The state of Illinois has different levels of real estate licenses which include a “real estate broker” designation, and after additional training and experience, another license called for the role of “real estate managing broker”. What are the differences between the two, and what is required to obtain an Illinois Real Estate License?
The Broker license was formerly referred to as the “Salesperson” licensing category (until May 1, 2011.) Some of the current requirements for obtaining a Broker license include having a high school diploma or equivalency certificate (G.E.D.), being age 21 or older, and completing the required coursework and passing the state exams.
The state of Illinois requires Broker training that has a total of 90 hours of pre-licensing educational courses, broken down into 15 hours of interactive Applied Real Estate Principles class (either through classroom hours or webinar) as well as a 75-hour Pre-License Topics course.
After completing the required coursework and passing the state exams, selling brokers can be sponsored by a broker, and can work on behalf of only that particular broker to arrange open houses, locate properties, work on financing arrangements, or make rental or sales transactions.
A real estate managing broker designation requires extra coursework and passing an additional exam. This license allows a managing broker to employ other brokers or run a company that sells or rents properties. The requirements for becoming a real estate managing broker in Illinois include having a valid broker license, being over 21 years old, and having worked as an active real estate broker in Illinois for 2 out of the last 3 years. An additional 45 hours of coursework is required to obtain the real estate managing broker license, and includes 30-hour course, Managing Broker Pre-license Topics and a 15-hour Managing Broker Pre-license Applied Management and Supervision Interactive course.
All real estate broker and managing broker licensees must fulfill the state-mandated requirement of 6 hours of continuing education per year every two years. There are online and classroom study options to help real estate professionals stay up to date on legal issues, financial topics, and ethics.
For more information about obtaining your real estate license in the state of Illinois, please contact us.