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Ready to find out how to become a New York real estate broker? First things first – what exactly is a broker, and how are they different from an agent or salesperson?
To put it simply, a real estate broker is an individual who is able to operate independently, supervise real estate licensees, and take on other advanced responsibilities after first gaining several years of experience as a licensed real estate salesperson and completing additional education requirements. Read on to learn how to take your New York real estate career to the next step as a broker!
To qualify for a broker license in New York, you must pass the experience, education, and examination sniff test. The first part, experience, comes in one of three forms:
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In addition to getting years on the books, New York also uses a point system to determine if a person has enough experience to become a broker. Each real estate function is given a weighted score.
If you’ve got the experience you can move onto the next step - education. If you’re an agent and have already passed the 77-hour salesperson qualifying education course within the last eight years, you only have to complete the 45-hour real estate broker course. But if you’re a real estate professional without a salesperson license or you took the salesperson course more than eight years ago, you’ll have to complete both courses.
You’ll be required to submit signed school certificates for both courses when you apply.
You’ll need to choose what type of broker you’re going to be. It could make a difference for step 5. The options include:
If you choose an option other than associate or individual broker you’ll have to submit your business name(s) to the Division of Licensing prior to applying. You’ll also need to file the appropriate certificate with the Office of the County Clerk in the county where your business is located.
If you plan to be a corporate broker, limited liability broker, or limited liability partnership broker, additional paperwork must be filed with the NY Department of State, Division of Corporations.
After completing all of the coursework you’ll be able to schedule a time to take the state real estate broker exam through the eAccessNY Occupational Licensing Management System. On exam day you’ll need to bring a current, government-issued ID with a photo and a print out of the “Summary of Your Submission” page that was generated when you scheduled the test.
You’ll have two and a half hours to complete the multiple choice exam. The results (either pass or fail) will be reported on your eAccessNY account after the exams have been graded.
After getting that coveted pass notification, you can apply for a broker license online through the eAccessNY system. Fill out the form completely, including information about the school that administered the required courses and your current broker if you’re an agent. You’ll also need to include New York sponsoring broker information if you’re applying to be an associate broker.
Along with the application, you’ll also have to pay the $155 nonrefundable application fee. The fee should be payable to the NY Department of State.
Once your application and fee are processed, you’ll soon receive your New York broker license, which is valid for two years before it has to be renewed!