Next Steps Towards Getting Your Illinois Managing Broker License
Congratulations on completing your Illinois real estate managing broker pre-licensing education! The next step is to tackle your licensing exam. For the best chance at success, we recommend taking the following steps:
Apply for the examination online through PSI (formerly AMP).
Familiarize yourself with the exam content, outlined on pages 9-10 of Candidate Handbook.
Take advantage of the end-of-course practice exam. We suggest continuing to take it until you can consistently score a 90% or better.
Get mentally prepared by reviewing these study tips.
Number of Questions by Topic
The Illinois managing broker real estate licensing exam consists of both national and state-specific questions. The national portion consists of simulation problems each with a designated primary issue and property type. Each section within a problem will also have a secondary topic for that section. The state portion consists of multiple-choice questions. You’ll have 3.5 hours to complete the entire exam. To best prepare you for the exam, here’s a breakdown of the topics that you’ll encounter on the licensing exam:
Primary Issues: Agency Relationships and Property Representations (3 problems), Fair Housing and Other Governmental Regulations (2 problems), Handling Money (2 problems), Training and Supervision of Licensees (1 problem), Plus one primary issue varying by exam form.
Secondary Topics: Agency, Contracts, Freehold and Leasehold, Property Management, Finance, Government Regulations and Private, Restrictions, Description and Measurement, Valuation, Conveyance, Calculations, and Ethical Behavior (at least 4 problems).
Property Types: Residential (4 problems), Commercial (2 problems), Property Management (1 problem), Plus two property types varying by exam form.
Licensing Requirements (8 questions), Laws and Rules Regulating Real Estate Practice (18 questions), Disclosures (8 questions), and Managing Broker Topics (6 questions).
Feel free to reach out to us with any questions by calling 888.827.0777 or emailing us at Support@TheCEShop.com.