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.
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.
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.
The DLS licenses only allow for commercial and real estate related activities which includes any of the following:
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).
New York State allows the following entities to conduct real estate brokerage business without a real estate license.
Updated: Feb 03, 2013