In order to get your real estate license there
are 4 steps you need to take
1) Take a State approved 75 hour Pre Licensing Course
2) Pass the school’s final exam
3) Pass the State exam
4) Find a sponsoring broker and complete the New York State real estate license
application
So now we will focus on the 1st step. While in the next 3 following steps we
will focus on taking the School and State exams and completing your license
application.
Step #1
Take State Approved 75-hour Real Estate Pre Licensing Course
The Pre Licensing Courses are offered in 2 ways:
In person and online
In Person Course
How to Become a Real Estate Agent in New York - Classroom
You can take the course in-person at a local real estate school.
An in-person course is typically around 20 individual class sessions, each of
which is around 3.5 – 4 hours long. In the best case scenario, the course can be
completed in 10 days, if you take 2 class sessions per day for 10 consecutive
days.
In-person courses allow you to interact with the instructors and meet other
students face-to-face.
The downside, however, is that these courses tend to take much longer to
complete and are more expensive.
The average course completion time is around 8 weeks, since you are usually
bound to whatever schedule the school offers for the individual class sessions.
The cost can vary from $275 – $465.
And the State requires a textbook to accompany the course, which may cost an
additional $35 – $50.
Online Course
How to Become a Real Estate Agent in New York - Online
The alternative to an in-person course is to take the required 75-hour course
online.
All online real estate courses must be approved by the State and a 3rd party
reviewer called Arello, who are responsible for ensuring the technology used in
the online course is up to standard.
The online course option allows you to take the course on your own time and at
your own pace.
The course consists of lessons, after which you must complete a quiz before
being able to move on the in the course.
Most online courses are made up of text-based lessons. The student must read the
course content a few paragraphs at a time and then take a quiz to ensure they
understand the material.
There are 2 major benefits to taking the required 75-hour course online
#1: You can take the course at your own pace, which means you can complete the
course in as early as 1 week if you choose.
#2: Online courses are typically cheaper. You can find online courses anywhere
from $99 – $200 or $250.
Step #2:
Pass School’s Final Exam
The State requires that you take a proctored exam after completing the 75-hour
course. This is the real estate school exam.
Once you complete the State approved course, there are three additional steps
you need to take in order to get your license.
First – you must pass the Real Estate School NYC exam (the school’s final exam)
and earn your Certificate of Completion for the course.
Second - you must register and pass the New York State exam.
Third - you must find a sponsoring broker and complete the new york state real
estate license application.
In this step we will focus on passing the school’s final exam.
NOTE: Most schools write their final exam to mimic the State exam, meaning their
exam is 75 questions, multiple choice, has a 90 minute time limit and a passing
grade of 70%.
Also, most school exams are actually harder to pass than the State exam. The
reason being is schools want to be sure their students are ready and able to
pass the State exam on the first try.
IN CLASS COURSE
If you took your 75-hour course in-person at a local real estate school, you
will take the proctored final exam at the school itself.
Typically the school will offer the final exam once or twice a week at a
particular time.
ONLINE COURSE
If you took the 75-hour course online, the online school will have a list of
proctoring locations from which you can call and schedule your final exam.
Certificate of Completion
How to Become a Real Estate Agent in New York - Certificate of Completion
Once you pass the school’s final exam, you will get a certificate of completion
from the school similar with this one.
If you took the course in-person, you will most likely receive your certificate
of completion in the mail a few days later. If you took the course online, you
may either receive the certificate of completion in the mail, or by email, or
both.
Once you pass the school exam and receive your certificate of completion, you
will be eligible to register for the New York State exam.
Now is an excellent time to get your license. There are over 1.5 million people
in New York State who are looking to rent or buy a property at any given moment.
Step #3:
Pass the NY State Exam
The State requires that you schedule your NYS Real Estate Exam online using
their ‘Occupational Licensing Management System’, known as eAccessNY.
Here is what you need to know about the NYS real estate exam
The State exam is a written based exam, which is based on the curriculum from
the 75-hour real estate salesperson course.
It consists of 75 multiple choice questions,
Passing grade of 70%.
You must complete the exam within 90 minutes.
eAccessNY
How to Become a Real Estate Agent in New York - eAccessNY
You must first setup your free account on eAccessNY.
Once your account is setup, you are ready to schedule your NYS Real Estate Exam.
The exam costs $15 per attempt and you can take the exam as many times as needed
until you pass.
We recommend you schedule your exam at least 2 weeks out in New York City and 1
week out for the rest of New York, in order to ensure you get the time slot and
location you want.
What to bring with you at the exam:
How to Become a Real Estate Agent in New York - Pass State Exam
1. Valid form of a government issued ID
2. Print out of your ‘Summary of Submission’, which you will receive when you
schedule your NYS Real Estate exam on eAccessNY.
3. Calculator
Here is a full list of what you need to bring with you at the State Exam.
The State will post the results of your NYS Real Estate Exam on your eAccessNY
account.
Important Tip
Here is one important tip we recommend all students do in order to drastically
increase their chances of passing the State exam.
#1: You must be familiar with the key terms listed in your course glossary.
#2: We recommend you read the glossary twice before taking the NYS Real Estate
Exam.
Now, you don’t have to memorize the key terms, but you should have a rough
understanding of what each term means.
If you can do this, you will have an excellent chance of passing.
Step #4:
Find a Sponsoring Broker and Finalize the Application
In order to start selling or renting real estate, the State requires that you be
sponsored by a licensed broker. Once you complete the State exam, you are only
one step away from getting your real estate license and starting a rewarding
career as a real estate salesperson. In this step we will discuss how to choose
a sponsoring broker and complete your New York State Real Estate Salesperson
Application. Here are the types of brokers you can work under.
Residential Rentals
How to Become a Real Estate Agent in New York - Bedroom
Rentals are an excellent way to get started as a salesperson. The reason being
is rentals are less complicated than a home sale and you can close the deal much
faster. By starting with rentals, you can earn your first commission in less
than a month.
Residential Sales
How to Become a Real Estate Agent in New York - Living room
Residential sales require more work and time than rentals but the commissions
are typically much higher.
It’s very common for a broker to do both sales and rentals in-house.
Commercial Sales
How to Become a Real Estate Agent in New York - Commercial Sales
Commercial sales include any residential real estate greater than 4 units, which
are commonly known as apartment buildings or multi-family properties. These
types of sales are more specialized than single family home sales and require
more experience, however, the commissions commonly exceed $100,000 per deal.
Commercial Leases
How to Become a Real Estate Agent in New York - Commercial Leases
Commercial leases includes the renting of office and retail space. Like
commercial sales, these types of deals require more time and experience but the
commissions can be very high.
Commission Split
You should also be aware of how commissions are split between the broker and
salesperson.
The standard sales commission in New York State is 6%.
In many deals, you will see the 6% commission split 50/50 between the buyer’s
broker and the seller’s broker.
You as the salesperson will then split the remaining commission with your
sponsoring broker.
However, the percentage you split with your broker depends on the agreement you
have with the broker.
How to Become a Real Estate Agent in New York - Commission Split
50/50
Commissions may be split 50/50 between the salesperson and broker, but some
brokers may start you off at a 40/60 split and allow you to gradually earn a
higher percentage after closing a certain number of deals.
70/30
Other brokers may give you a 70/30 split from the beginning as an incentive to
work under them.
100%
There are even brokers who offer 100% commissions, meaning they don’t take a
percentage of your deals, but require you to pay a monthly fee to work under
them.
Ultimately you need to find a broker that aligns with your goals as a
salesperson. The key is to work under a broker who will provide you with the
resources you need to succeed and will mentor you along the way.
Once you find your sponsoring broker, you are now ready to complete your real
estate salesperson application.
You can complete the application online using your eAccessNY account:
Simply log-in, enter the license number of your sponsoring broker
Enter in your required personal information
Enter in the name of the school where you completed your 75-hour real estate
salesperson course
Pay the application fee of $50 using a credit card
And click submit
Your sponsoring broker must then log into their eAccessNY account and authorize
your application.
Congratulations!
You are now officially a real estate salesperson
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