Brokers License for all members of LLC in NY?

Brokers License for all members of LLC in NY?

Member since 2021 · 18 posts · 13 votes

Hello

Disclaimer: Any responses to this will not be construed as legal advice. I am just looking for general information.

I have been managing my own rentals for 5 years now. I want to branch out and offer better services for landlords in our area for property management. I have partnered with a real estate professional that has a Brokers License (associate for now) who is also interested. Do all members of a Property Management LLC need to have a brokers license in NY? I have talked to some attorneys in our area but they dont specialize in real estate law. They all said all members need a license. However, the NY state brokers application guidelines and the Real Property Law (as best as I interpret it) say that one member of the LLC has to apply and be the primary POC for the company if the company gets its own license. Im so confused here, and Albany hasnt responded to any of the questions I have sent.

Tl;dr:

Do all members of a Property Management LLC need to have a brokers license in NY?

Is it possible for a broker to just sponsor my LLC?

Thank you all for your assistance.

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  • Real Estate Agent · New York City · Member since 2020 · 820 posts · 641 votes
    2y

    Members - doubt it. Employees - definitely not. Principals - perhaps. 

    The definition of that is as bit open ended. I'm not an attorney, but happy to connect you with a few attorneys who might be helpful. 

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