Here is a Step-By-Step Guide on How To Get Your New York Real Estate License Easily
When it comes to iconic destinations, historical landmarks, and ultra-premium properties, New York’s real estate landscape is second to none.
New York’s diverse real estate market is filled with a plethora of choices - from luxury real estate projects to housing.
Offering a wide array of unique properties, the North Carolina real estate market is witnessing a rising demand from homebuyers and real estate investors alike.
Working in NY real estate can be a game-changing professional move, whether you want to build a part-time revenue stream or start a thriving, full-time career as an agent.
From the iconic Times Square to mesmerizing Manhattan, the sprawling metropolis is renowned for its luxury real estate and sky-high property valuations.
NYC has a distinct charm and timeless appeal which gives it a commanding presence amongst some of the world’s most sought-after and profitable real estate markets.
Real estate agents and brokers in NY enjoy working in a fertile, high-growth, and dynamic market with rewarding growth and commission opportunities.
Did you know that the top real estate agents in NY can make as much as $150K annually while enjoying a flexible work-life schedule and healthy personal and professional balance?
Working in NY real estate is like a professional dream come true because, in addition to the monetary rewards, you can also enjoy the fulfillment of helping people achieve their goals.
Does a career in New York’s lucrative real estate sound exciting and rewarding to you? If yes, be prepared to complete a set of pre-established license requirements.
Whether you wish to work as a part-time agent or a full-time professional, you must apply for and obtain your salesperson license first.
Are you interested in exploring a rewarding and exciting career path in real estate? If you are an aspiring or experienced real estate agent, now is a good time to get started.
We understand that it might seem overwhelming and confusing to fulfill a set of licensing requirements, especially if you are a complete beginner.
In this blog, we will walk you through the step-by-step process of how to get your real estate license NYC and start an exciting career from scratch.
After reading this comprehensive guide, you will get complete clarity on all the necessary steps you need to complete to obtain your NY real estate license.
The need for a real estate license
As per the NYSDOS (New York State Department of State) professional guidelines, getting licensed is mandatory to work with clients and earn commissions.
It is essential to apply for a NY salesperson or broker’s license and complete all the state and federal requirements to become a licensed professional.
Getting a real estate license is a crucial step in working in real estate, especially if you want to be compliant with the regulatory and legal authorities.
With a valid, state-issued real estate license, you will legally be able to work with clients anywhere in NY and help them in buying and selling real estate.
A valid license is legal proof that you have met all the qualifying requirements to become a trained real estate agent and assist clients.
Only licensed professionals get the opportunity to grow their careers, earn commissions, and join exclusive events and members-only communities.
Most importantly, clients and consumers also prefer working with licensed, fully qualified agents and brokers as it provides them the confidence and peace of mind required for any financial transaction.
If you are thinking about how to get a NYS real estate license, here’s what you must know first - there are two main license types to choose from.
First is the NY real estate salesperson license which is going to be the starting point of your real estate career.
Second is the NY real estate broker’s license which you can apply for after gaining experience and skills in the industry for a few years.
Getting your license requires completing education and training requirements and in the next section, we will dive deep into why it is an important step in your licensing journey.
Importance of real estate education in starting a career
So, you might be excited to start your real estate career and experience the joy of earning a six-figure salary with extra perks.
However, to enjoy the career benefits and advantages of New York’s flourishing real estate market, you must first prove your competence and skills.
One of the ways to do so is to complete the fundamental pre-license education required for a salesperson license.
The New York State Department of State (NYSDOS) requires aspiring real estate agents to complete a minimum level of qualifying education and training to apply for a license.
This means if you want to help people buy, sell, or lease residential or commercial estate in NY, you must have 77 hours of qualifying education from a state-approved education provider.
Many students and first-time applicants often wonder whether there are any practical benefits of completing pre-license education beyond fulfilling a mandatory requirement.
If you are curious about the same, here are some of the key benefits and advantages of competing pre-license courses.
Fundamental Knowledge:
The foundation of a successful career in NY real estate is built upon knowledge of industry principles, practices, and processes.
If you want to thrive in a hyper-competitive industry like real estate, you will need knowledge of the fundamentals of the industry.
Taking real estate courses will give you an understanding of important and specific topics such as - consumer rights, real estate principles, property management, valuation, real estate finance, marketing, and sales among others.
With this knowledge, you can learn about the inner workings of the industry and its various aspects, including how to work with other professionals.
Having the right knowledge and training will prepare you for your job duties and responsibilities and you can be of value to others.
Specialized Skills:
In addition to learning about fundamentals, you will also need to advance in your career with specialized knowledge.
Taking real estate courses will give you an understanding of important and specific topics such as - property rights, valuation, sustainable development, real estate finance, marketing, and sales among others.
These topics will give you a deeper understanding of the real estate industry, especially as it is a dynamic, interconnected profession that goes beyond just buying and selling properties.
Gaining specialized, advanced skills will help you compete better in the market and keep yourself ahead of your competitors.
As the industry matures, you can tap into the growing demand for specialized professionals who can dive deeper into unique, specific niche markets.
Networking opportunities:
One of the most important benefits of enrolling in NY salesperson pre-license education is getting the opportunity to network with industry professionals.
During pre-license classes and courses, you will get the chance to interact with peers, fellow aspirants, trainers, mentors, and experienced instructors.
These interactions can help you learn new things, exchange ideas, expand your perspective, and gain a deeper understanding of your industry and profession.
It is said that your network determines your net worth and in real estate, the value of having a varied network is immense. A wide network of skilled, experienced professionals and experts cannot be overstated.
You can tap into your professional network to generate new leads, learn new skills, find job offers, and venture into new markets.
Understanding of State and Federal Laws
Pre-license education and course curriculum will help you learn about the state and federal-level laws, regulations, and guidelines for agents.
To work as a professional, it is essential to be fully aware of the compliance requirements and industry standards established by the NYSDOS.
Real estate courses help you stay on the right side of the law and give you the most accurate and updated understanding of NY state laws and best practices.
Real estate agents in NY are expected to learn and follow the code of conduct and professional standards while working with clients.
Now that you have learned why completing education is essential to succeed in real estate, let us walk you through the steps on how to become a real estate agent New York.
Eligibility Requirements for a NY salesperson license
According to the New York State Department of State (NYSDOS), all aspiring real estate professionals must qualify for the job by meeting the eligibility requirements listed below.
- Be at least 18 years of age or older
- Be a legally residing citizen of the United States or a lawfully permitted alien
- Have a high school diploma or GED equivalent
- Own a valid NYC driver’s license
To prove that you are a good fit for a career in real estate, you must meet the above-listed statutory requirements.
You can take a fitness determination test to ensure that you fully comply with the basic eligibility requirements.
Education Requirements for Salesperson License in NY
Since you will be starting your career as a real estate agent working under the supervision of a senior broker or brokerage firm, you must apply for the New York salesperson license first.
As per the NYSDOS, all applicants must complete mandatory training, also known as, pre-licensing education to qualify for a salesperson license in NY.
Completing 77 hours of pre-license coursework is one of the key steps in getting your license and if you are wondering how to become a real estate agent NYC, you must start here.
Completing pre-licensing education will equip you with the required knowledge, skills, and training in how the real estate industry works, including the state and federal laws, principles, and your job duties and responsibilities.
Some of the courses you will cover during your education are:
- Principles of Real Estate
- Real Estate License Laws
- Law of Agency
- Fair Housing Laws
- Real Estate Finance
- Contracts and Leases
You have the flexibility to choose your preferred learning medium by joining a physical, in-person real estate school or enrolling in an online pre-license course.
You can visit the NYSDOS website for a list of state-approved and accredited education providers in your area.
Many students prefer online pre-license courses as they can be completed from anywhere on any device and offer more convenience.
Note that you must choose a state-approved education provider to ensure that you are learning from an accurate, up-to-date, and relevant course curriculum.
Examination requirements for NY salesperson license
After completing NY salesperson pre-license education, once you obtain the certificate of completion, you can start preparing to take the NY salesperson licensing exam.
The NYSDOS requires you to take the state license test and prove your knowledge and competence by passing the test.
The exam consists of 75 multiple-choice questions based on state and national-specific portions and you will have to attempt all the questions in 90 minutes.
Passing the final exam is mandatory, as per the NYSDOS licensing requirements, and to do so, you must score at least 75 percent or above.
Many real estate course providers offer exam prep resources and study materials which you must take advantage of.
By practicing with practice questions and mock tests, you will become familiar with the type of questions you can expect to face in the test.
Practice tests will give you a better chance to boost your preparation and feel more confident on the day of the test.
After you successfully pass the salesperson license exam in NY, you will be eligible to submit your licensing application for review and approval.
Note that once you have completed all the steps discussed above and obtained your license, you will have to find employer sponsorship to activate your salesperson license.
How much does it cost to get your NY real estate license?
Now that you have learned about how to become real estate agent in New York, the next question that might arise is - how much does it cost to get a license?
Starting a career in NY real estate can demand significant investments early on and hence, it requires careful planning and proper budgeting.
If you are someone who has no job or work experience and is starting from scratch, the costs and expenses can be downright expensive.
If you are on the fence about starting a career in real estate but are not sure how much you will have to spend for it, then keep reading to find out about the key costs and expenses.
Application Fees
For applicants who have already completed the New York State real estate training, the next step is to submit your application to the New York State Real Estate Commission.
Along with your application, you will be required to pay the one-time application fee of $65 to the Department of State in New York if you are applying for a salesperson license.
You can pay the application fee online via credit card or send in a personal check.
Pre-Licensing Education Cost
Pre-licensing education costs in New York are generally in the range of $100 to $500, depending on the type of learning, content delivery medium, and reputation of the institution, college, or course provider.
Pre-licensing course providers and schools have different packages and tiers with their own set of features and benefits.
You can choose the desired course package on the basis of the course features, benefits, and how much support you will get as part of the package.
Some schools can also charge extra money for providing additional prep tests and learning resources so you should budget that as well.
Note that in-person, classroom-baked real estate courses can also cost more as compared to online pre-license courses.
Overall, the final cost for your pre-licensing education will be determined by the course provider, pass rate, experience of the instructors, and the type of package you choose.
Examination Fees
Taking the NY salesperson test is a mandatory requirement and in order to do so, you will need to spend a one-time examination fee of $15.
Keep in mind that in case you fail to clear the exam with passing marks, then you will have to reappear for the exam again, and pay the $15 examination fee for a new attempt.
Background Check and Fingerprints
To obtain your NYC salesperson license, you must clear the federal background verification and criminal history check.
As per the NYSDOS license requirements, every applicant is required to submit an electronic scan of their fingerprints, along with any documentation related to history of felony or criminal investigations.
Completing and submitting your electronic fingerprints to the Department of Criminal Justice Services will cost a one-time fee of $75.
You can choose to pay these fees online or schedule an appointment at a state-approved location near you which can process electronic fingerprints.