How To Get A New York Real Estate License
Wondered how difficult it is to become a licensed real estate agent in the bustling state of New York? Of course you have, real estate is booming here! We hope this article will clear up any questions you may have about getting started.
According to New York law, a real estate salesperson cannot operate independently they must work for a broker. A real estate salesperson is responsible for the sale, they gather lists of properties for sale and help clients find the right one. They also list and negotiates sales for clients in exchange for a commission. A New York license lasts for just two years before you have to renew it .
Step 1: Familiarize Yourself With The Prerequisites
Know The 101s.
There are some requirements that all New York real estate agents must meet before being able to operate in the state . These requirements are:
- Be at least 18 years old
- Submit a completed application and the required fee to the Department of State
- Have a high school diploma or hold a GED certificate
- Complete a Department of State approved 75-hour salesperson qualifying education course
- Be sponsored by a New York State licensed Real Estate Broker
- Pass the NYS Real Estate Salesperson examination
- Must be fingerprinted and cleared of all felony convictions
- Have a current NYS photo drivers license or non-driver ID card and other photo ID Cards
Step 2: Register For The License and Complete the 75 Hours of Required Education
Knowledge is Light!
Step 5: Find A Sponsoring Broker
How To Become A Real Estate Agent In New York
To become a real estate agent in New York, you must be 18 years old and have a clean criminal record. You also must complete 75 hours of qualifying education and pass the New York State licensing exam.
Each state has its own real estate licensing requirements. Some require up to 180 hours of pre-licensing courses, others as low as 40. At 75 hours, New Yorks education requirements are just about average.
If you have the time to dedicate to the courses and you meet the age and background requirements, you are ready to get started. Here are the steps:
Submit An Application To The Nys Department Of State
Although you could mail the Real Estate Salesperson Application in a paper format, doing so online is a lot quicker.
In the application, youll be asked to enter the sponsoring broker details , name of the school and completion date of the pre-licensing courses.
In addition to providing other required details, there is a $55 application fee.
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How To Get Your New York State Real Estate License In Five
1. Meet the Basic Requirements · 2. Complete 75 Hours of Required Education · 3. Pass the New York State Exam · 4. Connect with a Sponsoring Broker · 5. Receive
Please note: To become a Real Estate Broker in New York, you must currently be a licensed Real Estate Salesperson, and have completed two years as a
May 5, 2021 How to Become a Real Estate Agent in New York · 1. Meet the States Legal Requirements · 2. Complete Required Prelicensing Courses & School Exam.Items to Bring to Exam: The page Summary of Test Format: Multiple choicePass Rate: 60%Test Length: 75 questions
Become A Real Estate Broker
Becoming an associate broker or broker requires both industry experience and education, plus the passage of the New York State Brokers exam. Attorneys admitted to the bar in NYS are exempt from the educational exam and experience requirements but must submit an application.
Associate broker and broker applicants must:
- Have two years of experience as a licensed real estate salesperson or three years of experience in the general real estate field.
- Complete 120 hours of instruction through the 75-hour Salespersons Qualifying Course and the 45-hour Brokers Qualifying Course.
- Register to take the brokers licensing exam through the Department of State, Division of Licensing.
- Pass the licensing exam.
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Which Cities Has The Most Real Estate Business Opportunities In New York
New York has a population of over 19 million, which is the 4th most populous state in the U.S. When you are selecting the regions to conduct your real estate business, you should target areas that have a high population. After all, transactions can only occur when there are people.
Also, consider working on properties that have decent value, as this is one of the major factors when calculating your commission.
Satisfy The Experience Requirements
In order to qualify for a broker license in New York, you must possess either:
In addition to this general requirement, New York also uses a points system to determine broker eligibility based on what youâve accomplished during your time as an agent.
For instance, each closed residential sale is worth 250 points, while rental agreements are worth 25 points each. In total, you must accumulate at least 3,500 points of agent experience to qualify for a brokerâs license in New York.
Alternatively, you may use equivalent experience as described above to meet a higher threshold of 5,250 points.
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Complete New York State Broker Education Requirements
With 120 hours of combined coursework, New York Stateâs education requirements for brokers are fairly easy. .
To begin, broker applicants must complete the stateâs 75-hour real estate salesperson course through an institution approved by the State Department. If youâre already licensed as an agent in New York, you have already met this requirement to obtain your current license. If, however, youâre applying for your broker license via equivalent experience, youâll still need to take the agent course. To receive your certificate, you must pass a school exam administered by your institution. Once completed, this course is valid for 8 years, and will not expire once applied to a license.
Once youâve completed your real estate agent education, you must also complete a 45-hour broker education course. Just like your salesperson course, you must complete this broker course must be completed through an approved institution.
For a complete overview of broker education course content, .
Note: If you have a bachelorâs degree with a concentration in real estate from an accredited university, you may qualify for a 120-hour education requirement waiver.
How Long Does It Take To Become A Broker In New York
How long it will take to earn your New York broker license depends on your level of experience in the real estate industry. If, for instance, youâre already an experienced broker from a state that has reciprocity with New York, you may be able to waive certain requirements and get your broker license in a matter of months.
However, if youâre new to the real estate industry, it may take as many as three years to meet the New York real estate broker requirements.
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What Does A Real Estate Broker Do
Now that you know the general real estate broker requirements, what does a broker do? It all depends on the type of broker you are.
- Broker-Owner: When you become a managing or principal real estate broker , your primary tasks carry more weight. In other words, the duties and responsibilities are more high-level management and supervisory when you hit this level. To revisit our sports reference: Look at a broker-owner as the head coach. They arent precluded from managing or principal brokers from actively helping people sell or buy homes, but broker-owners have more on their plate and will likely focus their attention on their primary tasks instead. After all, theyre legally responsible for all of the transactions undertaken by their brokerage.
Heres a general list of the primary tasks for a broker-owner:
- Manage agents
- Distribute leads among team members
- Work with government and professional associations
- Handle compliance issues
- Recordkeeping
- Review contracts
- Associate Broker: An associate broker has different duties and responsibilities than a managing or principal broker. These brokers can focus less on management and training compared to broker-owners. To bring that sports analogy back, an associate broker is like the player/coach: They do a little bit of everything. In fact, an associate broker is similar to a real estate agent the broker just has more freedom to take on more primary tasks.
What Does A Sponsoring Broker Do
Long story short, a sponsoring broker is responsible for the agents they sponsor and running the day-to-day operations of their brokerage. Theyâre also responsible for:
- Managing information in the eAccessNY online system, such as making updates when thereâs a change of address or broker association.
- Mentoring the agents they sponsor.
- Holding the license of the agents and associate brokers they sponsor.
- Collecting commissions on transactions and making payouts to agents.
- Providing office space.
- Providing documents, supplies, etc.
Brokers are held to a high standard because theyâre seen as experienced professionals who understand the real estate industry. They have to be careful to supervise their agentsâ activity since theyâll get in just as much hot water if an agent violates the state rules and regulations.
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Pass The Course Final Exam
After you complete all the course materials, there is a course final exam. The minimum passing score is 70%. Course completions are valid for 8 years and must be used to obtain a license or they will expire and have to be retaken.
You must take the final exam in the presence of a proctor, so youll need to schedule an appointment with a proctor in advance. Find out more about proctoring here.
Do You Really Need An Agent To Find A Rental In New York City
Technically, no. But agents and brokers can make your life easier, especially if youre a busy professional who doesn’t have the time to scurry around for the right rentalor if you’re relocating and can’t do the search yourself.
Another reason brokers can also be enormously helpful? They have access to some of the best listings at the best prices, says Adam Frisch, managing principal of Lee & Associates NYC Residential.
For people moving to the city for the first time, working with a real estate broker could also help ease the transition. A broker will help guide you to the best area, based on your budget, commute and lifestyle, says Jared Barnett of New Yorks Compass.
Agents and brokers will work on your behalf and help negotiate rent concessions, reduced amenity fees or more favorable lease start dates, says Warburg Realty’s Stuart Selig. They’ll even help with putting together your rental application before submitting it.
But, as we’ve mentioned, a broker’s help doesn’t come for free. Make sure you budget for the broker feeor scour the streets of New York to snare a no-fee apartment.
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You Can Do It Easier And Better
I didnt have a mentor nor did I have someone showing me the ropes. I had to learn it the hard way: By myself.
But Ive got good news for you. You dont have to take twelve years to figure it all out like I did.
Trust me: If I did this, coming from being a stranger to New York City whose debit card was declined while buying tofu and yogurt, you can too.
When you enroll in Sell It Like Serhant: New Agent Sales Accelerator, you get your entire, state-required pre-licensing course PLUS everything I know about selling real estate in the worlds most competitive market.
My program is going to easily put you five years ahead where I was when I was just starting out.
Real Estate Broker Licensure Exam In New York
real estate brokers in New York state
Exam results will be posted online. Once a prospective broker passes the exam, they may fill out the application for a brokers license. Broker applicants must completely fill out and mail the application forms along with the corresponding application fee. The application must be submitted within two years of the licensees qualifying examination. If a licensee fails to submit the application within the two year window following their exam, the results of the examination will be invalidated.
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S How To Become A Real Estate Agent In New York
Oct 1, 2018 Take a State approved 75 hour Pre Licensing Course · Pass the schools final exam · Pass the State exam · Find a sponsoring broker and complete the
Steps to Become a Real Estate Agent in New York · Complete 75 Hours of Approved Pre-License Education. The first step to obtaining a license is to complete the Course Tuition: $149.00 $350.00Examination Fee: $15.00Application Fee: $55.00
Requirements and Resources · Be at least 20 years of age · Be a United States citizen or be a legal, permanent resident · Have no felony convictions
Apply For Your Real Estate License In New York
Youve now completed the more complex tasks. Filling out the application to receive your license should be a breeze.
Heres the application process for becoming a real estate agent in NY:
The application fee is $55, and you must renew your license every two years.
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Apply For Your License
After youve passed your exams and chosen a brokerage to work with, it will be time to apply for your initial real estate salesperson license. Similar to registering for your exam, the application process will go through eAccessNY or you can mail in the NY real estate salesperson application if you prefer. If you are completing your application online, there is no need to mail anything into the NYDOS.
Once youve entered your own details, you need to enter your sponsoring brokerage license number, known as the Unique Identification Number , which you can get directly from the brokerage you are planning to join. Complete the additional questions and submit your payment of $55 directly on the website.
Your sponsoring brokerage will be responsible for going onto eAccessNY and accepting your license. This process is immediate, but your paper license and real estate salesperson identification card will be mailed to your brokerage in about two to three weeks.
How To Find A Sponsoring Broker In Ny
In order to get your real estate license in NY, you must find a sponsoring broker, prior to applying for your real estate license in NY. We advise you to carry out your own research online, and check each firms reputation. Speak to the agents working for the firms for advice, and feedback. Ask friends in your area, who have maybe used a brokerage firm, if they can recommend any brokers to you. Then you are ready to schedule interviews with your list of brokers. Find out what commission splits each brokerage is offering, and what benefits they are willing to provide you. You will then be in a better place to make a qualified decision on which brokerage firm you choose to work for, once you become a fully licensed real estate salesperson in New York.
For more great tips and advice on finding a sponsoring broker, check out Agent Advices Guide to the Best Real Estate Brokerages now!
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New York Real Estate License Requirements For Salesperson
Are you looking to become a real estate agent in NY? You must meet the New York real estate license requirements for a salesperson. You start by completing an approved New York State 75 Hour Real Estate course and then pass your end of course NY real estate salesperson exam. You can take the NY real estate salesperson exam twice, however, if you fail the exams after two attempts, you will be required to take the New York State 75 Hour Real Estate Course online again. MLS Campus Real Estate School will offer you the retake for free, as long as your course is still active. Further New York Real Estate License Requirements are
- At least 18 years of age
- Have a high school diploma, or equivalent qualifications, such as a GED
- Be honest, reliable, and of good moral character
- Disclose if under investigation, convicted of a crime or ever entered a plea of nolo contendere / no contest or guilty
- Disclose any aliases or A/K/A
- Disclose if you have had a previous license that has been denied, suspended or surrendered.
Once you have completed your New York State 75 Hour Real Estate Course, passed your New York State Salesperson Exam, and found a sponsoring broker, you can then complete your New York real estate license application, using the online portal eAccessNY.
To find out more on New York Real estate license requirements, and how to get licensed, please read our article
How To Get a Real Estate License In NY
Free Ebook: Launching Your Real Estate Career
Wouldnt it be great if you could sit down with a room full of successful real estate professionals and ask them for career advice? We asked several accomplished real estate professionals what they wish they knew before they earned their license and started their career, and what they thought all aspiring real estate professionals should know. We put all of their advice into a value-packed eBook.
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