A New York real estate license holder is required to renew their license every two years. However, the renewal must be completed before the current license’s expiration in order to keep it active. Due to their hectic daily schedules, license holders are prone to forgetting crucial information, which can cause the renewal procedure to drag on. This article will go over the top three mistakes to avoid anytime you want to renew a real estate license in NY in order to help you avoid making this expensive error.
Three Common Errors to Avoid When You Renew a Real Estate License in NY
During the New York state real estate license renewal process, be sure to avoid these three expensive errors.
Ignoring license renewal notices
For realtors, one of the worst errors that must be avoided in order to prevent the repercussions associated with it is ignoring NY real estate license renewal notices. Licensure suspension, penalties and late fees, loss of income, the reinstatement procedure, reputational damage, and legal implications are some of the consequences. Licensed real estate professionals in New York usually receive letters from the DOS (Department of State) when it is about time to renew a real estate license in NY. Being proactive means noting your license expiration date as soon as you receive the notification and setting reminders to encourage yourself to renew well in advance of the deadline. Additionally, register right away for your continuing education. You may receive helpful hints early on.
Not updating personal data
Your personal information is prioritized by the New York DOS and utilized throughout the real estate license renewal NY process. To avoid the fines and penalties associated with inaccurate or out-of-date information, it is imperative that you update your personal data on file with the DOS on a regular basis. These penalties include missed communication, a delay in the renewal process, potential fines or penalties, a negative impact on professional reputation, and legal consequences. Numerous license renewal applicants including those using eAccessNY license renewal have been found to have neglected to update their personal information, for which they are now subject to severe penalties. Make sure you have provided the most recent information to prevent incurring any of these penalties when you renew a real estate license in NY.
Missing payment deadlines to renew a real estate license in NY
You will mostly face two consequences if you miss the New York real estate license renewal deadline. These two are delaying or rejecting your renewal application. These two can make it difficult for you to work and are harmful to your professional status. When the time to renew a real estate license in NY approaches, make sure you pay the application fee before the deadline to avoid being a victim. Always keep in mind that different payment methods and processing periods may apply, so be sure to account for this when making plans to avoid missing payment deadlines.
Conclusion
This article has discussed the top three mistakes that should be avoided while renewing a license in New York. Since you already know that you must renew a real estate license in NY in order to continue practicing, being proactive is essential for navigating the process.
