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Illinois Real Estate Broker License FAQs

We are here to help answer any questions you may have about getting started in the Illinois real estate industry.

 

 

Everything You Need to Know to Get Your Real Estate Broker License in Illinois

We'd be worried if you didn't have questions! Getting your real estate 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 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:

  • $46.00 for the broker exam fee
  • $125.00 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.

 

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 (90 hours of pre-license education required)
  • Pass the Illinois real estate exam
  • Be sponsored by a managing broker

 

What are the post-licensing and continuing education requirements for brokers?

New broker licensees are required to complete 30 hours of post-licensing for their first renewal cycle. Additional questions about post-licensing can be answered here. After the first renewal cycle for a broker, brokers are required to complete 12 hours of continuing education.

 

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’s CE Lookup.

 

 


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