Frequently Asked Questions

Managing Broker

How much do I have to pay for my license to the state?

Getting licensed as a broker costs $125, not including MLS fees. Leasing agents pay $75 to get their license.  Please go to www.chicagorealtor.com for a full list of current MLS fees.

What states can I practice in with a course offered by CREI?

CREI’s courses are for Illinois licensure only.  However, a broker or managing broker who lives and practices real estate in a state that has reciprocity with Illinois may be issued an Illinois license if they meet certain criteria.  Please refer to IDFPR’s website for current updates on reciprocal states.  At the moment, under the Real Estate License Act of 2000, Illinois has reciprocity with Nebraska, South Dakota, Colorado, Connecticut, Indiana, Iowa, Georgia, and Wisconsin. Go to http://www.idfpr.com/dpr/re/realmain.asp for more information.

When do licenses expire?

Managing broker licenses expire on April 30 of every odd-number year, and broker’s licenses expire on April 30 of every even-numbered year.

Is there ongoing education required?

Yes. Managing brokers and and brokers who want to renew their license must complete 6 hours per year of real estate CE courses. Licensees who receive their initial broker or managing broker license less than 90 days prior to the renewal date do not have to complete continuing education for their first renewal.

What are the discrepancies between a broker and a managing broker?

Any individuals pursuing a real estate license in Illinois for the first time (and would prefer to become a broker as opposed to a leasing agent) must acquire a broker’s license. After two years of holding the broker’s license an applicant may choose to complete supplemental education and apply to become a managing broker. Once an individual has become a managing broker, they acquire the capacity to sponsor/become benefactor to their own license or those of others.

2 comments on “Frequently Asked Questions”

  1. dianna mcclain

    what fee are included in being a real estate broker associate?
    I am new and have no idea what all the fee include.
    I have my illinois brokerage license but am afraid of the cost and don’t know what to do…. please help..
    thanks
    dianna

  2. Alejandra Escobar

    Hi Dianna,
    Please give us a call at (773) 880-7400 so we can help you out.
    Thanks,
    Alejandra Escobar
    CREI

Comments are closed.