Very few apartment hunters know precisely how much expertise, training, and education a New York City apartment broker must have to be licensed and in good standing with the NY Department of State. In fact, most people we call “apartment brokers” formally have a real estate salesperson license. Every real estate salesperson works for an employing broker who has a real estate broker license. There are many different types of broker licenses, but all of them have roughly the same minimum credentials.
New York City Apartment Broker Training
Now for the surprising part. How many years of training does it take to become a licensed real estate agent, who you entrust as your agent to guide you through your housing needs, most likely your largest personal expense of the year?
The answer: 75 hours and a 70% score on a 75-question, multiple-choice exam. The entire education can even be completed in an online class costing about $400.
To be fair, the 75-hour requirement is actually an increase from previous years. Prior to Summer 2008, the requirement was significantly lower, at 45 hours and a 50 question exam. In addition, licensees must take 22.5 hours of continuing education classes every two years.
On-the-Job Broker Experience
Still, it is important to understand that these are only minimum educational requirements and that any decent broker has significantly more experience from years of handling real estate leases, purchases, and sales. Also, most respectable employing brokers have very solid training and mentoring programs to ensure that their freshly minted salespeople are adequately prepared prior to handling their own clients.
Brokers, on the other hand, require significantly more training and experience. They have at least 120 hours of classroom education and at least three years of real estate experience, either acting as salespeople or working in a real estate-related job that provides them with equivalent experience. Chances are, in the apartment rental market, you will see many more salespeople than brokers; it is often considered less prestigious because the commissions on any given deal are much lower than in condo or co-op sales. Still, there are certain excellent brokers who specialize in apartment rentals.
Check Your Agent’s Credentials
How can you tell if your agent is a salesperson or a broker? You can check the Department of State public license search. Additionally, you can always ask your New York City apartment broker how long they’ve been practicing real estate. On RentHop, renters can see how long an advertisers has been on the platform.
Editor’s Note: This content has been updated for readability purposes. This article was originally published in January 2009.
