Are you someone who has an interest in starting a career in real estate in New York? Did you know that you need to complete a New York state real estate license course online? If this sounds like you, then you came to the right place!
The Big Apple is one of the most famous cities in the United States. Who wouldn’t want to find an excellent piece of real estate there? If you are ready to start your new career in real estate, you will want to continue reading below. This brief article will discuss how to take your pre-licensing course online and who you can contact for more information!
New York State Real Estate License Course Online
In the state of New York, you are required to complete a 75-hour pre-licensing course before you can sit for your state licensing exam.
Once you complete your course, you must pass your course final to receive your course completion certificate. Below are the following topics that you will need to learn to pass your course final.
The topics on the pre-licensing course exam are:
- Agency law
- Property management
- Commercial properties
- Land use regulations
- License law
- Contract law
- Real estate investments
- Real estate finance
- Environmental issues
After completing your courses, you will need to score 70% or higher on your exam to pass. Once you complete this exam, you will receive your certificate of completion, which you will need on hand before you can take your New York real estate exam.
New York Real Estate Prerequisites
Each state has its own set of pre-requisites that you must meet before starting your real estate career. Unlike most other states, in New York, you do not need to have a high school diploma or its equivalent.
New York real estate pre-requisites:
- You must be 18 years old
- Have a current New York photo ID
- No prior felonies
- No prior sex offensive convictions
If you meet these very simple requirements, you can start taking the steps you need to be a successful real estate agent in New York. If you have any prior convictions that you believe are false, you will need to reach out to the New York State Unified Court System.
Pass Your NY Salesperson License Exam
Before you can take your exam, you must submit a $15 application fee. You can schedule your real estate professionals exam via the eAcessNY portal. Through this portal, not only can you schedule your exam, but you can also review your exam schedule dates and access your results.
Just like your pre-licensing course, you must pass this licensing exam with a score of 70% or higher. You have 90 minutes to complete the exam in its entirety.
Once the exam is finished, you will not see a percentage as your result. Instead, you will receive a message that tells you if you failed or passed.
What to Bring to Your Exam
Before the day of your scheduled exam, you will need to prepare a few things. You will need to bring a copy of your “summary of submission,” which you can find through your eAccessNY portal.
This submission summary contains your exam information and candidate number, which the testing center needs to process your exam. You also need to bring a valid form of ID that matches the information you input when you scheduled your exam.
Different valid forms of ID:
- Driver’s license
- Military ID
- United States passport
- State-issued ID
- Employment authorization card
You can bring in any form of these IDs as long as they have a valid and current photo of yourself. You also can bring in a calculator to your testing location. Your calculator must be solar-powered, nonprinting, and silent, or else it will be confiscated from you.
What Not to Bring
When you show up at your testing location, the test proctor may provide you with a locker to put up your phone or any food or drinks that you brought with you. If you brought any reference material with you to study right before your exam, you would also need to put that away.
Make sure that if you have to bring someone with you, they can wait outside of the testing center. Only the test taker has access inside of the testing location.
Find a Sponsoring Broker
To become an active member of the real estate industry in New York, you will need to partner with an active New York managing broker. This broker will not only serve as your mentor, but they will also register you under their practice so you can serve as an active real estate salesperson.
When looking for a broker, there are a few things you should look for, such as if they are up to date with the latest rules and regulations. The last thing you want to do is to partner with a managing broker who is not up to date on the rules and regulations. You won’t be able to learn about these rules in the real world properly.
Other questions to consider during your sponsoring broker search:
- How is their reputation?
- How do they support their agents?
- What is the quality of their leads?
- What marketing material are agents provided with?
- Is there potential to grow?
- Are they up to date with their licensing?
Taking all of these questions into consideration will ensure that you are partnering with a responsible broker. Don’t be afraid to ask your potential managing broker any questions; they are there to help you!
Complete Your License Application
Once you have your sponsoring broker lined up, your course completion certificate on hand, and the results of your licensing exam, you can apply for your salesperson license! You have the option to either complete the application online, or you can mail in your materials.
If you plan on sending your application via mail, you will need to complete a credit card authorization form and submit it with all your other information. Before the state processes your application, you will need to undergo a background check.
You will need to submit electronic fingerprints for your background check. You have the option to go through IdenToGo to schedule and complete your fingerprint requirement.
NY Real Estate Continuing Education
In order for your license to remain active, you will need to complete 22.5 hours of continuing education. The company that provided you with your pre-licensing courses should also have a section for continuing education.
You will need to complete your continuing education before your renewal date. The renewal period for your real estate license comes around once every two years.
Make sure that three of your continuing education hours focus on fair housing and discrimination. Those courses are a requirement before you can renew your license.
The renewal fee is $55, and the state will notify you of your upcoming renewal at least 90 days before the due date. You can easily renew your license online. If you do not renew your license within two years of your renewal date, you will need to retake your licensing exam.
Real Estate License Overall Costs
Although New York is notoriously known for its high cost of living, the price to become a real estate agent in that state is not that bad. The overall cost to become an agent in New York is between $500 to $1000.
The price will vary based on who you decide to get your fingerprints through and who you choose for your New York state real estate license course online. Keep in mind that when you select your online pre-licensing courses, you will want to ensure that they received approval from the New York Real Estate Commission.
Not all courses offer you additional material to help prepare you for your exam. Some of these online courses only provide you with the essential coursework you need to meet the state requirement.
Do I Need E&O Insurance?
E&O insurance, also known as errors and omissions insurance, is a type of insurance coverage that protects you in the event that someone sues you and your business. For example, if you acted negligently during any step of the home buying process, a client may sue you for your negligence.
It is excellent to have this coverage if someone tries to claim that you are responsible. Even if the claim is not valid, the cost of any related legal fees can quickly add up.
In the state of New York, you do not need to carry E&O insurance. It may be in your best interest to purchase this coverage, especially since you are new to the real estate industry. You may make mistakes in your new career, so it is best to have the proper coverages in place to protect you.
Start Your Real Estate Career Now!
As mentioned earlier, you will need to complete a New York state real estate license course online before you can sit for your licensing exam. Not all online pre-licensing courses are the same.
Some will only provide you the bare minimum courses that you need to meet the state requirement, while others will provide you with everything you need to pass your state exam. If you are looking for an online pre-licensing course that encompasses everything you need to succeed in your new career, contact us now!
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