How to Get a Real Estate License in Illinois
Illinois, the birthplace of Chicago style deep dish pizza. Home of Abraham Lincoln, Barack Obama, and the 6th largest population in the country, Illinois also boasts the 5th largest GDP! Thank you, Wikipedia and Mr. May’s A.P. U.S. History class.
But enough history class! You don’t need to be a history teacher to become a real estate agent in Illinois, although teachers can make great agents. You don’t even need a college degree to get your real estate license, although it might help if you study real estate.
This blog will cover how to get an Illinois Real Estate Broker and Managing Broker license and getting a license through reciprocity.
Qualifications & Steps
To qualify to become a real estate broker is not terribly difficult on paper. You must be 18 years of age and have a high school diploma, GED, or equivalent. The harder part is the pre-license education and knowledge check.
Illinois requires that all new applicants must complete a 75-hour pre-license that includes a heavy emphasis on real estate law. “What other kind of law would it cover?” That’s a good question. You’ll learn about contract and property law, as well as licensing law and how a real estate company must operate in Illinois. You will also take a course final exam and pass with a score of at least 75%.
After completing the pre-license course, you will then take the state licensing exam and then apply to the Illinois Department of Financial and Professional Regulation (IDFPR). The state licensing exam covers a national portion and a state law specific portion.
You will take the licensing exam through PSI Exams. Candidates must apply first through the PSI exams to take the exam and then apply to get a license through the IDFPR.
It can be pretty confusing on how to apply to get your real estate license. The Division of Real Estate is most often referenced because they are the regulatory body for real estate professionals. However, you will apply through the IDFPR for your real estate license. Here is a brief breakdown:
When it comes to applying for a new license, renewing your license, or changing your license status, you will most likely go through IDFPR to file the appropriate application. Complete the licensing process by submitting your licensing exam results to IDFPR along with the license fee of $125.00.
How to Get an Illinois Managing Brokers License
Getting the next level of real estate license is a similar process to getting your initial broker license.
The process of becoming a broker is virtually the same as a managing broker. You will complete the pre-license education, pass the state licensing exam, and then apply to the IDFPR. There are 2 slight differences to get your managing broker license: you must have been licensed as a broker for at least 2 years, and the broker pre-license education is 165 hours, not 75. The DRE counts your broker pre-license and broker post-license course hours. So, all you really have to take after completing your broker post-license education is a 45-hour managing broker course. You also need to be licensed as a broker for at least 2 consecutive years out of the previous 3 years.
Illinois Reciprocity
Illinois has one course you need to take to get a license as an out-of-state agent or managing broker. It is called the Illinois Endorsement Course. If you are interested, check it out here.
Education Exemptions
Illinois attorneys are exempt from having to take the real estate pre-license education if they wish to become a broker or managing broker. Licensed Illinois attorneys would have to apply with your official transcripts with the IDFPR. However, Illinois attorneys must be licensed as a broker for 2 consecutive years within the previous 3 years to qualify for a managing broker license.
If you have any questions about getting licensed in Illinois or other states, do not hesitate to contact our License Law specialists.
