Want to Know How to Get Your New York State Real Estate License? Read This Before Starting.
A career in New York’s iconic real estate market is a professional dream come true, especially if you are an aspiring real estate agent ready to make it big by learning how to get your New York state real estate license.
Renowned worldwide for its sky-touching urban landscape and historic, old-world cultural charm, New York continues to rank at the top of the list of the most attractive destinations.
Known as the financial capital of the world, New York is an epicenter of commerce, business, opportunity, and prosperity, making it one of the strongest economies in the U.S.
The demand for real estate in NY continues to soar and grow with time, and despite competition from California and Florida, the Empire State is still amongst the most sought-after markets in the world.
Manhattan, Brooklyn, SoHo, Park Slope, Buffalo, Long Island, and Albany are some of the hottest property markets in NY and with sustained demand and limited supply, they make New York one of the most expensive real estate locations in the world.
New York holds significant potential, despite the real estate rush, and offers exciting opportunities for aspiring real estate agents and brokers.
The world-class entertainment and lifestyle choices, strong economic outlook, growing job market, and an unmatched cultural legacy give NY a unique value proposition.
It is no surprise that some of the wealthiest buyers and real estate investors continue to be attracted to the NYS to grab their share of the proverbial real estate pie.
For real estate agents and brokers, the NYC real estate market is a great place to launch a profitable career, whether you are looking at part-time or full-time options. Learning how to get your New York State real estate license is the essential first step to entering this dynamic and rewarding industry.
Did you know that the top real estate agents in NY can easily make a six-figure income annually and can earn as high as $150K including additional compensation and bonuses?
If you are dreaming of working in NY’s premier real estate market where you can make the most of exciting income and commission opportunities, you can turn this into a reality.
Imagine a life full of financial success where you can take control of your professional goals with confidence and achieve a stable work-life balance.
If this sounds like a professional dream come true to you - you can make it into a reality by simply getting your NY real estate license and starting your career as a beginner.
Yes, you read that right - with a real estate license in New York, you can work with clients anywhere in the state and help them buy and sell properties in exchange for commissions.
Unlike other high-paying professions, a career in real estate does not require you to spend years in college completing advanced education.
All it takes is a few months to earn your NYS real estate license and you will be on your way to working in a fast-moving, high-growth industry.
If you are thinking about how long to get real estate license in NY and start a successful career, this blog will answer all your questions in one place.
The Appeal of New York’s real estate market: How to Get Your New York State Real Estate License
New York continues to be amongst the world’s most attractive and sought-after real estate markets in the country and is amongst the cream of the crop when it comes to properties.
Home to world-class suburbs, diverse cultural tapestry, old-world charm, and the presence of some of the world’s most iconic buildings and places within close distance is what makes NY a truly special destination.
Be it the exciting lifestyle, unique appeal, and idyllic charm, New York is amongst the most desirable real estate markets for homebuyers and real estate investors.
Renowned for its lush natural parks, sprawling suburban centers, sky-high skyscrapers, Michelin-star restaurants, entertainment parks, and a lot more, NYS is a melting point of vibrancy, opulence, and a feeling that makes everything come alive.
Thanks to the limited space and inventory, the valuation of properties in NYS continues to soar and command more premium prices due to growing scarcity.
The city’s unique charm and positioning have continued to attract both local and international buyers and the influx of skilled workers, tourists and renters is also on the rise. For those looking to capitalize on this vibrant real estate market, learning how to get your New York State real estate license is a crucial step
Luxury real estate in New York is one of the most prominent industries of the state and it continues to provide the most indulging, cutting-edge, and elite experiences to buyers.
The city’s lasting appeal and dynamic spectrum of choices and opportunities make it an exciting market for aspiring real estate agents.
Despite exorbitantly high prices and valuations for real estate in New York, it enjoys a consistent, unwavering demand and appeal from buyers across the country and the world.
There is no place like New York when it comes to bringing together an exciting mix of art, culture, finance, entertainment, nature, diversity, and economy.
In addition to the above, New York’s economic outlook continues to grow steadily and the Empire State is the epicenter of growth and development in the country.
If you are excited to learn about the prospects offered by NY real estate and cannot wait to tap into the rewarding opportunities, now is a good time to get started.
In the coming sections, you will learn about how to get the real estate license in NY and give shape to your professional goals.
Why do you need a NY real estate license?
Like other regulated professions and industries, NY real estate is also governed by a set of state and federal laws and guidelines for professionals and firms.
As per the NYSDOS (New York State Department of State), which is the state authority, it is mandatory to obtain a valid license to legally practice your profession and earn a commission.
Without a state-issued license, you will not be allowed to work with clients, offer your services, participate in a real estate deal, or earn money.
The NYSDOS allows only licensed professionals to assist consumers, meet and guide them, and perform the duties of a real estate agent or broker.
Having an NY real estate license is officially documented proof that you have completed the mandatory state and federal requirements and prove your eligibility.
If you are serious about your career in real estate, you must be prepared to complete certain pre-established criteria and fulfill state and federal license requirements to earn your license.
Consumers are going to choose your services only if you have a valid, active license as it works as proof of your knowledge, skills and commitment to your profession.
Many beginners and first-time applicants often wonder about the different types of licenses and which one to apply for in the first place.
If you're wondering how to get your New York state real estate license, you can primarily apply for two types of licenses. The first is the salesperson license, which is ideal for complete beginners taking their first steps into the industry.
When you become experienced and have built a clientele, you can advance in your career by applying for a NY broker’s license.
Many beginners often feel overwhelmed or confused by the sheer number of NY license requirements and qualifying criteria, but if you follow this post till the end, you will become clear about how to approach the licensing process in a structured way.
Are you ready to learn more about how to apply for real estate license in NY? Keep on reading till the end to find answers to your questions.
Basic qualifying requirements for a NY real estate license
Before committing to the state-specific license requirements, you must first ensure that you meet the basic real estate eligibility requirements for a license.
Like other states, NY also follows a minimum eligibility criterion as per which:
● You must not be less than 18 years old and a legal resident of New York State or a migrant with working rights.
● You must have a high school diploma in education or a GED equivalent
● You must have a valid social security number and a driver’s license
If you meet the above statutory requirements, you can proceed to complete the next set of the NYSDOS license requirements for salespersons.
Education requirements for Salesperson license in NY
Like other professions, working in real estate also requires a minimum amount of education and knowledge of the fundamentals of the industry.
As per the NYSDOS, all applicants must complete a minimum level of qualifying education and training to become eligible for applying for a salesperson license.
The NYSDOS requires that you complete a minimum of 77 hours of state-approved pre-license qualifying education from an approved education provider.
Pre-license education is the culmination of a pre-established curriculum of courses that will give you knowledge of the basic principles and practices of real estate.
Plus, you will also learn about the NY real estate laws, federal regulations, and industry standards for professionals.
Completing pre-license courses will equip you to assist consumers and clients in buying and selling properties in New York. Here are some of the courses you can expect to complete:
● Principles and practices of real estate
● Real estate contracts and agreements
● Real estate ethics
● License laws
● Law of agency
● Real estate finance
● State and federal laws
In NY, there are plenty of education providers offering quality training and knowledge for students, however, it is important to choose a state-approved one.
As a student, you will have the freedom to choose your preferred medium of learning i.e. you can join a physical, classroom-based college or enroll in an online pre-license course.
Learning how to get your New York state real estate license is made easier with. The advantage of choosing online courses for completing your pre-license course credits is the convenience of completing your classes from anywhere and saving commute time.
If you are a working professional interested in switching careers, choosing an online NY salesperson course might just be a seamless way to complete mandatory education.
To find the names of the state-approved education providers in NY, you can visit the New York State Department of State (NYSDOS) website and choose a suitable one.
Pass the NY real estate licensing exam.
After you complete the pre-licensing education, the next task is to take the NY real estate salesperson licensing exam.
You can visit the NYSDOS website and log in to the portal to schedule the day and time of the test as per your preference.
Many beginners wonder what the purpose of the license test is when one already has a certificate of completion of 77 hours of pre-license education.
The NY salesperson license exam is formulated to evaluate the knowledge and preparation of applicants and it is a way to ensure that only qualified candidates are given a license.
The license exam is a closed book, multiple-choice question test that consists of different questions based on the topics and courses covered in your pre-license curriculum.
The exam consists of 75 multiple-choice questions based on the course curriculum covered during your pre-licensing education.
Passing the exam is mandatory to obtain a license and to do so, you must score at least 75 percent on the test to pass it. You will have to tackle all the questions in 90 minutes.
If you successfully pass the test, you can proceed to complete your license application, which is the next step in how to get your New York state real estate license.
To submit your NY real estate salesperson licensing application, you can log into the eAccessNY portal using your credentials.
Lastly, if you are still interested in learning more about how to become a real estate agent in NYS, you must complete another important license requirement.
The state law requires you to complete mandatory background verification and clear the federal criminal history check.
The law ensures that only individuals who have proven good and clean conduct by meeting the standards of honesty, truthfulness, and integrity are allowed to apply for a license.
To complete this step, you must also submit electronic fingerprints taken at a live scan vendor in NY along with your salesperson license application.
Once your documents are verified and approved by the NYSDOS, you will obtain your salesperson license within a few weeks.
After getting your license, you will have to submit employer sponsorship details to the department to activate your license.
How much it costs to get a NY salesperson license
Starting a career requires investment of time and if you are planning to budget, it is important to have an estimate of how much it will cost to become a licensed professional in NY.
Having a budget will help you prepare yourself financially for the journey to get your NY salesperson license, whether you are a complete beginner or a working professional.
The precise amount for getting your NY salesperson license varies, as there are multiple steps and each comes with its own associated cost.
If you are trying to put together a budget or get a sense of how much to get real estate license in NY, here is the expense breakdown.
Cost of Pre-Licensing Education
To get your New York real estate salesperson license, you must complete 77 hours of mandatory pre-license education.
NY real estate education providers and schools have unique packages with specific sets of features and benefits tailored to different needs.
The cost varies depending on the type of course or college you choose and based on your learning budget and needs, you can choose the most suitable and appropriate package.
Note that you should not cut corners on quality education since the odds of your success are based on how well you know the real estate laws, industry concepts, and principles.
Paying for dedicated exam prep resources is a smart investment in your career, guiding you on how to get your New York State real estate license efficiently and ensuring success in both the short and long term.
By practicing with the help of mock tests and sample questions, your confidence will grow significantly which might improve the odds of you passing the test on your first attempt.
To summarize, the cost of completing pre-license education and training, including exam prep resources should range anywhere between $200 to $700.
Cost of Salesperson Exam
Taking the NY salesperson licensing exam will cost you an examination fee of $15 and if you are unable to pass the test on your first attempt, you have to pay the exam fee again.
Note that if you are unable to pass the test in three attempts, you might be required to complete your pre-license coursework all over again.
Cost for Fingerprint Scan
To clear the federal background check, you will have to get your fingerprints scanned which will cost you around $50 to $100.
Cost for Processing Application
Lastly, once you submit your NY salesperson license application, you will have to pay a one-time processing fee of around $65.