Illinois Real Estate Requirements
Article Summary: This article can provide helpful information for anyone interested in knowing the general steps to gain a Real Estate Broker License in the state of Illinois. More information below is provided on topics including an applicants age requirements, educational courses, state examination, and renewal information.
The Division of Real Estate, part of the Illinois Department of Financial and Professional Regulation (IDFPR) regulates and licenses all professionals involved in buying and selling property within the state. Their goal is to evaluate and enforce public welfare and make sure qualifications and standards are upheld within the industry.
When it comes to a Real Estate Broker license (or some states would call a salesperson license), a candidate must be at least 18 years old and hold a highschool diploma or equivalent. In addition, there are 75 hour of pre-license curriculum and 45 hour post licensure education required. All approved education providers and courses are listed on the IDFPR’s website. These can be done in classroom, webinar, and online distance formatting. An individual has to register online with PSI/AMP as a student before their course completion in order to take the Illinois Broker Examination.
Continuing education requirements are based on the date in which the Broker License was issued. If it was first issued prior to February 1, 2018, there are 12 hours of CE required. If the license was issued between February 1, 2018 and August 8, 2019, then 30 hours of Post License Education are required. There are 45-hour of post license education necessary if the license was issued between August 9, 2019 and November 1, 2019. There is no post license education or CE required if a license was issued on or after November 2, 2019 and it will expire on April 30, 2022.
In order to receive a Managing Broker License, a person must also be at least 20 years of age and have worked as a broker for 2 years during the 3 years before an application is submitted. Completion of 45-hour managing broker courses and passing the IL state exam are among additional necessary requirements.
When it comes to continuing education for a Real Estate Managing Broker license renewal, there are 24 hours of CE required.
Illinois Real Estate License Requirements Continued
Anyone hoping to work as a licensed real estate agent in Illinois is required to meet a number of requirements. Each one is in place to protect not only you, but all buyers and sellers you might eventually work with in the field. You need to be sure you meet all the minimum requirements before you begin the education and exam requirements. It’s fruitless to pay for these when you don’t meet the basic requirements. The most basic expectations include being at least 21-years-old, having a high school diploma or GED, and having a clear criminal background.
Before you can take the state exam to become a licensed real estate agent, the Illinois Department of Real Estate requires you successfully complete at least 90-hours of pre-license coursework. The first 75-hours are for your Real Estate Broker Topics coursework. The remaining 15-hours are dedicated to Broker Pre-license Applied Real Estate Principles. These courses must be taken in person or online in an IDRE-approved facility. Fees vary by location.
Once you complete your pre-license coursework, you’re responsible for taking the state exam. This exam consists of 140 questions, and you’re given three and-a-half hours to complete the test. A passing score of 75 points or higher is required to obtain a real estate license. You can take the test again if you fail, or you can take whichever section you fail again. You have to pay a fee of $35 each time you take the test up to four times. After the fourth fail, you have to take the entire educational course over again.
Once you pass the exam, you must submit your application for a license to the state. This application requires a $125 fee. You have to have a sponsor broker, which means you have to have a broker to call your employer to submit your application. He or she must fill out a portion of your application, and you must complete all of the sections entirely to have your application processed. Failure to do so could result in a denied application or request for more information.
Once you are approved and your license is issued, it’s your responsibility to use it with integrity. There are continuing education requirements in place for all licenses expiring soon, which means you’re in charge of keeping up with those or risk your license being deactivated.
Illinois Real Estate Exam Preparation
Below is a link to the Illinois Real Estate Exam Prep, you can find more study material for the nation real estate exam on our recommended books page.
Disclosure :: Please be aware that these requirements change from time to time, we do our best to monitor the changes but it is always best to go to the source to confirm the requirements!