Typical sponsoring broker arrangements and fees in NY?

12 Replies

Hi BP.  I just finished the required 75 hours of class time to get my NY real estate salesperson's license and wondering if anyone can tell me their typical fees/arrangements in NY with their sponsoring broker and give any recommendations?  I already have experience as a real estate paralegal, title closer and mortgage loan officer so I really just want the license to use for my own investing.  Was surprised to find out that you cannot register to take the NY state test unless you already have a sponsor broker.  

I want to be completely upfront to any broker I approach that I'm planning to use the license strictly for my own investment purposes and hopefully can work out a straight fee arrangement.  My real estate background means I'd be very low maintenance for them but not sure what to propose in terms of arrangements and fees?  Any suggestions I'd greatly appreciate.  Thanks!

I'm in the same boat, about to start the 75 hours and have all the same questions. I was unaware you had to have a broker BEFORE the test though...

Hi @James Caruso .  You don't actually - I was wrong about that.  You are able to take the test from your school where you take the 75 hour course as well as the state exam but once you pass both and want to get your actual license, then you have to provide the broker's name and ID number online and he or she will have to go online and agree to sponsor you.  Then that broker will be mailed your license.  I have now passed the test and am still interviewing brokers so you'll have time after if you want to go ahead and get the tests out of the way first.  Good luck!

This post has been removed.

Hi, who did you both end up going with? I'm preparing for my move to NY and I started to do some research online. I want to be able to get my license before I arrive there and finding a sponsoring broker is part of my to-do list.

I'm with an online broker now just so I can access MLS so I pay monthly fees but keep 100 percent of commission.

Thanks for your reply. Hope you are doing great with your Real Estate endeavors 

Happy to help. Good luck with your move!

Hi @Samir Goel .  I'm happy with them but you are completely independent so if you know the forms to use to put in an offer, create a listing, etc, then it's great. Had I not worked for a traditional broker first, I'd be lost! So if you have some basic knowledge, I'd definitely recommend but if not, then Id say it's best if you go elsewhere initially where you can get some agent training. Good luck! 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here