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Updated September 26, 2023 Fact checked by Fact checked by Yarilet PerezYarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.
Whether you want to be a real estate agent or broker, if you want to buy and sell real estate in New York, you’ll need a license. You’ll also have to be at least 18 years old to become an agent and 20 years old to become a broker, complete specific real estate coursework, pass an exam (or two, depending on the license), and undergo a criminal background check.
Which license is right for you? The difference between a real estate agent and a real estate broker is largely based on years of experience and education. For one, an agent must work under a licensed broker, whereas brokers can work for themselves and/or hire agents to work for them. Becoming a broker in New York also requires completing additional coursework and working a minimum of two years as an agent.
There are two types of licenses in New York, so the requirements will vary depending on the license. A New York real estate agent (known as a “salesperson”), for example, is authorized to handle real estate transactions but must work under a licensed broker. On the other hand, a broker is able to own their own company and hire other agents to work for them.
Agent license requirements:
Broker license requirements:
From start to finish, it’s estimated to take roughly three to six months to become a real estate agent at the salesperson level in New York. For a broker, the road may be a little longer due to the additional requirements: completing 152 hours of real estate coursework (instead of the 77 hours required to become an agent), as well as having worked two years as an agent or three years in the general real estate field. New York real estate agents are among the highest paid in the nation, making an average annual salary of $93,951.
Becoming a real estate professional in New York isn’t prohibitively expensive. When all is said and done, an aspiring agent will spend around $500 to $1,000 to get their license, while a broker can expect to pay around $950 to $1,450.
Here is how these costs break down:
Note that there may be other miscellaneous fees for association memberships, office space, other training, and requesting exceptions from certain requirements.
New York no longer has reciprocity agreements with other states as of Feb. 1, 2023. To renew a real estate license in NY, individuals will have to complete the 22.5 hours of mandatory education. These hours will consist of a breakdown of specific topics and how many hours each topic will require. Education waivers may be obtained by showing proof of an equivalent level of schooling as well as being sponsored by a broker in their home state that has a New York license.
You can apply for a New York real estate license online or by mail. You can easily access the online option through New York’s eAccessNY License Management System. Regardless of whether you submit a paper application or use the online option, you will still need to create an eAccessNY account to schedule your exam.
While most applicants wait until completing their coursework to schedule the exam, you can schedule it anytime. However, even if you do and pass it, you still must finish all the required coursework before you can get your active license.
Through your eAccessNY account, you will have the opportunity to choose from 11 official exam sites throughout New York State. Everything you need to know, including your confirmation and exam results, can be accessed through the online portal.
The agent exam is multiple choice, and test takers are given 90 minutes to complete it. The exam is also offered in four additional languages: Spanish, Korean, Russian, and Chinese. The broker exam, also multiple-choice, takes two-and-a-half hours, as it covers more coursework.
Exam results are issued as pass/fail and will be posted to your eAccessNY account as soon as they’re available. If you pass, your test results are valid for two years. If you fail, you can retake the exam (with additional fees).
Once you have successfully completed the required coursework and passed the exam, you can officially apply for your license either by mail or online via your eAccessNY account. Note that agents must have a sponsoring broker listed on their application before they can be granted a license.
All New York real estate licenses are good for two years and must be renewed online. The state will notify you approximately 90 days before your renewal date.
Renewal fees will run $65 for an agent, while a broker license renewal will cost $185. If your license has expired, you have up to two years to renew before having to retake the exam.
New York real estate agents who are renewing their licenses must complete 22.5 hours of approved continuing education coursework within the two years prior to renewal, including three hours focused on fair housing and/or discrimination. Brokers face the same requirements.
New York has a number of statutes and regulations that govern real estate agents and brokers, and aim to protect the public from any nefarious activity, all of which are contained in a 48-page document.
There are also specific property and real estate laws that every agent and broker should know, including homestead laws that protect small property owners, and lease and rental agreement laws that include specific rent control regulations.
It takes between three to six months to become a real estate agent in New York. The pre-licensing instruction is one of the most time-consuming parts of the process.
First-year real estate agents in New York make an average salary of $89,370 a year, which comes out to $7,447.5 a month.
You can take the real estate exam in NY as many times as you would like until you pass. You will have to sign up for a new exam and pay the fee every time you decide to take the exam again.
Getting your real estate license in any state requires time, money, and commitment. Each state comes with its own requirements, which typically include an age limit, work experience, coursework, and the need to pass an exam. New York, particularly New York City, has some of the priciest real estate in the world, allowing real estate agents and brokers to be paid handsomely in such a profession.