Working as a real estate broker in New York can be an exciting and rewarding job. It is the next step up in position from working as an agent, and there are multiple benefits that come with obtaining your broker’s license. For individuals that are wondering how to be a real estate broker in New York, there are specific requirements that need to be met that differ slightly from the requirements needed to work as a real estate agent or salesperson.
Specific Requirements Needed For Real Estate Brokers
In order to learn how to be a real estate broker in New York you must meet certain requirements. Applicants must be at least 20 years of age, be a US Citizen or an alien admitted by law for permanent residence. They must also have at least two years full time experience as a licensed real estate sales person (active) or three years years full time experience working in the real estate field.
Applicants must also complete 120 hours of real estate courses before moving on to the real estate exams that test the knowledge of how to be a real estate broker in New York. Individuals that have a college degree with a major in real estate are allowed to apply for an education requirement waiver. Additionally, attorneys that are active members of the New York State Bar are exempt from both the work experience and training requirements. Applicants may also be allowed to apply for a combination of both requirements.
New York Real Estate Broker Categories
There are five different types of broker licenses for the state of New York. For Individual licenses and Associate licenses, the license is in the name of the individual that applied for and received the license, and for Partnership, Limited Partnership, Trade Name and Corporate licenses, the license is either in the name of the partnership or corporation. When learning how to be a real estate broker, its important to know which type of broker is a fit for the applicant.
After completing the education and work requirements that are needed to become a broker, applicants must apply for their license within two years of completion. Failure to apply within this time frame will invalidate the test results, and the potential real estate broker will have to start the process over again.
Getting Started as a New York Real Estate Broker
Once an applicant has successfully learned how to be a real estate broker by completing the education and work requirements, and has passing their broker’s exam and obtaining their license, they can begin their career as a broker. The average salary for a New York real estate broker is around $120,000, but it will all depend on individual experience. Experienced brokers that have consistent sales can easily exceed this amount, and depending on the state of the real estate market, brokers may only earn a portion of the average salary. The National Association of Real Estate Brokers (NAREB) is a helpful source that is known to assist brokers in locating work in their specific areas, and joining organizations like the New York State Association of Realtors is another way to meet important contacts and enhance a broker’s career.
Taking the proper steps and learning exactly how to be a real estate broker, New York will allow for an easy transition from agent to broker. Real estate is big business in New York, and the potential earnings for a broker are quite high. By following the guidelines, completing education and license requirements, and networking, a career as a real estate broker can prove to be quite satisfying and very rewarding.