How To Become A Licensed Real Estate Broker In New York
With the housing market well on the way to complete recovery, many licensees are making the move to become a real estate broker in New York. After all, one of the benefits of a forming a career in real estate is the control it allows you in shaping your personal success. The step towards becoming a broker is the beginning of an exciting new chapter in the life of a real estate professional. There is no need to wait for a promotion. A real estate licensee is able to simply make the decision to sign up for broker training and the state exam. Once this decision has been made, it may be only a matter of weeks before you are working as a New York broker. Real estate sales associates in New York who are ready to take the next step in their real estate careers can begin the process of becoming a licensed real estate broker by completing the state’s requirements for licensure.
New York Real Estate License Requirements
Eligibility Requirements Whether you are considering becoming an “individual broker” or an “associate broker,” real estate licensees who are seeking their broker’s license in New York must successfully complete all of the state’s eligibility requirements for experience, education, and examination.
Experience Requirements The eligibility requirements state that an applicant applying for a broker’s license in New York state must be at least twenty years of age and have at least two years experience as a licensed real estate sales associate or three years of qualifying experience in the real estate field. The qualifying general real estate experience includes activities such as selling, buying, and managing your own property or the property of your employer.
Real Estate License Course New York If the all the requirements of experience have been met, a licensee may enroll in and complete the 45 hour broker course by an approved, qualifying facilitator. The 45 hour broker course and the 75 hour salesperson course together form the 120 hours of New York State education requirements that must be met for a real estate broker’s license to be granted.
Real Estate Broker Licensure Exam in New York After course completion, prospective real estate brokers in New York state must take a mandatory examination administered by the Department of State. Registration for the exam is available online at the website for the New York Department of State Division of Licensing. The test is a multiple-choice exam that covers all of the information included in the broker course and prelicensee training. The 90 minute examination requires that broker candidates score a minimum of 70 percent to gain their broker’s license in the state of New York.
Exam results will be posted online. Once a prospective broker passes the exam, they may fill out the application for a broker’s license. Broker applicants must completely fill out and mail the application forms along with the corresponding application fee. The application must be submitted within two years of the licensee’s qualifying examination. If a licensee fails to submit the application within the two year window following their exam, the results of the examination will be invalidated.
New York Real Estate License Reciprocity States Real estate licensees from other states may qualify for a broker’s license in New York without the completion of additional education or testing. Currently, the state of New York has reciprocity agreements in place with Connecticut, Georgia, Oklahoma, Pennsylvania and West Virginia. Brokers from the above listed states must be licensed within their own state in order to take advantage of New York’s reciprocity agreement. The prospective brokers must complete an application, proof of current certification from home state’s Real Estate Commission, and pay the New York state licensing fee. Those who are seeking a New York brokers license and are licensed in a state that is not listed above must complete all of the education and testing required for initial licensing.
Types Of Broker Licenses in New York: individual broker license & trade name brokers license New York state offers several types of broker’s licenses. Your real estate goals will decide the type of license that you will need to obtain. The license requirements vary depending upon the type of license being sought. If you intend to work for yourself or under your own name, rather than that of a brokerage, then you will need to get an individual broker license. However, if you will be working under a representative broker, then you may get an associate broker license. If you intend to work as the sole proprietor under a name that is not your personal name, you may need to get a trade name brokers license and will need to obtain a business license prior to submitting your application. Brokers who intend to work in a partnership may obtain a partnership or a limited partnership broker’s license.
Real Estate Broker Software
The Right Tools The most professional real estate workers often require software to efficiently sort through paper work. It has been pointed out that good software such as Brokermint can transform a real estate business for the better. Back office software should be able to create a consistent and manageable flow from lead generation to closing and accounting. It should be able to cross integrate with Contact Management systems (CRM), MLS and Accounting Packages. The main goal of this type of software is to help real estate experts save time managing day-to-day operations, get instant visibility on production data and remain in compliance with regulations.
Software like Brokermint perfectly fits for small companies that recently started their real estate business.
There are other tools that are useful to real estate agents. Having a strong social media presence through sites such as Facebook or LinkedIn can come in very handy in attracting potential customers. Also consider using Zillow and Trulia. These websites help track information on available real estate properties in local areas. Be sure to familiarize yourself with the kinds of tools that real estate brokers need to work in the field. It is a necessity to feel prepared in this business.
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