When buying or selling a home, it’s important to find an agent with the right credentials. Working with a licensed real estate agent can spell the difference between a successful transaction and a failed one.
Before you start your real estate journey, here’s everything you need to know about real estate licenses in New York:
What is a New York real estate license?
Only those with a New York real estate license are allowed to represent buyers and sellers during a transaction. Article 12-A of the Real Property Law states that licensed agents can, for a fee, negotiate a sale, exchange, rent out real estate, and collect rent.
There are two types of real estate licenses:
- Real estate salesperson license authorizes someone to become a representative to a seller or buyer during a transaction
- Real estate broker license allows a person to supervise and conduct a real estate brokerage business, like negotiate commercial loans.
How do you get a New York real estate license?
To get a real estate salesperson license, the following are required:
- Complete a 75-hour salesperson qualifying education course in real estate
- Schedule the license exam through the Department of State Division of Licensing Services
- Pass the New York real estate license exam, with a minimum grade of 70%
- Find a sponsoring real estate broker
- Apply for a New York real estate salesperson license by submitting this form or accomplishing it online
For real estate broker licenses, you need to:
- Be a licensed real estate salesperson for at least two years, have at least three years of experience in real estate, or a combination of both
- Finish 75 hours of the qualifying salesperson course
- Complete a 45-hour real estate broker course by the Secretary of State
- Pass the Department of State qualifying examination.
Also, persons must be at least 18 years old and a citizen of the US to apply for any type of license.
How do you renew a New York real estate license?
A real estate license is valid for two years and must be renewed before it expires. The renewal process involves completing 22.5 hours of continuing education. The following must also be accomplished:
- Three hours of instruction about fair housing and discrimination in the sale or rental of real property
- One hour of instruction about the law of agency
- Two hours of agency-related instruction
Reasons to hire a licensed New York Real estate agent
As you can see, the road to becoming and staying a real estate agent requires constant education and practice. Their training makes it an easy choice for buyers and sellers to hire agents to handle their transactions.
Still not convinced? Here’s a quick list of the benefits of hiring a Realtor:
- Expert guidance
Real estate transactions involve a lot of research, paperwork, and industry jargon can easily overwhelm a first-time property buyer or seller. A real estate agent will help you through the transaction process. Their knowledge and expertise will make your buying or selling journey a lot easier.
- Local market knowledge
Every neighborhood has its own market trend. A capable local Realtor will save you the trouble of looking up the information on these communities yourself. You’ll have an expert with up-to-date market information that will inform your best course of action.
- Industry connections
Experienced real estate agents will have a network of reliable industry professionals they can call whenever the need arises. This includes contractors, home inspectors, home stagers, real estate lawyers, and the like to assist in your property sale or purchase.
- Provides another perspective
Buying or selling property can be an emotionally taxing experience. This is especially true for buyers or sellers of residential single-family homes. To ensure that you’re getting the best deal possible, a real estate agent is there to put things in perspective and help you with objective assessments.
- Guidance during negotiations
Real estate agents are there to help you get the most out of your real estate experience. They’ll represent you during negotiations and make sure your contingencies are met.
Looking for a licensed Long Island, NY realtor? Get in touch with me, Alexander Meskouris. I’ve helped countless buyers and sellers achieve their real estate goals. Start your real estate journey with me today! Contact 917.741.4296 or email info(at)alexandermeskouris(dotted)com to schedule a consultation.