Your Guide To Renewing Your NY Real Estate License
Planning to switch careers and join the real estate industry? Maybe it’s your first time getting ready to step into the exciting world of real estate.
Whether it is going to be your first profession or your next one, working in real estate is rewarding and fulfilling for thousands of agents and brokers, especially in NY which boasts of being one of the hottest real estate markets in the country.
For aspiring as well as experienced real estate agents and brokers, New York offers a fertile ground of opportunities.
You can earn as much as $200K in a year in addition to making extra commissions and enjoying additional perks.
If you want to enjoy a flexible career where you can be your own boss while helping people achieve their homeownership dreams, then NY real estate is a great place to achieve your professional dream.
However, to earn your share of the profitable pie and work with clients in residential and luxury real estate, you would need to acquire a NY state salesperson or broker’s license.
If you already have a license, you’re on the right track, however, it is crucial for you to renew your license before its expiration due date to continue enjoying the benefits and perks.
Wondering whether is it worth it to renew a real estate license in NY and should you go the distance to get it renewed?
The answer is a certain yes because if you want to build a thriving, long-term career, you will need an active, valid license which must be updated periodically.
If you are not sure how to go about getting your license renewed in NY, this article will answer all your questions.
In this detailed guide, we will cover all the key steps including the costs involved in getting your NY salesperson license renewed on time so you can continue to work in a dynamic, rewarding, and exciting career journey.
The importance of license renewal in real estate
Like most states, real estate professionals in NY are required by the law to continually update and renew their licenses before the renewal date.
Keeping your license active and updated is crucial to working with clients and partaking in a real estate deal anywhere in the state.
Whether you are a newly licensed salesperson or an experienced real estate broker, it is mandatory to renew your license to keep it active and valid.
As per the NYSDOS (New York State Department of State) guidelines, every real estate salesperson and broker is bound to the legal jurisdictions and regulations of the state.
It is your professional and legal duty to maintain compliance with the state and federal laws and regulations for real estate professionals.
The NYS real estate license renewal law requires all salespersons and brokers to renew their license every two years if they want to conduct business, give advice, or work with clients legally in the state.
Having an updated, current real estate license ensures you are ethical and fully compliant with the best practices and guidelines established by the NYSDOS.
Your license renewal works as an affirmation of your commitment to adhering to the legal, ethical, and professional standards of a real estate career.
This will help you stay on the right side of the law and ensure that every deal you help close or any transaction you are a part of meets the state and federal standards.
Another important reason why you must renew your NY real estate salesperson or broker license every two years is the fact that it will help you keep your knowledge current and your skills relevant.
Real estate is a dynamic, ever-evolving industry with its share of changing laws, guidelines, and emerging trends.
To stay on top of new developments and ensure you remain competitive, you need to have a growth mindset and continue to learn and add to your skills.
Periodically renewing your license requires you to complete additional courses or continuing education which will help you keep your knowledge up to date and ensure you are in tune with the latest trends, regulations, and developments in the real estate world.
Steps For Successful License Renewal In NY
In NY, you must meet the state-specific license renewal requirements and initiate the renewal process every two years to maintain its validity.
Getting a license renewed might sound cumbersome or overwhelming, but it is often a pretty straightforward and seamless process.
The best part is that you can complete the entire process online and ensure that you are equipped to meet all the renewal requirements.
If it is your first time applying for a New York state real estate license renewal and you are not sure how to proceed, we have listed the steps for you below.
Step 1; Apply for a license renewal form
Firstly, you need to visit the official website of the New York Department of State (NYSDOS) and log in using your credentials.
Once you are logged in, you need to navigate to the license list and select the renew license option to get started.
Here you will be asked to submit your personal and professional details such as your license ID, current business address, and proof of completion of continuing education.
You can fill out the license renewal application form online and submit it after verifying that all the provided details are correct.
Step 2: Complete continuing education
Completing continuing education is a crucial part of getting your NY real estate license approved by the NYSDOS.
Before you can get your license renewed, you need to complete 22.5 hours of additional course credits from a state-approved continuing education provider in NY.
As part of the continuing education requirements, you must complete 12.5 hours of mandatory courses which must include the following:
- Law of Agency (2 hours)
- Fair Housing (3 hours)
- Ethical Business Practices (2.5 hours)
- Legal Matters (1 hour)
- Implicit Bias Awareness (2 hours)
- Cultural Competency (2 hours)
The remaining 11 elective hours can include any NYS-approved CE courses based on your choice and subject of interest.
It is recommended that you refer to the NYSDOS website for the latest continuing education requirements for license renewal.
Note that you can choose to complete your continuing education by joining physical, in-classroom college or through an online course offering NYS approved curriculum.
Many working professionals prefer completing continuing education online as it offers more flexibility due to the self-paced nature of the courses.
Online continuing education courses in NY can be accessed from anywhere as long as you have a computer, mobile device, and internet connection.
Step 3: Pay the license renewal fee
Once you have successfully completed 22.5 hours of continuing education in NY, the next step is to submit your license renewal application and pay the renewal fee.
For renewing a salesperson license in NY, you need to pay $55 to the NY State Department of State and you can pay this fee online via the eAccessNY portal using a credit card.
If you are trying to renew a broker’s license, your renewal fee will be $185.
Before making the payment, it is recommended that you ensure all the required information and documents are correctly entered and uploaded.
Once submitted, your application will take around 2 to 4 weeks to be reviewed and approved by the New York State Department of State Division of Licensing Services.
To check the license renewal application status, you can log into the eAccessNY website.
Here’s a word of advice - if you are unable to renew your real estate salesperson or broker’s license on time, you will have to pay an additional fee in late penalty.
Best practice for seamless license renewal
Before starting your career, you might have wondered how to get a New York real estate license and after working in the industry for a couple of years, you might be wondering how to successfully renew my license.
If you follow the steps discussed above, you should not face any issues or problems in renewing your salesperson or broker’s license.
However, if you are busy in your career or preoccupied with professional priorities, it is important that you ensure timely license renewal.
The good part is that you will get periodic reminders for license renewals from the NYSDOS if your license renewal due date is near.
For a seamless and smooth renewal experience, it is recommended that you start preparing for the steps at least 3 months before the due date.
One way to keep track of the due date is to set up calendar reminders based on your renewal deadline.
This can give you the nudge you need to complete continuing education and acquire the required certificate of completion before time.
Remember - getting your salesperson license is essential to work legally in the state of NY and continue your practice.
This is why it is recommended that you start planning early by allocating the funds and time required to complete license renewal successfully.
From completing continuing education to submitting the license renewal application, to maintaining your status as a licensed salesperson in NY real estate, you must complete all the steps on time.
Next, let us look at some of the most common pitfalls you might face before getting your license renewed, especially if you are renewing it for the first time.
Common mistakes to avoid for successful license renewal
Despite the simple and straightforward license renewal process, many first-time agents often make some common mistakes while navigating through the renewal journey.
Here are some of the pitfalls you must avoid to ensure successful NY license renewal.
- Keep important documents and IDs handy with you
- Do not overlook the continuing education reminders
- Keep track of the latest continuing education curriculum guidelines
- Ensure that professional details such as your business name or address are accurate
- Make sure to submit the payment for license renewal on time
- Establish timely reminders for completing continuing education
- Do not fall prey to any unofficial guidelines or renewal-related advice
- Keep a copy of the submitted documents and verification proof for future use
To effectively maintain the active status of your NY salesperson license, it is imperative that you pay attention to every detail and carefully execute each step of the renewal process.
You have two years of time for each subsequent renewal during which you must be vigilant about the rules, requirements, and renewal best practices.
Remember that failure to renew your license on time can cost you a lot - not only will you have to pay a late fee in penalties but you can also risk losing your real estate license in case of missing the renewal due date.