You need a broker’s license to do what you are doing. So yes, it is illegal. I don’t know what a prosecutor would do if you were caught, but generally you risk any number of people turning you in: Other licensed brokers or malcontent customers. If you advertise, you will probably be caught.
If there is a way around this, I don’t know it. In New York, judges generally believe “if it quacks like a duck, its a duck,” so you’d be nailed even if you came up with some silly scheme.
I’m not an attorney, but I do lots of investing in New York.
Hello and thanks for the help in advance. I am currently working out of my home without a license. I find apartments and take potential tenants to see them, if the owner give the apartment to the person I brought over I collect half the amount of one months rent. My question is - is this legal or illegal. is there anyway of operating my business without a license. (Brooklyn New York)
You got several problems in NYC - Posted by Frank Chin
Posted by Frank Chin on October 06, 2002 at 06:39:29:
Hi:
Adding to Long Beach Ed’s comments, what you are doing is techically brokering. New York State also require licenses of those that sell “Information on Apartments for rent”. This is due to the fact that some folks claim they are only selling information as well as consumer complaints that such info was ofen out of date.
If you are legally reporting this income on your Federal and State income taxes, bear in mind New York City has a “unincorporated business tax” of 3%. This is even when doing it as an individual. I got a friend of mine working from home between jobs collecting finders fees for arranging business loans for mortgage brokers and reported his income. The City came to him some years later to collect this tax with interest and penalties.
Well, I totally understand that you do not have any prior knowledge about being a professional real estate agent, but that doesn’t mean you will be overlooked by the New York law enforcement. Practicing real estate services without license 2x (New York) and providing Manhattan short term rentals is not something that a hornets New York resident should be doing. What you are doing is something called brokering. New York State requires licenses to have a license that sells “Information on Apartments for rent.” So, I would advise you to either apply for the license or stop practicing the broker thing.
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