As a real estate agent, making a move is usually much tougher on you than it is for your clients. Real estate is a hyper-local business. You’ve got to know your local market inside and out.
You’ve got to build up a network of people in your area. You’ve got to nurture relationships with hometown lenders, title companies, and inspectors.
Oh, and you’ve got to have licensure specific to your state. While moving to a new state isn’t easy, moving your real estate license to New York may be easier than you think thanks to reciprocity and portability.
What is reciprocity? Reciprocity is when a state allows a person licensed in another state to transfer their license without retaking the licensing exam. If you’re from a state that New York has reciprocity with, you don’t have to retake your pre-licensing education to get a real estate license in New York.
The state of New York currently has reciprocity agreements with nine states:
If your state isn’t on that list, it means you’ll have to do all the things a non-licensed person has to do to get a New York real estate license:
You may be able to bypass the pre-licensing education requirement if you have the equivalent level of schooling from an accredited college or recognized real estate school.
If you’re looking to get a broker license in New York (and you’re coming from a state that doesn’t have reciprocity), there are even more steps. First, you need to be sure you have the experience to qualify.
You must have been:
You’ll also need to complete the 77-hour salesperson pre-licensing course plus an additional 45-hour broker education course.
You’ll also need to pay the application and exam fee and pass the state broker exam.
Even if your state has a reciprocity agreement with New York, that doesn’t mean you can move right in and start negotiating deals. To officially transfer your license, you’ll need to:
Also, don’t forget to keep up with your continuing education hours so you can renew your New York real estate license when necessary.
Don’t want to re-do all your pre-licensing education? There’s another way to work as an agent or broker in New York with an out-of-state license. It’s known as “portability.”
Portability is a set of laws that establish when an agent or broker can represent clients and handle transactions in a state where they don’t hold a license. Each state has different rules for portability.
In New York, out-of-state agents and brokers can be a part of a real estate deal and collect a commission so long as they conduct all of their business within the state where they’re licensed. You can do everything remotely for your clients, but the second you step inside the state boundaries of New York, all real estate activity has to stop.
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