Illinois Real Estate Managing Broker License FAQs
We are here to help answer any questions you have about advancing your real estate career.
Everything You Need to Know to Get Your Real Estate Managing Broker License in Illinois
We'd be worried if you didn't have questions! Getting your real estate managing broker license in Illinois is a big step, so to help, we've collected some frequently asked questions below.
How long does it take to get an Illinois real estate managing broker license?
If you have a broker license and meet the two out of three year requirement, it is assumed you have completed the 90 Broker Pre-License requirement and you will only be required to take an additional 45 hours to include a 30-hour course, Managing Broker Pre-license Topics and a 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.
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?
Illinois Real Estate Educational Foundation (REEF) awards scholarships to students of real estate and related fields of study.
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.
How do I get an Illinois real estate managing broker license?
To attain your real estate broker license in Illinois, the Illinois Department of Financial and Professional Regulation, Division of Real Estate, requires the following:
- Be at least 21 years old with a high school diploma or GED; or between 18 and 21 years of age. 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 you will be provided directions in your passing score report on how to apply for your license. After you submit your licensing materials and pay the licensing fee with your application, you will be on your way to becoming 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 IL Managing Broker real estate license exam?
The exam is composed of 58 questions. Four hours are allotted to take the exam.
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