How to Get a Real Estate License in New York (NY)
If you want to purchase and sell real estate in New York, you’ll need a license, regardless of whether you want to work as an agent or broker. At least 18 years old is required to become an agent or broker, as well as passing particular real estate courses and exams, as well as undergoing a criminal background check.
What kind of license are you looking for? When it comes to real estate, the years of expertise and education make all the difference. A licensed broker may operate for themselves and/or hire agents to work for them, but an agent must be employed by a licensed broker. Obtaining a broker’s license in New York needs extra education and at least two years of experience as a real estate agent.
Requirements for obtaining a New York real estate license
In New York, there are two sorts of licenses, and the criteria for each vary. New York real estate agents (known as “sales representatives”) are allowed to conduct real estate deals, but they must operate under a broker who is licensed. Real Estate Broker in New York City is allowed to run their own business and employ other agents.
Requirement For Agent license:
- a person must be the age of 18
- A four-year college degree in real estate or 75 hours of real estate education from an accredited institution must be completed within eight years of the date of completion.
- Passing a final exam test
- A background check and fingerprinting are also required.
- must have a broker as a sponsor
Requirements for Broker license:
- At least 20 years old is required.
- Working in the real estate industry for at least two years or three years in the general field is required.
- You must also have completed 120 hours of real estate coursework college degree in real estate.
- pass a last exam.
- A background check and fingerprinting are also required.
How long does it take to get a NY real estate license?
Being a real estate building sales in New York City agents might take anything from to six months. If you want to become a broker, you’ll need to complete 120 hours of real estate coursework (rather than 75 hours necessary for an agent), as well as work for two years in the real estate industry or three years in general. Real estate brokers in New York make some of the most money in the country, with an average yearly income of $87,938.
How Much Does a New York Real Estate License Cost?
The cost of becoming a real estate agent in New York is affordable. An aspiring agent will pay between $500 and $1,000, while a broker would pay between $950 and $1,450.
Real Estate License Reciprocity
The following nine states have reciprocity agreements with New York: Arkansas (broker and associate broker only), Colorado (broker and associate broker only), Connecticut, Georgia, Massachusetts, Mississippi, Oklahoma, Pennsylvania, and West Virginia. All candidates must hold a valid license from their home state. That was granted within six months of seeking to practice in New York; nevertheless, the standards and eligibility for each differ significantly.
Can You Apply for a New York Real Estate License Online?
A New York real estate license may be obtained either online or by mail. New York’s eAccessNY License Management System makes it simple to use the online solution.
It doesn’t matter what method you choose to apply, you still need an account on eAccessNY.com in order to book your test.
You can schedule the test at any time, unlike most candidates, who wait until they’ve finished their courses before doing so. After all, even if you succeed, you still need to complete all the needed courses before you can have your license active.
New York Real Estate License Exam
You’ll be able to choose an official test location in any part of New York State by logging into your eAccessNY account.
The online portal has all the information you need, including your confirmation and test results.
The exam for agents is a multiple-choice one, and the time limit is 90 minutes. Spanish, Korean, Russian, and Chinese are also extra languages available for the test. Multiple-choice questions are used in this test, which lasts two and a half hours since it covers a greater amount of material.
Your eAccessNY account will be updated as soon as your exam results are available as pass/fail. Your test results are valid for two years if you passed it. You may retake the test if you fail (with additional fees).
New York Real Estate License Application
You can apply for your license by mail or online using your eAccessNY account after you’ve finished the necessary courses and passed the test. In order to be given a license, agents must identify a sponsoring broker on their application.
Real Estate License Renewal In New York
To keep your license valid for another year, you must renew your New York real estate license online. You will get a renewal notice from the state around 90 days prior to your expiration date.
It will cost $55 to renew an agent’s license, and $155 for a broker’s renewal. In order to avoid having to repeat the test if your license has already expired, you have up to two years to have it renewed.
Does New York Require Post-Licensing Education?
Renewing New York real estate agents must complete 22.5 hours of authorized continuing education training. Training includes three hours devoted to fair housing and/or discrimination, during the two years previous to renewal. The same rules apply to broker.
A 46-page document contains all of New York’s laws and regulations governing real estate agents and brokers. All of which are intended to keep the public safe from unethical practices.
Other specialized rules that every real estate agent and broker should be aware of include homestead laws. That Laws protect small property owners, as well as unique rent control requirements.
However, there are certain exceptions for licenses if you’ve taken college courses that meet the requirements for the extra coursework hours.
I hope you all understand how to get the license in new York State. Please share this information with your friends.
See Also: What Are The 4 Main Categories Of Commercial Real Estate?