Helping people sell properties and buy dream homes is a vocation that many people find very rewarding, but not just anyone can do it. According to the Real Property Law in New York, if you would like to manage the sale or purchase of a property, collect rent, or work with mortgage companies to negotiate the terms of home loans, you will need a real estate license. There are two basic paths towards getting your NY real estate license: salesperson and broker.
But once you get your license, how long will it last? We'll answer that as well as go over the process involved in getting a license below.
How Long Is Your NY Real Estate License Good For?
Whether you choose to become a salesperson or broker, your New York real estate license is good for two years from the date of issue. After this point, you'll need to renew your license if you want to keep selling homes in the state.
Renewing Your New York Real Estate License
When you receive your New York real estate license, your expiration date will be printed on the license. You can take steps to renew your license as soon as three months of the expiration date. You will also be sent reminders from the Division of Licensing Services in the form of an email and a postcard. The licensing authority will also send you written directions on how to complete your New York real estate license renewal.
To renew your license, you will need to take the required continuing education and file a renewal application. Renewing your real estate license in New York has to be done online, through your eAccessNY account, as the state has a Green Initiative meant to reduce the use of paper in state government. If you miss your renewal date, you may still renew your real estate license for up to two years after the expiry date. Just log into your eAccessNY account and follow the instructions.
Real Estate Salesperson vs. Broker
While the definitions can vary by state, in New York, real estate salespersons work for real estate brokers. They act as agents for brokers and handle real estate transactions, but brokers are the ones who ultimately accept those negotiated terms. The requirements to get these licenses are very different.
To qualify as a real estate salesperson in New York, you will need to take a 77-hour real estate education course. The standards for becoming a real estate broker are stricter. In addition to the 77-hour training, you will also need to take a 45-hour broker training course, as well as meet certain experience requirements.
Real estate brokers also need a minimum of three years of experience working in the field of real estate, two years working as a real estate salesperson, or a combination of the two. This experience is evidenced by collecting a certain number of points for your experience. These are detailed on the real estate license application instructions.
Getting Your NY State Real Estate License
To get your real estate license, you will need to meet the standards outlined by the real estate license type. You will also need to pass the NY State Real Estate test and be at least 20 years of age. There is also a fee for filing your real estate license application. Once you pass your test and submit everything, the processing time takes up to five business days.
With your real estate license in hand, you'll be on your way to a rewarding career in New York.