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Are you working on getting your real estate license in New York? You can take the real estate continuing education courses and pass the state licensing exam, but you’ll need a sponsoring broker to get a license.
Learn what a New York sponsoring broker is, what they do and how you can become one.
A sponsoring broker is a licensed broker in the state of New York who employees agents and associate brokers. However, it’s not employed in the traditional sense of the word. Agents enter into a contract with their sponsoring broker in which they agree to split the commission on all sales the agent handles. The agent then becomes part of the broker’s brokerage.
Without a sponsoring broker, you can’t get an active salesperson license in New York or renew your existing license.
Long story short, a sponsoring broker is responsible for the agents they sponsor and running the day-to-day operations of their brokerage. They’re also responsible for:
Brokers are held to a high standard because they’re seen as experienced professionals who understand the real estate industry. They have to be careful to supervise their agents’ activity since they’ll get in just as much hot water if an agent violates the state rules and regulations.
The first step to becoming a sponsoring broker is to get a New York real estate broker’s license. To do that you have to:
Once you become a broker you can then become a salesperson’s or associate broker’s sponsoring broker. All it takes is authorizing their initial application or performing a change of association in your account on the eAccessNY system.