Do You Need A Real Estate License To Wholesale In New York
Olivia Luz
Real estate brokers need a license in new york state.
Real estate brokerage is an activity regulated by states on their own terms thus each state defines which activities require a license. It is not illegal however the contract would have to give you the right to assign it and whoever you assign it to may have difficulty getting financing as a result. There is no specific commercial real estate license. Is it legal to wholesale real estate in ny.
There is a lot of vagueness and ambiguity in some of the state licensing codes as well as grey areas which complicate the matter. In most cases the answer is no. If you wish to take on a career selling specifically commercial real estate choose a broker that handles the types of deals that you want to be a part of. You just need to be the principal buyer or seller in the respective transaction.
Here is what you need to know about the nys real estate exam. As you learn to wholesale real estate you will begin to realize if you re cut out for it or not. The state requires that you schedule your nys real estate exam online using their occupational licensing management system known as eaccessny. Applicants must pay a fee meet educational requirements and pass an exam.
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When you wholesale a property as a real estate agent do you have to use the 15 page book as a contract or are you able to use a simpler one or two page purchase contract followed by an again simple assignment contract. This is the case because it does not require a real estate license or any educational requirements. It is not necessary to be a licensed real estate agent to wholesale real estate. The answer is simple.
To sell commercial real estate in new york a standard salesperson or broker license is all that you need. Attorneys in new york state only need to pay the fee. Kim thank you very much for your comment. Be 18 years old or older to be issued a new york real estate license.
When done as a business practice wholesaling will now come under rela s enforcement provisions and the wholesaler will need a real estate broker s license as well as be subject to consumer protection provisions such as disclosure of self interest and prohibition against dual agency. The con 3 was an eye opener to me.
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