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NY Commercial Mortgage Licenses

DLS Licenses

NY Commercial Mortgage Licenses

Division of Licensing Services (DLS) regulates the issuance, granting, and renewal of licensing of commercial mortgage and real estate activity. It issues Salesperson license and Broker license. Different categories of a Broker license are issued based on the type of business organization. Below is a brief overview of various types of DLS licenses.

Real Estate Salesperson License

A real estate Salesperson is a licensed professional who works under the supervision of a licensed Broker as an agent of the Broker. The Salesperson does not enter into any contact in his/her name, but under the name of the employing broker. A Salesperson license is ideal for individuals who are new to the mortgage business and want to learn the complexities of the industry under an experience professional.


Real Estate Broker License

A real estate broker is a licensed entity that is engaged in the business of real estate and mortgage brokering. Specifically, a real estate broker is anyone who, on behalf of another and for a fee, negotiates a sale, exchange or rental of real property, collects rent, or negotiates a commercial loan secured by a mortgage.

The real estate brokerage can be organized as an individual, proprietorship, partnership, corporation, or other forms of business organization. A real estate broker may employ other brokers or salespersons.

Source :www.MortgagesAnalyzed.com

Scope of Licenses

The DLS licenses only allow for commercial and real estate related activities which includes any of the following:

  1. Sale, purchase, or exchange of real estate property
  2. Obtaining listings for sale of real estate property
  3. Assist buyers in identifying and purchasing a property
  4. Rental of real estate property
  5. Collecting rents
  6. Negotiating commercial mortgages

DLS licenses do not allow engaging in negotiation of residential real estate mortgages. If you are interested in residential mortgages licensing then you look into Residential Mortgage Licenses issued by the NY Department of Financial Services (DFS).

Source :www.MortgagesAnalyzed.com

Exemptions from DLS Licensing

New York State allows the following entities to conduct real estate brokerage business without a real estate license.

  1. Attorneys admitted to New York Bar can act as Brokers without requiring Real estate broker license, as long as they are conducting business on their own. However, if they plan to employ a real estate salesperson and/or real estate broker they will need to apply for real estate broker license. In such cases where they need a license, the attorneys are exempt from education, examination and experience requirements.
  2. Tenant associations and nonprofit corporations authorized by the commissioner of the department of the City of New York or appointed by the courts to manage residential property owned by the city are exempt from Licensure requirement.
  3. Public officers performing their duties are exempt from licensure requirement.
  4. Business Broker who is selling business which includes land provided the business includes significant amount of other assets.
  5. Persons acting under the order of courts such as executors of will or trustees in bankruptcy cases are exempt from licensure requirements.
Source :www.MortgagesAnalyzed.com

Updated: Feb 03, 2013

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