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NY Salesperson License

Who is a Salesperson

NY Salesperson License

A Real Estate Salesperson is a licensed person who works under the supervision of a licensed Broker as an agent of the Broker and assists the broker in carrying out real estate and commercial mortgage brokering activities.


As a Salesperson you may assist the broker in performing the following activities:

  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
Source :www.MortgagesAnalyzed.com

Residential Mortgages Are Not Allowed

The Salesperson license does not allow you to assist the broker in negotiation of residential real estate mortgages. Registration with the New York State Department of Financial Services (DFS) is required for residential mortgage brokering.

Salesperson Does Not Operate Independently

The scope of license does not allow a Salesperson to operate independently. As a Salesperson you cannot enter into any contact under your name; instead the contracts are entered under the name of the employing broker. All of your actions are under the guidance and supervision of the employing broker. As a result there are no clients of yours; they are all clients of the broker.

Who Should Get a Salesperson License?

A Salesperson license is ideal for you if you are new to the real estate and mortgage business and want to learn the complexities of the industry under an experiences broker. It allows you to focus on building business and learning the intricacies of the business.

Multiple Employing Brokers

A Salesperson can be associated with multiple brokers. A separate license application for each employment arrangement must be filed with the DLS. Also, a written statement from each broker that they are aware of the dual relationship must be provided with the application.

Source :www.MortgagesAnalyzed.com

Essential Facts - Salesperson License

Validity/License Term:
2 Years
Activities Allowed:
Real Estate and Commercial Mortgage. Residential mortgage activities are not allowed
Educational Requirements:
75 hour salesperson qualifying education course
Experience Requirements:
None
Available To:
Individuals
Residency:
Lawful US resident. Need not be resident of NY State
Reciprocity:
License issued on the basis of holding license from certain other states
Issuing Agency:
Division of Licensing Services (DLS)
Renewal:
Obtain 22.5 hours of continuing education within the term of the license
Source :www.MortgagesAnalyzed.com

Eligibility Requirements for Obtaining a License

Key Requirements

  1. Age: You must be 18 years of age or older.
  2. Education: You must complete an approved 75 hour salesperson qualifying education course. If you have completed a 45 hour salesperson qualifying course prior to July 1, 2008, then you will need to complete a 30 hour remedial course in order to qualify for license.
    You may be able to apply for a waiver to educational requirement if you have obtained equivalent level of education. For example, if you hold a degree from an accredited college with a major in real estate then you may apply for a waiver. See details in the License Application procedures webpage.
  3. Examination: You must pass a real estate salesperson examination based on the 75 hour pre-licensing curriculum. The examination is administered by the Department of State.
  4. Sponsorship: You must obtain sponsorship by a New York State licensed real estate broker.

Ineligibilities

Certain restrictions or circumstances that can cause an application to be denied are:

  1. Ownership Interest in Sponsoring Broker: You cannot be a member of the partnership or an officer or own voting stock in the corporation that is the sponsoring broker.
  2. Felonies: DLS may not issue you a license if you were convicted of a felony or sex offense in New York State or any other State unless you have received a pardon or certificate of relief. You should seek legal counsel or contact DLS to obtain further details on this prohibition.
  3. Child Support Payments: If you are obligated to pay child support payments, then should not be behind in child support payments by four or more months. DLS may deny or suspend a real estate license.
Source :www.MortgagesAnalyzed.com

Applying for License Based on Out of State Licenses

If you holds a real estate salesperson license of a state with which New York has a Reciprocity Agreement can apply for real estate salesperson license on the basis of reciprocity. However, your employing broker who is sponsoring your application must hold a current NY Real Estate Broker's License.

States with which New York has a Reciprocity Agreement for salesperson are:

  1. Connecticut
  2. Georgia
  3. Oklahoma
  4. Pennsylvania
  5. West Virginia

If taking advantage of the reciprocity agreement, you will have to submit following documents:

  1. Application Form: Completed Real Estate Salesperson Application (DOS-0022).
  2. Good Standing Certificate: Original copy of the certification by the Real Estate Commission of the state where the license is currently held indicating current status as real estate salesperson with good standing. The certificate must be dated within six months from date of application.
  3. Certificate of Irrevocable Consent: Attach a completed Uniform Irrevocable Consent and Designation Foreign Entity (DOS-0017).
  4. Application Fees: Attach the application fees in the form of check or money order made payable to Department of State. Payment may also be made through credit card by using the Credit Card Authorization (DOS-1450). The application fee is $50.
Source :www.MortgagesAnalyzed.com

Regulatory Definition of a Salesperson

§440(3) of NY Real Estate law defines a Salesperson as

"Real estate salesperson" means a person associated with a licensed real estate broker to list for sale, sell or offer for sale, at auction or otherwise, to buy or offer to buy or to negotiate the purchase or sale or exchange of real estate, or to negotiate a loan on real estate other than a mortgage loan as defined in §590 of the Banking Law, or to lease or rent or offer to lease, rent or place for rent any real estate, or collects or offers or attempts to collect rent for the use of real estate for or in behalf of such real estate broker, or who, notwithstanding any other provision of law, performs any of the above stated functions with respect to the resale of a condominium property originally sold pursuant to the provisions of the General Business Law governing real estate syndication offerings.

Source :www.MortgagesAnalyzed.com

Updated: Feb 02, 2013

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