Requirements
Due to the increased level of responsibility and higher degree of liability, a licensed Broker requires more education and qualifying real estate experience. Specifically, you must:
- Submit a completed application and the required fee to the Department of State.
- Prior to filing this application, all proposed business names must be submitted, in writing, to the Division of Licensing Services for approval. Upon approval of the name you wish to use, you must then file the appropriate document with either the respective County Clerk’s office or the NYS Department of State, Division of Corporations.
- Be 20 years old
- Have at least two years of experience as a licensed real estate salesperson or at least three years of experience in the general real estate field or a combination of both
- Meet the minimum points required for the experience type (e.g., buying and selling your own property, managing property owned by your employer)
- Have satisfactorily completed 152 hours of approved qualifying education. Please see our FAQs listed below for more information.
- Pass a qualifying examination administered by the Department of State.
- Have a current NYS photo driver’s license or non-driver ID card
- Photo ID Cards
The nonrefundable application fee for a real estate Broker license is $185. Once approved, the license will be effective for two years. You must complete 22.5 hours of continuing education credits, which must include a 3-hour approved Fair Housing course, within the two year licensing period in order to renew your Broker’s license.
Under reciprocity regulations, nonresident licensees who want New York licensure and who live in states that do not require Salespersons and Brokers to have an office in their state or pass their exam do not have to do so in New York. This arrangement is called reciprocity. New York currently has reciprocity agreements with nine states: Arkansas, Colorado, Connecticut, Georgia, Massachusetts, Mississippi, Oklahoma, Pennsylvania, and West Virginia. Applicants need current certification (dated within six months from the Real Estate Commission where the license was obtained). The completed application must include irrevocable consent form and the appropriate fee for the nonresident.
Types of Brokers Licenses
There are various types of Brokers Licenses you can apply for:
- Individual: licensed to do business using your own personal name only.
- Associate: licensed for your option to work under the name and supervision of another Broker who is licensed to do business as any of the other Broker’s license types.
- Trade Name: licensed to conduct business as a sole proprietorship in a name other than your personal name.
- Partnership: licensed to conduct business under a partnership name. Each partner must be licensed as a real estate Broker.
- Corporate: licensed to conduct business as a real estate Brokerage under a corporate name. Applicants must be an officer of said corporation prior to licensing.
- Limited Liability Company or Limited Liability Partnership: licensed to conduct business under the limited liability company or partnership name. Applicants must be a member or manager prior to licensing.
Understanding the Points System Used to Qualify for Your Broker’s License
The NYS DOS point system is used to evaluate qualifying levels of experience for licensure in a fair and consistent method. Each qualifying activity is assigned a point value that is multiplied by the number of transactions performed. For example, within residential sales, you can receive 250 points for selling a single family home, condo, or co-op. You can meet your minimum qualifying points through one type of category (i.e. residential sales) or via a variety of categories, such as combination of residential sales or rentals, and commercial sales or leasing.
You must complete 1 of the 3 experience requirements to the Broker’s License application:
- Licensed Real Estate Salesperson: minimum of 3,500 points AND you must have been licensed for a minimum period of 2 years
- Equivalent Experience in Real Estate: minimum of 5,250 points AND possess at least 3 years of experience in the real estate business equivalent to that of an active real estate salesperson
- Combined Experience: minimum of 5,250 points – based on combined experience in general real estate business (minimum of 3 years experience equivalent to that of an active real estate salesperson) AND licensed real estate salesperson experience
For Real Estate Salespeople licensed prior to July 1, 2008
30-Hour Remedial Course
To receive your Real Estate Broker’s license, you must satisfactorily completed 120-hours of NYS DOS approved qualifying education (see requirements section above).
Prior to July 1, 2008, the Real Estate Salesperson License required a 45-hour course. Now, those license holders must complete an additional 30-hour supplemental course in order to comply with the current law that requires a 75-hour course fulfillment BEFORE you register for your Broker’s License.
If you need to take this remedial course, you will need to submit the Real Estate 30-Hour Supplemental Course Approval Application to the NYS DOS 60 days prior to starting the remedial course. There is no fee for this application, and annual registration period runs from September 1st to August 31st. The 30-hour remedial course does qualify for continuing education credit for renewing your Real Estate Salesperson’s license, but you will still need to complete the required three hours of Fair Housing course.
