How to Become a Real Estate Agent in New York

The New York Department of State, Division of Licensing is in charge of licensing a real estate agent in New York. You must meet various requirements before applying for the license including completing the required classes at an approved real estate school.

New York currently has reciprocity agreements with the following states: Arkansas, Colorado, Connecticut, Georgia, Massachusetts, Mississippi, Nebraska, Oklahoma, Pennsylvania and West Virginia. You can get more information by calling Division of Licensing at (518) 474-4429


Here's what you need to know to become a real estate agent in New York:
1) Licensing Requirements
2) License Renewal and Continuing Education Requirements
3) What is a REALTOR®?
4) Income Potential
5) Real Estate Schools


How to Become a Real Estate Agent in New York

1) Real Estate Agent Licensing Requirements in New York
You MUST be licensed by the New York Department of State, Division of Licensing in order to be a real estate agent in New York.

To obtain your New York real estate agent's license so that you can practice as a real estate agent in New York, you must:

i) Satisfy the minimum requirements requirements to apply for the real estate license:

 

ii) Have the Certification of Satisfactory Completion section of the license application completed by the real estate school.

iii) Register, Take and pass the New York salesperson exam. The exam is 1 hours long. There is a $15 exam fee. To pass, you'll need to answer at least 70% correctly.

iv) Complete and submit application for real estate license to theNew York Department of State, Division of Licensing along with:

 

2) License Renewal and Continuing Education Requirements

The New York real estate license is valid for 2 years. To continue practicing as a real estate agent in New York, license renewal fees and continuing education must be completed within that 2 year period.

The continuing education requirement is 22.5 hours. There is a renewal fee of $50.

 

3) What is a REALTOR®?

A real estate agent is a REALTOR® when he or she pays an annual fee to be a member of the National Association of REALTORS® and subscribe to its Code of Ethics.

The agent generally join through the local board or association.

For example, in Manhattan, NY, once you have obtain your real estate license, you may pay a fee to join the MANHATTAN ASSOCIATION OF REALTORS®.

Joining these local boards makes you a member of the New York State Association of REALTORS® and the National Association of REALTORS®.

All REALTORS® are real estate agents but not all real estate agents are REALTORS®.

 


4) Income Potential
Real estate agents are generally paid based on a percentage of the sales price. The seller may pay 4 to 7% of the sales price as the fee and that will usually be split 50/50 between the seller and buyer's broker.

In New York state, the March 2005 median home price is approximately $278,000. Assume that the fee is 6%, the buyer's and seller's broker is each paid 3% or $8340.

This fee is then split further between the broker and agent. Generally, for starting agents, the split is 50/50. So in this case, the agent will end up receiving $4170 for the transaction.

There is no limit as to how much an agent can make in a year - the sky's the limit.

Based on New York's median home price and the above example, a real estate agent in New York can make about $41,700/year by selling 10 houses a year. By selling one house per week, the real estate agent in New York will have a salary of $216,840.


5) Real Estate Schools

The first step to becoming a real estate agent in New York is to take the required classes at an approved real estate school. School status may change so it is best to call the Division of Licensing at (518) 474-4429 prior to signing up for a class.

Below are some real estate schools in New York that are currently approved by the New York Division of Licensing:

Real Estate Schools in New York, NY:

 

ACADEMY FOR CONTINUING EDUCATION CAREER CENTER INC NEW YORK REAL ESTATE INSTITUTE
666 FIFTH AVENUE STE 118 185 MADISON AVENUE 13TH FLOOR 132 WEST 36TH STREET 2ND FLOOR
NEW YORK, NY 10103 NEW YORK, NY 10016 NEW YORK, NY 10018
212-262-2662 (212) 684-5151 (212) 967-7508

 

Real Estate Schools in Brooklyn, NY:

ALL BOROUGH REAL ESTATE TRAINING CENTER ASA INSTITUTE BROOKLYN SCHOOL OF REAL ESTATE INC
8519 4th AVENUE 151 LAWRENCE STREET 157 KINGS HIGHWAY, 2ND FLOOR
BROOKLYN, NY 11209 BROOKLYN, NY 11201 BROOKLYN, NY 11223
(718) 833-8050 (718) 534-0758 (718) 621-7000

Real Estate Schools in Syracuse, NY:

PROFESSIONAL CAREER CENTER INC LEARNING LINK GREATER SYRACUSE ASSOC OF REALTORS
6443 RIDINGS ROAD STE 108 212 WILSHIRE ROAD 1020 7TH NORTH ST, STE 140
SYRACUSE, NY 13206-1111 SYRACUSE, NY 13209 WILLWOOD PARK
(315) 432-1045 (315) 488-3770 LIVERPOOL , NY 13088
  (315) 457-5979

 

Real Estate Schools in Rochester and Albany, NY:

GREATER ROCHESTER ASSOC OF REALTORS KNOWLEDGE NETWORK MANFRED REAL ESTATE LEARNING CTR
930 EAST AVENUE 1510 CENTRAL AVENUE 16 COMPUTER DRIVE WEST
ROCHESTER, NY 14607 ALBANY, NY 12205 ALBANY , NY 12205
(585) 292-5000 (518) 452-2675 (518) 489-1682

 

Also check out information on how to become a real estate appraiser in New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read about other real estate careers in New York:

 

 

 

 

 

 

 

 

  Read some of the best real estate books out there to prepare yourself for your new career: