Frequently Asked Questions

Real Estate Broker

What is the difference between a Salesperson’s license and a Broker’s license?

Beginning May 1, 2011, the Salesperson license category was effectively replaced with the Broker license category.  The new Broker license has the same rights as the Salesperson license; the difference being additional education requirements.  The state of Illinois is no longer issuing the Salesperson license.

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.

What does it take to become a broker?

The minimum requirements to hold an Illinois Real Estate Broker License include having a high school diploma or the equivalent (G.E.D) and being at least 21 years old.  You must take and pass the 90 hour Broker pre-licensing course ( as well as the state licensing exam.  

What is the difference between a Leasing Agent and a Broker?

Leasing agents are required to take a 15 hour course and pass the state licensing exam.  A Leasing Agent license only allows one to lease residential properties.  Brokers are required to take the 90 Broker Pre-Licensing Course as well as pass the state licensing exam but are enabled to assist with the leasing, selling and buying of residential, commercial, and industrial, etc. properties.

How easy is it to get a job as a real estate broker once I pass the exam?

Finding a real estate brokerage that will hold your license is not difficult.  Because this is a commission based career, offices are almost constantly seeking new licensees to join their team.

Do you offer any discounts?

For a limited time Leasing Agents can get $100 off their upgrade to broker using coupon “MayUpgrade” at checkout. This coupon won’t last long so sign up NOW! 

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.

What are the different ways in which I can fulfill my broker’s 90 hour pre-licensing education credit?

Through Chicago Real Estate Institute, you can either choose to complete 75 hours of online coursework or self study accompanied by a textbook and homework materials.  The textbook will be mailed to you as soon as we receive and process your order.  You also have the option of picking it up at our location. Once 75 hours of self study are completed, please call us to schedule a time to take your final exam.. Upon passing the exam, 15 hours of interactive/in-class study must be completed. You also have the option of completing the entirety of the 90 hour course in-class. Both of these options cost the same amount ($560). Beginning on May 1, 2011, the state of Illinois no longer allowed pre-licensing programs which did not include a form of interactive (in-class) study.

How much money do real estate brokers typically make per transaction?

Each transaction is different. A broker’s compensation is based on the value of the property and the broker’s commission agreement.

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.