Do You want to Become a Real Estate Broker in New York, Watch This Video
Do you want to learn how to be a real estate broker in NYC? We have put together this step by step guide for you so that you can get your real estate broker license in New York in just four simple steps. Find out about the requirements to get a real estate license in NY, how to apply for your real estate broker license and what you need to get licensed. We also answer some of the most frequently asked questions from our students to help you decide if getting your real estate broker license is the right career step for you! If you have any questions after reading our guide, please call us. Our friendly support team are happy to help!
Before we go through how to apply for a real estate broker license, you must first check you meet the requirements to get a real estate broker license in NY.
Requirements To Get A Real Estate License In NY
- You must be at least 20 years of age.
- You must have no prior felony or sex offense convictions.
- You must have at least 2 years of experience as a licensed real estate salesperson or at least 3 years of experience in the general real estate field, or a combination of both. Despite which type of experience you have; you must have met the minimum points required for the experience type and completed the 75-hour salesperson course
How To Apply For A Real Estate Broker License In NY in 4 Simple Steps
- Complete 45 Hours of Approved Broker Pre-Licensing Education
- Pass Your Course Final Exam
- Pass Your New York State Real Estate Broker Examination.
- Apply For Your Real Estate Broker License in NY.
Step 1. Complete 45 Hours of Approved Broker Pre-Licensing Education
NY State requires that you must complete 45 hours of broker pre licensing education in order to upgrade your real estate license from salesperson to broker. You must take a state approved course, pass the course final exam and receive your certification of completion. The 45 hours of approved broker pre-licensing education covers the subjects that are required by the Department of State and include: agency law, real estate finance, real estate investing, general business law, conveyance of property, taxes and assessments and much more. To take a look at the full course contents please follow the link to our state approved broker pre license course. MLS Campus have been providing accredited real estate courses for over 10 years. Your new career starts here! Enroll in our broker pre license course today.
Step 2. Pass Your Course Final Exam
Once you have completed the 45 hours of approved broker pre-licensing education, you must pass your course final exam. In order to pass your final exam, you must achieve a passing score of 70% or more. Our broker pre license course includes a free practice exam that consists of a large question bank, that you can take as many times as you need, until you feel prepared and confident enough to take your final exam. The more you practice the more likely you will pass your course examination on your first attempt!
You must take your course final exam in the presence of a proctor. You must schedule an appointment with an exam proctor in advance.
Once you pass your course you will receive your course completion certification. Your certification is valid for 8 years from the date you complete your pre licensing education. You will need this certification to apply for your real estate broker license.
Step 3. Pass Your New York State Real Estate Broker Examination
Your next step to get your real estate broker license in NY is to pass the New York State real estate broker examination. The exam consists of multiple choice questions based on the 75 hour and 45 hour pre-licensing education. You will have 2.5 hours to complete your state exam.
Your exam results will be reported as either passed or failed. (You won’t be given a numerical score). Once you have passed your state exam, your results will be valid for two years from the date you passed. You must apply for your real estate broker license within the 2 year time period.
You will receive your exam results online through New York’s Licensing Portal eAccessNY.
If you pass your exam, you can then go to the next step and apply for your real estate broker license for NY, submit your application and pay the fee.
If you fail your exam, you can schedule another exam online through your eAccessNY.
For more information on the New York State real estate broker examination please go to the NY DOS website.
Remember our New York broker pre license course includes a free practice exam. This practice exam is also designed to help you prepare for your state licensing exam so that you can pass on your first attempt. Make sure to dedicate your time to practice as much as possible so you feel confident going into your exam!
Step 4. Apply For Your Real Estate Broker License in NY
Your final step to get your real estate broker license in NY is to apply for your real estate broker license. You can apply for your broker license online through eAccessNY. You must submit your application in full and pay the fee. The following fees must be paid to get your real estate broker license in NY. You can pay these fees by check or money order made payable to the Department of State or by MasterCard or Visa using a credit card authorization form. DO NOT SEND CASH. Application fees are nonrefundable. A $20 fee will be charged for any check returned by your bank.
$155 – Initial Application
$155 – Branch Office Application
$155 – Renewal
$15 – Written Exam
Please follow the link to the NY DOS website where you will find the broker license application forms and further information.
So, now you know how to be a real estate broker in NYC! Do you still have more questions? We have put together a list of the most frequent questions our students ask us about how to apply for a real estate broker license in NY. If you still have questions or need any advice, please call our friendly support team. We are here to help you!
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Your Questions Answered!
Does New York Have Real Estate Reciprocity Agreements With Other States?
Reciprocity means that a state has agreements with other states, so that licensure can be transferred. These states recognize the licenses of brokers and agents. This means you don’t have to take additional pre-licensing courses to get your real estate broker license in New York.
The state of New York currently has reciprocity agreements with nine states:
- Arkansas (broker only)
- Colorado (broker and associate broker)
- Connecticut (broker and salesperson)
- Georgia (broker and salesperson)
- Massachusetts (broker only)
- Mississippi (broker only)
- Oklahoma (broker and salesperson)
- Pennsylvania (broker and salesperson)
- West Virginia (broker and salesperson)
If your state is not on the list above, you must complete the 75-hour salesperson qualifying education course as well as the real estate broker pre license course. You will also need to complete the state licensing exam.
When Can You Get Your Broker License?
You can get your broker license in NY once you have met the New York State real estate license requirements. You must have a minimum of two years of experience as a licensed real estate salesperson or at least three years of experience in the general real estate field or a combination of both.
You must meet the minimum points required for the experience type, (e.g., buying and selling your own property, managing property owned by your employer). You must have also completed both the qualifying salesperson course of 75 hours and the broker pre license course.
How Long Does It Take To Get A Real Estate Broker License In NY?
The length of time it will take for you to get your real estate broker license will depend on the time you have available and the dedication you apply to your course. Our broker pre license course is delivered through an online e-learning portal so that you can study in your own time, at your own pace and from any location. This provides you with an easy and flexible study solution to meet your learning requirements.
What Do You Need To Get Your Broker License?
To get your broker license in NY you must meet the requirements as detailed in the above guide. You must meet your pre licensing education requirement and pass your end of course examination and your NY State license examination. Once you have completed these steps you are ready to apply for your real estate broker license.
Do You Have To Renew Your Real Estate License?
Yes. You must renew your broker license every 2 years by meeting the continued education requirement. Please note that the education exemption for broker’s who held 15 years of continued active license experience no longer applies. All licensed brokers must now meet the continued education requirements. To find out more about the continued education requirements for NY please follow the link to Continuing Education NY.
How Long Do You Have To Be A Real Estate Agent To Become A Broker?
In New York, you must have worked as a licensed salesperson for two years, or have worked at least three years in the general real estate field, or a combination of both.
What Is The Difference Between A Broker And An Associate Broker?
Licensed NY real estate brokers are responsible for the running of their business. They will be responsible for tasks such as marketing and placing advertisements, maintaining escrow accounts, supervising salespersons and associate brokers, and must understand real estate license law. Associate brokers have their broker license but may not wish to own their own business, so they will work under a licensed real estate broker.
How Much Commission Does A Broker Make in NY?
According to ZipRecruiter they have recorded salaries as high as $218,275 and as low as $25,228. The majority of Commercial Real Estate Broker salaries currently range between $46,068 to $109,686 with top earners making $151,915 annually in New York City.
What Is The Average Real Estate Broker Salary NYC?
According to Glassdoor the average salary for a real estate broker in NYC is $98,864 per year.
Is It Better To Be A Broker Or Agent?
Have you worked as an NY Salesperson for a while, and you’re now wondering if you should get a real estate broker license?
Working as a licensed real estate broker may be the next step up in your real estate career. If may be an obvious choice of career path if you love real estate and want to realize your career’s full potential. Once you get your broker license you will be able to do more of what you love and with less of the restrictions that you currently have working as a licensed salesperson.
However, getting a broker license is not the right choice for everyone. Some agents choose not to be a broker. Not because they can’t do the job, but because of the greater responsibility that a license broker has. Working as a broker and managing people can be stressful and exhausting. That is why some people choose to work as an agent, while others who possess great management qualities choose to get a broker license.
Does A Real Estate Broker Make More Than An Agent?
One of the biggest pros of getting your broker license is uncapping your earning potential. It is true that when working as a salesperson you can increase your earnings by selling more, but by getting your broker license you can earn higher commission. You can work for yourself as an agent broker meaning you can keep 100% of the commission earned. Alternatively, you can work as an associate broker where you still represent clients but with the added reputation of being a broker. Therefore, you can negotiate yourself higher commission rates and collect desk fees from your agents providing you with an additional reliable income.
We hope our guide provided you with all the information you need! Please feel free to contact us if you need further information.
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