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It works differently in different states. To be a "real" agent you have to take real estate courses and pass a test. I think that there are agents without licenses, but they mainly work as salesmen for another agent who is the real agent of record on the deal and take a big cut of the commission for him/herself.
I've talked to a number of them. There are a lot of agents out there, but the ones who make any money are the ones who really grind at it: hunt up their own listings, start up as an independent business rather than part of an agency that they have to split the commissions with, etc. If you want to do it part-time, you probably can, but it may be a while before you make a sale; on the other hand, it's a good way to try the profession on for size.
There is a sleaze factor, oh yes, and a lot of flakes; but there are plenty of good agents out there as well.
As for moving into other real estate businesses, well, successful agents start their own agencies or work into forms of real estate that can be very lucrative, like selling luxury homes, leasing or selling commercial space, property management (only for the hard-nosed), and so on.
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