How Much Does It Cost to Get or Renew a Real Estate License in New York?
In this guide, we walk you through the cost of a real estate license in the state of New York.
We break down the fees at every step of the licensing process, so you know what you’re getting into.
Keep reading to know how much to shell out when getting licensed in The Empire State.
Getting Your License
Pre-Licensing Education: $179-$600+
In obtaining a real estate license in New York, the cost varies greatly when it comes to your pre-licensing education requirement.
It all depends on the package you want to get, and the total hours you have to complete.
It is safe to say though, that in getting an NY real estate license, the cost of education is the highest on the list throughout the entire process.
For those getting a real estate salesperson license in NY, the course costs anywhere from $179-$500. This is for a 77-hour requirement, which must be taken from an approved school.
This course covers a robust syllabus that culminates in a three-hour course exam, which you must pass to move forward in the licensing process.
For a broker license, costs for the 152 hours of pre-licensing education typically starts around $600 and goes up from there. This total requirement consists of a:
- 75-hour salesperson course
- 45-hour broker course
- 32-hour broker remedial course
Pre-licensing requirements in New York were all recently increased. These are the requirements as of December 21, 2022.
Exam Fee: $15
Once you pass and complete your pre-licensing education, you’re able to register to take the real estate license exam in New York.
To sign up and select your date, you must create an online eAccessNY account. For the real estate license exam in New York, the price to take the test is $15.
All questions on the exam are multiple choice. For the salesperson exam, you have 1 1/2 hours to answer 75 questions.
If you’re taking the broker test, you’ll pay the same fee, but have 2 1/2 hours to answer 100 questions.
Regardless of the test, you must score at least a 70 percent to pass.
Exam Retake: $15
To really figure out the answer to, how much does a real estate license in New York cost?, you need to factor in the possibility of having to take the license exam more than once.
In New York, you have unlimited attempts to pass the exam, but you’ll have to pay the $15 fee each time.
Although you won’t see your actual score when you get your test results, you will be told if you pass or fail. If you fail, you can schedule your retake through your eAccessNY account.
Read my tips for how to pass the real estate exam the first time to avoid retakes.
License Application: $65 for Salesperson; $185 for Broker
Your license application fee is based on what type of license you’re applying for. A salesperson application has a $65 fee, while a broker license costs $185.
There are also additional fees for a broker based on whether you’re establishing a new office, or changing existing branch information.
All applications must be submitted through your eAccessNY account.
In order for a salesperson license to be complete, your principal broker must also log into their account and authorize your application.
To accomplish this portion of the license process, you must pick a broker to work for. You can select from our database of the best real estate brokerages in New York.
Should you have a criminal record, it’s best to be transparent and answer all questions related to this during your application.
Know the step-by-step process by reading our article on getting a New York real estate license with violations on your record.
Once ready, your application gets reviewed by The Department of State. If it meets all necessary qualifications, the license gets mailed to your business address.
Survey of Experts
In your opinion, was the cost of getting your real estate license reasonable?
Approximately how much did it cost you to get your real estate license? Including school fees, study materials, and other related expenses.
Expert Insight
What were your ‘surprise costs’?
No surprise costs. I only had to pay for the course, a book, and the fee to take the exam.
Maintaining Your License
Continuing Education: $130-$200
Before renewing your real estate license every two years, per New York policy, you’re required to complete 22.5 hours of approved continuing education.
This is a requirement regardless of what type of real estate license you have, and must be through an approved continuing education school.
Within the total amount of hours, New York real estate agents must complete:
- 2 hours on cultural competency
- 2 hours on implicit bias training
- 2.5 hours on ethical business practices
- 1 hour on recent legal matters
- 3 hours on fair housing and/or discrimination in the sale or rental of real property
You’ll also have to complete a set amount of hours in agency-related instruction. That’s one hour within your first renewal period. After that, it’s two.
License Renewal: $65 for Salesperson; $185 for Broker
You’ll receive instructions on how to renew your NY real estate license three months before your renewal date. Licenses expire every two years regardless of type.
Your expiration date is printed on your license if you ever need to reference it, and the renewal process will occur through your eAccessNY account.
The NY real estate license renewal fee mirrors your original application fee, so you pay $65 for a salesperson license and $185 for a broker license.
Expert Insight
What were your ‘surprise costs’ after getting your license?
Before deciding to go for my real estate license, I had spoken with someone who was currently licensed to understand what other related fees I would also be responsible for (association dues, licensing fees, continuing education, advertising, communications devices, and other marketing costs).
I also asked how long on average the sales cycle was for different types of transactions (in my market, leases, coop sales, condo sales, and coop/condo leasing).
No surprises for me, but most agents don’t realize that they are responsible for buying their own technology (CRM, etc.), leads, and marketing materials.
How to Reduce Real Estate License Education Costs
Figuring out how much a real estate license in NY is usually then leads to an attempt to reduce the overall cost.
While most fees are fixed, you do have the ability to reduce costs when it comes to your pre-licensing and continuing education. Here are some tips:
1. First, do your research and compare the prices at a few New York real estate schools in your area. Also, look at those offering a virtual program since they can sometimes cost less.
Before you decide, it’s best to refer to our A-to-Z guide comparing online vs in-person real estate classes.
2. It’s also a good idea to look at the extras that may come with a class package. Sometimes, even though they cost a little more, the extra resources make that package worthwhile.
3. You can also review the real estate exam pass rate in New York for those who complete their education at that school. A higher pass rate can mean fewer retakes, which also saves you a little money.
Finding courses that fit your budget but offer the best value is a great way to shop smart and lower costs when it comes to getting your real estate license in New York.
Expert Insight
What costs could have been avoided and how?
You don’t need to buy the book if you have a friend who you can borrow it from.
Let this guide be your go-to reference material when budgeting for your real estate license in the state. To get an idea of the time frame for each step in the licensing process, read – How Long Does It Take to Get a Real Estate License in New York?
Once licensed, be prepared for what’s ahead once you begin your career.
Start by formulating a fool-proof plan on what to do after passing the real estate exam. A good action plan will get your career off to a smooth start.
Knowing the benefits of being a real estate agent will motivate you further on how you can be more successful as a realtor in the state.
Make time to join a real estate team, where you can meet experienced agents to guide your career.
To help you build and grow your real estate career quickly, we at Real Estate Bees created a directory for real estate professionals.
It’s designed to help you get more exposure for your business, including receiving leads. Create a free profile by signing up here.
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About the Author
Kristina Morales is a REALTOR® with over 20 years of professional experience. She actively practices real estate in Ohio but also has practiced real estate in California and Texas. Conducting her real estate business in three states has allowed her to gain unique experiences that make her a well-rounded realtor. She obtained her Bachelor of Arts in Business Management and her MBA with a concentration in Banking and Finance. Prior to real estate, Kristina had an extensive corporate career in banking and treasury. She ended her finance career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX.