How to Become a Real Estate Broker in New York

Have you considered becoming a real estate broker? This could be your moment to take charge, lead teams, and significantly increase your earning potential.

This guide provides a clear roadmap to obtain your broker’s license in New York, complete with key details on the process, costs, and benefits. Let’s take your career to new heights!

Steps to Become a Real Estate Broker in New York

If you're ready to make the switch from salesperson to broker, here’s a quick overview of the process:

1. Meet the eligibility requirements
2. Complete the additional education
3. Gain the required experience points
4. Pass the New York State Real Estate Broker exam
5. Submit your broker license application and fee

Each of these steps has specific requirements, so let’s break them down one by one.

1. Confirm You Meet the Eligibility Requirements

As a licensed real estate salesperson in New York, you’re already familiar with some of the basic eligibility requirements. 

However, stepping up to become a broker comes with a few additional qualifications.

To be eligible, you must:

• Be at least 20 years old
• Be a U.S. citizen or permanent resident
• Hold a valid New York State real estate salesperson license

You’ll also need to pass a background check, which requires maintaining a clean record.

2. Complete the Required Education

To upgrade your real estate salesperson license, you must complete an additional 75 hours of broker-specific pre-licensing study. 

Your knowledge of the industry will grow as a result of this training, which will also get you ready for all of the obligations of a broker.

Topics covered include:

• Real estate finance
• Construction and development
• Taxes and assessment
• Real property investment
• Additional topics to prepare for a successful broker career

To meet this requirement, enroll in an accredited broker education program. We partnered with Kaplan to provide exceptional real estate courses to New York students. 

Sign up through US Realty Training and get a discount.

3. Gain the Required Experience Points as a Real Estate Agent

Meeting the state’s experience requirements is essential to becoming a broker. In addition to the timeframe, New York requires accumulating 3,500 points through qualifying real estate transactions.

Points are calculated based on the type and complexity of the transaction, such as:

• Residential Sales: 250 points per sale
• Commercial Sales: 400 points per sale
• Leasing Transactions: 25 to 100 points per lease, depending on lease specifics

Property Management: Points vary based on property size and the scope of management responsibilities.

Careful documentation of your transactions is critical. 

These records will be submitted as part of your application, ensuring your experience aligns with the state's requirements.

For more details about these requirements and how to document your experience, refer to official resources such as the New York Department of State and trusted real estate licensing guides.

4. Pass the New York State Real Estate Broker Exam

After completing the broker’s education and meeting the experience requirements, the next step is passing the New York State real estate broker exam. 

This exam evaluates your knowledge and readiness to take on the responsibilities of a licensed broker. Here’s what to expect:

• The exam consists of 100 multiple-choice questions.
• Candidates are allotted 2.5 hours (150 minutes) to complete it.
• A passing score of 70% or higher is required.

We provide a New York real estate crash course and exam prep package to make studying and passing easy. This program provides 8+ hours of video content that explains concepts, vocabulary, historical events, and laws on the exam.

You get unlimited practice exams, vocab flashcards, an eBook study guide, and 2,000+ question and answer videos.

5. Submit Your Broker License Application and Fee

Once you’ve passed the broker exam, your final step is to complete the application process for your license. Apply online through the eAccessNY portal, the New York State Department of State’s online licensing system.

You must submit the following:

• Complete the Broker Application Form by filling out all required fields accurately.
• Proof of completion for the 75-hour broker education course
• Documentation of your qualifying experience (at least 3,500 points)
• Exam results indicating a passing score

The application fee is currently $185, payable online through eAccessNY.

After submission, your application will undergo a review process, which typically takes a few weeks. Once approved, you’ll officially hold your New York State license and can start practicing as a broker.

FAQs about Becoming a Real Estate Broker in New York

Moving up to a broker license is an exciting opportunity, but it comes with a few unknowns. These FAQs address common questions to guide you.

Should You Become a Real Estate Broker in New York?

Becoming a broker empowers you to establish your own business, oversee other realtors, and increase your earning potential through more commissions.

Moreover, a broker license enhances your professional reputation and expertise, enabling you to attract elite clients and negotiate larger, more complex transactions. 

If your goal is to grow your business and take on a leadership role in the real estate industry, upgrading to a broker license is a strategic and rewarding step forward.

How Fast Can You Get a Broker’s License?

The timeline for obtaining a broker’s license can vary based on how quickly you complete each requirement. Here’s a general timeline:

• 1-2 Months: Complete the 75-hour broker education course (duration may vary based on class format and schedule).
• 1-2 Weeks: Prepare for and pass the New York State Real Estate Broker Exam.
• 2-4 Weeks: Submit your application and await approval from the New York State Department of State.

Approximately 3-4 months, depending on the pace of course completion and application processing.

How Much Do Real Estate Brokers Make?

With an average annual total pay of $306,152, real estate brokers in New York City have some of the highest earning potential in the market. 

The typical pay range falls between $230,000 and $429,000, reflecting the high rewards of this career in such a competitive market. Becoming a broker in New York City offers both financial success and career growth.

How Much Does a Real Estate Broker’s License Cost?

Getting your broker’s license involves several costs. Here’s a general breakdown:

• Broker course tuition (for 45 additional hours): $200-$500
• Exam fee: $15
• License application fee: $185 

Total estimated cost: $370-$670, depending on the program you choose.

What’s the Difference Between Real Estate Brokers and Agents?

You will have more freedom and responsibility as a licensed broker than a salesman. A salesperson supports clients in purchasing, selling, and renting properties under the supervision of a broker, whereas a broker has the authority to work on their own or supervise a team of agents.

In addition to managing more complicated real estate transactions, brokers frequently play a larger role in business management, regulatory compliance, and strategic decision-making.

In essence, becoming a broker gives you more responsibility and knowledge, enabling you to oversee a larger variety of deals and maybe a whole firm.

Does New York Have a Broker’s License Reciprocity Agreement?

If you have questions about reciprocity for obtaining a New York real estate broker license, the best resource is the New York Department of State's Division of Licensing Services. 

They provide detailed information about which states have reciprocity agreements with New York and the steps required for out-of-state brokers to qualify for a license.

Visit their official website or contact their office directly for the most accurate and up-to-date guidance on reciprocity requirements and application procedures.

Final Thoughts on Becoming a Real Estate Broker in New York

Advancing to a broker license in New York is an achievable goal with significant benefits. If you’re prepared to take on more responsibility and advance your expertise, then a broker license is the perfect next step.

If you’re ready to get started, enroll in our partnered New York real estate licensing course today and get a discount.