Let’s face it, the job market has been a little challenging lately. Maybe the job you are doing right now doesn’t pay very much. It could be that you are just looking for more of an ownership or management role. Maybe you are already a real estate agent and you are looking to grow your career. Or, you may just be looking for a new career altogether. Becoming a real estate broker may be exactly what you are looking for.
Choosing to become a real estate broker offers a lot of opportunities to make more money and be in charge of your own life. Real estate brokers are just like other small business owners in a lot of ways. They can have employees. They can open offices. They can even set their own hours. But first, there are some qualification to becoming a broker.
To licensed and become a real estate broker as required by NYS DOS, an applicant must have satisfactorily completed 120 hours of NYS DOS/DLS approved qualifying education by:
- 75-hour qualifying salesperson course and additional 45-hour broker course OR
- 45-hour salesperson course (completed prior to 07/01/08), 30 hour remedial course and 45 hour broker course.
You must also have at least two years of experience as a licensed real estate salesperson. Alternatively, having at least three years of experience in the general real estate field (e.g., buying and selling your own property, managing property owned by your employer) is also acceptable. You must then have passed a qualifying examination administered by the Department of State. Once all these requirements are successfully completed, you can then apply for your broker license and become a real estate broker. The application fee is $150. In addition, you must be minimum of 20 years of age, report any past or pending felonies and/or misdemeanors, and be current with child support if applicable.
There are a few exceptions to the requirements to become a real estate broker and obtain your license in New York State:
- If you possess a Bachelor’s Degree with a concentration in real estate, you may qualify for a 120-hour qualifying course requirement waiver;
- Attorneys who are currently admitted to the New York State bar are exempt from the educational, experience and examination requirements; and
- If you are currently licensed as a real estate broker in a state with which New York has an agreement, you may apply for a New York State real estate broker license based on reciprocity.
45-Hour Broker Course
As a licensed real estate salesperson, you will need to complete the additional 45-hour classes in order to take the NYS DOS exam and apply for your broker’s license. Classes include:
- Broker’s office operation, management and supervision
- Real estate finance II
- Real estate investments
- Construction & development
Since part of a real estate broker’s job is to manage the office, file all the necessary paperwork required on sales and listings, work with the Multiple Listing Service(s), and assuming responsibilities for any fees or fines, it is important to understand your responsibilities. These classes provide key skills as management and understanding taxes, antitrust laws, current regulations, etc. just to name a few of the many important topics.
You will have responsibilities to the state, to your customers, and to your employees. Learning the laws that will affect you as a broker is an important part of the course. And, because you will be working with all types of inspectors, appraisers, lenders, investors, builders, government agencies, buyers and sellers, it is important to learn the words they use. Once you have completed the required course you will need to take the state test.
Next Steps After You Become A Real Estate Broker
After you finish school, pass your test, and successfully become a real estate broker by receiving your license from the State of New York (congratulations!), you will be able to work for a companies, such as corporations, other brokerages, developers and builders, as a licensed broker.
National real estate companies have local, licensed brokers who work for them. Franchise companies are generally operated by brokers. Many real estate brokers choose to open real estate brokerage in their own name – they are commonly referred to as Independent Brokerages. They have the
option to work on their own or expand by hiring additional agents and holding their licenses.
Now that you have become a real estate broker, an important thing to remember is maintaining your continuing education requirements. New York State mandates all licensed brokers must complete 22.5 hours of Continuing Education (CE) within the two-year period immediately preceding a renewal in order to qualify for a license renewal. You will need to renew your license every two years. For more info on continuing education or to browse a list of
CE classes, please visit the CE section.
Please contact REEDC for questions about our Real Estate Broker course packages, or visit our Broker Licensing Course page for more information about licensing, packages, schedules and resources. Also, please speak with our career advisers at 800-547-6020 if you have specific questions or need more information.