Frequently Asked Questions

FAQ

What do you need to become a broker in NY?

In order to qualify for licensure as a Real Estate Broker, an applicant must have at least two years of experience as a licensed real estate salesperson or at least three years of experience in the general real estate field ,or a combination of the both, meet the minimum points required for the experience type, (e.g., ...

Can a real estate broker work for two firms in New York?

In New York, a real estate agent can work with multiple brokers, but there are restrictions. New York law recognizes dual agency and limited dual agency: Dual Agency: This occurs when a real estate agent work represents both the buyer and the seller in a transaction.

How do I transfer my real estate license to another broker in NY?

To transfer your real estate license to a different broker, you'll need to complete the process online. Your existing employing broker will need to log on to terminate your license with them. Then, the new employing broker will have to perform the change of association online through their account.

Does Georgia have reciprocity with New York real estate?

Reciprocal license agreements with: Connecticut, Rhode Island, West Virginia, Nebraska, Iowa, Tennessee, Mississippi, Colorado, Georgia, Pennsylvania, New Mexico - along with Brokers licensed for two years from New York and Salesperson & Brokers licensed for two years from Oklahoma.

Does renting a house affect credit?

Renting, like every other expense, can have a positive or a negative impact on your credit score–especially if you proactively report your rent payments to a credit bureau or your unpaid rent goes to collections. Chances are, you will see a more positive impact if you pay your rent on time, in full every month.

Does renting show up on credit report?

It's unlikely that your rent payment history appears on your credit reports, but that's not because paying your rent on time isn't important. More likely than not, it's simply because your landlord doesn't report your rent payments to the credit bureaus (Experian, TransUnion and Equifax).

Where can i use my ny real estate license

What credit score is needed for renting?	You'll want to shoot for having a good credit score — generally in the range of 570-739 — to get an apartment. While you may be able to still get an apartment if you don't have solid credit, it will make it more challenging with the competition you're likely to face.
What bills build credit?	Typically, your car, mortgage and credit card payments count toward your credit score, while bills that charge you for a service or utility typically don't.
How do I add my rent to my credit report?	To have payments added to your credit reports, you can use a rent reporting service. Rent report services can report to one, two, or all three bureaus. Services like Rent Spree's Credit Builder, for example, report to TransUnion but not Experian or Equifax.
Does your credit score affect renting a house?	Your credit may be a factor that landlords and property managers use to help determine whether to accept you as a tenant. And since having a higher credit score might increase your chances of being approved to rent, it may help to learn how to improve your credit scores.
Does your credit score go up when you pay rent?	If you regularly pay your rent on time and in full, you can have your good payment history reported to credit bureaus to help raise your credit score through a rent-reporting service. Know that any rent-reporting services could require a fee for the service, which is usually paid on a monthly basis.
When Zillow checks your credit to rent a house does your credit score go down?	Applications and tenant screening reports are free for landlords. The $35 fee allows prospective renters to apply to an unlimited number of participating rentals for 30 days, and also includes their credit and background reports. This is a soft pull on their credit, so credit scores won't be affected.

• How much does rent reporting affect credit score?
  • Reporting your rent to credit bureaus can help your credit by logging more on-time payments. Payment history makes up 35% of your FICO Score, so adding your rental data to this category can help increase your score.
• What's the lowest credit score a landlord will accept?
  • 620 Generally, most landlords require applicants to have a credit score of at least 620 to be considered for rental housing. This means that if your FICO score is lower than 620, you may be denied an application or asked for additional security deposits or co-signers before being approved.
• How do I get a reciprocity license for New York real estate?
  • Transferring a License Using Reciprocity
    1. Get certification from your current real estate agency (dated within the last six months) that shows your license is current and in good standing.
    2. Complete the appropriate application (this requires an account on the eAccessNY management system)
• How do I get my broker's license in New York?
  • How To Apply For A Real Estate Broker License In NY in 4 Simple Steps
    1. Complete 75 Hours of Approved Broker Pre-Licensing Education.
    2. Pass Your Course Final Exam.
    3. Pass Your New York State Real Estate Broker Examination.
    4. Apply For Your Real Estate Broker License in NY.
• Do you need a license to be a broker in New York?
  • Real estate brokers need a license in New York State. This license is from the New York State Department of State (NYSDOS). Applicants must pay a fee, meet educational requirements, and pass an exam.
• How hard is it to get a NY real estate license?
  • The passing rate for the New York Real Estate Salesperson Exam is 70%. This test is purposefully difficult, but not impossible. Be sure to pay attention during your pre-license course and take studying seriously. If you put the proper effort forth, we know that you can pass on your first attempt!