Illinois Real Estate Managing Broker License FAQs
We are here to help answer any questions you may have about advancing your real estate career.
Everything You Need to Know to Get Your Real Estate Managing Broker License in Illinois
Deciding to promote your responsibilities from an Illinois broker to a managing broker is a huge decision. We’ve collected some of the most frequently asked questions below to help ease your transition from broker to managing broker.
How long does it take to get an Illinois real estate managing broker license?
If you have a broker license and have been practicing for two out of three years, it is assumed that you have completed the 90 hours of broker pre-licensing requirement and you will only be required to take an additional 45 hours of education. Those hours include the 30-hour Managing Broker Pre-license Topics course and the 15-hour Managing Broker Pre-license Applied Management and Supervision Interactive course.
Applicants who have never held a license will first have to complete the 90-hour broker pre-Licensing requirement and the 30 hours of post-licensing education and follow with the 45-hour managing broker requirement. Such applicants would need to also meet the two out of three year requirement before being able to apply for a managing broker license.
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.
- 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 managing broker license?
The fixed costs include:
- $46.00 for the managing broker exam 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 real estate students and related fields of study.
How do I get an Illinois real estate managing broker license?
The Division of Real Estate for Illinois requires the following from you:
- Be at least 21 years old with a high school diploma or GED. Additionally, candidates must have an active and valid real estate broker license and be licensed for two of the past three years.
- Complete all pre-licensing coursework (45 hours of pre-license education required)
- Pass the Illinois managing broker real estate exam
- Once you pass your Illinois real estate managing broker examination with AMP, directions on how to apply for your license will be provided in your passing score report. After you submit your licensing materials and pay the licensing fee, you will almost be finished with all of the steps necessary to become a managing broker.
How can I determine how many Continuing Education (CE) hours I have?
Your list of completed CE courses may be found using CE Lookup.
How long is the Illinois managing broker real estate license exam?
The exam is composed of 58 questions. You will be allotted four hours to take the exam.
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