in one state, you may be allowed to use that license in another state or region without getting a new license. In the Beehive state, reciprocity is only offered for Georgia, Mississippi, and the Canadian province of Alberta.⁷

Anyone licensed in those three districts who wishes to work in the real estate industry may do so after completing the Real Estate Reciprocity application.⁷ The applicant must undergo fingerprinting as part of this process, which can be done at any private fingerprinting facility or at a local police station within the state.

Fingerprints, copies of all licenses from other states, and a fee of $157 should be submitted to the state’s Real Estate Commission for review and approval before handling any transactions.

How Do I Get a Real Estate License if I’m Already Licensed in Another State?

Getting a real estate license in this western state if you are licensed in a non-reciprocal area requires you to complete the Real Estate Education Waiver Request.⁷ The state’s Division of Real Estate will review the request and make a decision as to whether you will have to take the 120-hour real estate course or not.

The Division will also inform you whether you have to pass both sections of the state real estate exam or just the state-specific portion.

Once you’ve received notice from the Division of Real Estate, sign up for your real estate exam on the Pearson Vue website.⁸ Pass the exam with a score of 70 or higher, and get fingerprinted.

You can get your fingerprints taken right at the Pearson test site at some locations, or visit a local fingerprint business or police station. Pearson will also give you the real estate license application.

Submit a copy of your education waiver from the Division, your fingerprint cards, a fee of $157, and a completed application to the Division of Real Estate to get your license to practice as an agent in Utah.