New York Real Estate License Renewal

Getting your real estate license is just the first step to becoming an agent. Once you have your license, you still need to pay dues and fees, as well as take required continuing education courses. The cost of maintaining your real estate license will vary by location, and the total costs can quickly add up. It is important to factor in all recurring fees when considering whether or not this career is right for you.

Continuing education is mandatory for real estate agents in many states, and it is essential for keeping up with industry changes and staying competitive. It is also a great opportunity for agents to network with other professionals and gain new clients. Some companies that depend on the success of real estate agents, such as escrow officers, mortgage brokers, insurance agencies, and home warranty companies, will even sponsor free continuing education classes for their employees.

The state of New York requires all real estate licensees to complete 22.5 hours of continuing education (CE). The current CE cycle runs from September 1 of an odd-numbered year to August 30 of the even-numbered year two years later. During this time, it is required that licensees take two hours of implicit bias awareness and cultural competency training, three hours of fair housing training, 2.5 hours of ethical business practices, one hour of legal matters, and 10 hours of elective courses. In addition, real estate salespersons must pass the National Association of REALTORS® 4-hour Code of Ethics course.

In order to keep your license Real Estate License Renewal active, you will need to renew it every two years. Depending on your state, this may be done online or by mail. The online renewal process is much quicker and easier, and most states are encouraging licensees to use this method of renewal.

Once you have completed all of the required CE credits and passed the state exam, you can submit your license renewal application through the eAccessNY portal. The fee to renew a New York real estate salesperson license is $55. This will need to be paid via credit card at the time of submission. Once the payment has been made, you will need to affirm your application by checking the “I Agree” box.

The decision of whether or not to get a real estate license will largely come down to personal goals and lifestyle. It is important to consider if you want to be in the industry for the long term and can live on commission-based income. If you are able to meet these requirements, then the license can be a very lucrative investment in your career. It is also important to note that all real estate licensees must carry errors and omissions insurance. This can be a significant additional cost, but it is a requirement that must be met in order to maintain a real estate license. Without it, you can be fined or your license can be suspended. It is highly recommended that you speak with your broker about the costs of this coverage before you apply for a license.