A New York real estate broker takes a fee in 2026 for placing a buyer mortgage loan. Does the real estate license exempt the broker from mortgage broker registration for this paid activity?
Correct Answer
D) Mortgage broker registration is required for that activity
No real estate broker or salesman shall be deemed engaged in the business of a mortgage broker if he does not accept a fee, directly or indirectly, for services rendered in connection with the solicitation, processing, placement or negotiation of a mortgage loan, so accepting one removes the carve-out. Other choices: the real estate license does not cover it; and no dollar or frequency threshold appears. Source: N.Y. Banking Law § 590(2)(b)
Why This Is the Correct Answer
No real estate broker or salesman shall be deemed engaged in the business of a mortgage broker if he does not accept a fee, directly or indirectly, for services rendered in connection with the solicitation, processing, placement or negotiation of a mortgage loan, so accepting one removes the carve-out. Other choices: the real estate license does not cover it; and no dollar or frequency threshold appears. Source: N.Y. Banking Law § 590(2)(b)
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