Every Question You Need Answered to Get Your RealEstate License in Illinois
We're here to help answer any questions you have about getting started in the real estate industry. Getting your real estate license in Illinois is a big step, so to helpwe've collected and answered some frequently asked questions below.
Buy your Illinois Pre-Licensing »How long does it take to get an Illinois real estate broker license?
The average time it takes to complete your Illinois broker pre-licensing education is dependent on a few factors. Most students complete the licensing requirements in 3-4 months. Before you receive your license, you must complete a few necessary steps; these include your education application, passing the exam, a background investigation, and more.
What is the difference between a broker’s license and a managing broker’s license?
Unlike many states where licensees are classified as sales agents and salespersons, Illinois’s first available real estate license is a broker’s license, and the more advanced roles require a managing broker’s license.
Broker responsibilities:
- Leading Buyers & Sellers
- Prospecting Buyers & Sellers
- Marketing and Showing Homes
- Negotiating Sale Price
- Leading Transactions
- Renting Units
Managing broker responsibilities:
- Managing and Recruiting New Brokers
- Reviewing Contracts
- Lead Distribution
- Reviewing Contracts
- Property Management
- Vendor Relationships
Which states does Illinois have real estate license reciprocity?
Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, Kentucky,South Dakota, Wisconsin.
How much does it cost to get an Illinois real estate broker license?
The fixed costs include:
- $58.00 for the broker exam fee
- $150.00 for the broker license application fee
The variable costs include:
- Pre-licensing education tuition.
Note:These costs are subject to be changed by the state at any time.
Illinois Real Estate Educational Foundation (REEF)awards scholarships to students of real estate and related fields of study.
Can I get an Illinois real estate license online?
Yes, Illinois residents can take their real estate Pre-Licensing education online. The online option has become increasingly popular in recent years.
Can a felon get an Illinois real estate license?
A criminal record may impact your ability to attain an Illinois real estate license. The Illinois Division of Real Estate has more information on getting a real estate license with a criminal record.
How do I get an Illinois real estate broker license?
To attain your real estate broker license in Illinois, the Illinois Department of Financial and Professional Regulation, Division of Real Estate, requires you to do the following:
- Be at least 21 years old with a high school diploma or GED; or between 18 and 21 years of age with at least four semesters of post-secondary education in real estate as set forth by the Division of Real Estate
- Complete all Pre-Licensing coursework(75hours of pre-license education required)
- Pass the Illinois real estate exam
- Be sponsored by a managing broker
What is the average salary for an Illinois real estate agent?
It's difficult to determine an "average salary" of a real estate agent in Illinois. According to Indeed.com, full-time Illinois agents average $60k per year.
What courses are required for an Illinois real estate license?
Illinois students are required to take 75 hours of Pre-Licensing coursework comprising two courses that will cover a variety of topics, including property ownership, land use controls and restrictions, property valuation, real estate financing, and agency law and agreements.
What are the post-licensing and continuing education requirements for brokers?
New broker licensees are required to complete30 hours of post-licensingfor their first renewal cycle. Additional questions about post-licensing can be answeredhere. After the first renewal cycle for a broker, brokers are required to complete12 hours of continuing education.
Do you need to have a diploma or GED to get your Illinois real estate license?
In order to become a licensed real estate agent in Illinois, candidates must have at least a high school diploma or GED.
How old do you have to be to get your Illinois real estate license?
To become a real estate agent in Illinois, applicants must be at least 18 years of age.
Where do I take the Illinois real estate license exam?
You can schedule your Illinois real estate examination with PSI at 833.892.5441 or by visiting their website.
How can I determine how many continuing education (CE) credits I have in Illinois?
You can find your specific progress through the Illinois Department of Financial and Professional Regulation’sCE Lookup.
Does Illinois have real estate license reciprocity with any other states?
Illinois has reciprocity agreements with the following states: Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, and Wisconsin.
There are important resources that agents seeking reciprocity should review before applying. Agents can also contact the Illinois Real Estate Commission to ask personalized questions regarding real estate license reciprocity.
