It may sound scary to obtain your New York real estate license, but once you know what to do, it's not that difficult. Everything you require to know, including prices, scheduling, eligibility, and earning potential, has been outlined here.
Which license suits you best? Years of experience and education make up a big part of the distinction between a real estate agent and a broker. For starters, a licensed broker must supervise an agent, while an unlicensed broker may work for themselves or employ agents to work for them. In New York, being a broker also necessitates finishing additional courses and serving as an agent for at least two years.
Requirements for New York Real Estate License
In New York, there are two primary types of real estate licenses, each with distinct requirements and responsibilities. For instance, a "salesperson" license allows individuals to engage in real estate transactions, but they must operate under the supervision of a licensed broker. This arrangement ensures that all transactions adhere to professional standards and legal requirements, as the broker oversees the salesperson's activities.
Requirements for agent licenses:
- Age requirement of at least 18 years
- Must hold a four-year college degree in real estate or have completed 75 hours of real estate courses through an approved provider (valid for eight years from the date completed).
- Must pass the test at the end
- Requires fingerprinting and background screening
- A broker must sponsor the transaction
Requirements for a broker license
- Age requirement of 20 years or older
- Must have completed 120 hours of real estate education from an approved source or possess a four-year college degree in real estate. Must have worked for at least two years as an agent or three years in the general real estate business.
- Must pass the exam at the end
- Requires fingerprinting and background screening
A reminder on background checks: When applying to be an agent or broker, you must declare any criminal convictions. A conviction may or may not bar someone from running, depending on the crime. However, your application will be rejected immediately if you fail to reveal a conviction, even for a minor crime.
How long does it take to get Real Estate License in New York?
Obtaining a real estate license in New York involves a series of steps and the duration can vary. For those aiming to become a real estate salesperson, the process typically takes between four and six months, depending on various factors such as the completion of educational requirements and the scheduling of the licensing exam.
To become a licensed real estate salesperson, one must complete 75 hours of approved real estate education and pass the New York State licensing exam. After passing the exam, the candidate must apply for a license through a sponsoring licensed broker.
For those aspiring to become a real estate broker, the process is more extensive. Requirements include at least two years of experience working as a licensed real estate salesperson or three years in a related real estate field. Additionally, candidates must complete 120 hours of approved real estate coursework, which is more comprehensive than the salesperson's education requirement.
The additional experience and educational requirements mean that the journey to becoming a broker can take significantly longer than becoming a salesperson.
How much does it charge to get a Real Estate License?
In New York, becoming a real estate expert is not excessively expensive. All told, the cost to become a licensed agent ranges from $500 to $1,000, while the cost to become a licensed broker ranges from $950 to $1,450.
Here is the breakdown of these charges:
- Pre-licensing exam prep for agents can cost anywhere between $379 and $909.
- Although there are certain exceptions for both licenses if you've finished relevant college courses, brokers should budget about $349 for the additional coursework hours.
- An agent application costs $65, while a broker application costs $185.
- Every two years, renewal fees in the exact amounts are evaluated.
- The exam costs a total of $15 for both licenses.
- Additionally, both licenses call for fingerprinting, which costs $50.
- Be aware that there can be additional payments for office space, other training, association memberships, and requests for exclusions from specific standards.
New York Real Estate License Reciprocity:
Nine states have reciprocity agreements with New York: Oklahoma, Pennsylvania, West Virginia, Georgia, Arkansas (broker only), Massachusetts (broker only), Mississippi (broker only), Colorado (broker and associate broker only), Connecticut, Georgia, and Georgia (broker only). All applicants must possess an active license from their home state that was issued within six months of applying to practice in New York; the conditions and eligibility for each applicant differ slightly.
New York Real Estate License exam
You can select one of 11 official exam sites around New York State using your eAccessNY account.
You can enter the website to find out all you need to know, including your confirmation and exam results. Test takers have 90 minutes to complete the multiple-choice agent exam. Spanish, Korean, Russian, and Chinese are the other four languages in which the exam is also available.
The broker test, which is also multiple choice but covers more material, lasts two and a half hours. Pass/fail exam results are given, and as soon as they become available, they will be posted to your eAccessNY account. Your test results are valid for two years if you pass. You could retake the test if you failed it (with additional fees).
Application for New York Real Estate License
You can formally apply for your license by mail or online using your eAccessNY account after completing the necessary curriculum and passing the exam. Be aware that before receiving a license, agents must include a supporting broker on their application.
Specific Considerations
A 46-page document in New York contains all of the statutes and rules that govern real estate agents and brokers and is intended to safeguard the general public from unethical behavior. Every agent and broker should be aware of unique property and real estate laws.
