Estate Broker License sign" width="643" height="362" />Estate Broker License sign" width="643" height="362" />
Obtaining an Illinois Real Estate Broker License is crucial if you’re looking to advance your real estate career. Despite the streamlined online application process, many aspiring real estate brokers find the requirements and procedures complex and challenging.
This How to Get a Broker License in Illinois article will guide you through each step of the process, ensuring you have a clear understanding of what it takes to achieve this license and elevate your real estate career as quickly as possible.
Recommended: Interested in getting started? We recommend The CE Shop’s online pre licensing education packages due to their high-quality study resources, money-back-guarantee, and flexible pricing.
The CE Shop
In order to get your Illinois real estate broker license and take your career to the next level, there are several key steps you’ll need to complete. These include:
In the sections below, we’ve explored each of these steps in more detail.
Note: If you’re just starting out, you’ll need to check out our Illinois Real Estate License guide instead.
Before proceeding with the application process for your Illinois real estate broker license, you’ll need to first make sure that you meet the general prerequisites outlined under the Real Estate License Act of 2000, Part 1450:
Keep in mind that what other states typically call a “broker” is referred to as a “managing broker” in Illinois, and what’s commonly known as a “real estate agent” or “real estate salesperson” in other states is known as a “real estate broker” in Illinois.
Note: The Illinois Department of Financial and Professional Regulation (IDFPR) oversees the licensing process in this state, managing all aspects of real estate licensing.
Beyond the general requirements mentioned earlier, you must also fulfill specific educational prerequisites to be able to apply for an Illinois real estate managing broker license.
In particular, this will involve completing 45 hours of managing broker courses at an IDFPR-approved real estate school, which are broken down as follows:
After completing these courses, you’ll receive a Uniform Real Estate Transcript that you’ll need in order to register for the state licensing exam.
Keep in mind that this certificate will remain valid for a period of two years, meaning that after this period, you will be required to retake a pre-licensing course in order to continue with the licensing process.
Even though completing a course is mandatory, it would be a mistake to think of it as just “checking a box”. This is because your pre-licensing education is what will prepare you to both pass your exam and become a licensed broker.
For this reason, we always encourage our readers to invest in high-quality and reliable courses, as their study materials (like real estate practice tests and flashcards) can be invaluable during the exam prep stage.
Recommended Course
Interested in getting started? We recommend The CE Shop’s online pre licensing education packages due to their high-quality study resources, money-back-guarantee, and flexible pricing.
The CE Shop
Note: As of June 12, 2024, candidates for the Illinois managing broker exam no longer need to apply for preapproval. Instead, you can directly schedule your exam by entering your course completion date and uploading your Uniform Real Estate Transcript online.
In Illinois, PSI administers a four-hour exam for managing brokers, which has 130 questions that are divided across two sections: a national section and a state-specific section.
In order to schedule your real estate broker exam, you’ll need to make an online reservation using the PSI website. Note that you’ll need to create an account for this service if this is your first time using it, after which you’ll be shown step-by-step instructions on how to complete your reservation.
Keep in mind that you’ll be required to pay a $58 fee at the time of reservation because you can’t pay this at the exam center. This fee remains the same regardless of whether you take one or both sections of the exam.
In order to pass, you’ll need to obtain a score of 75% on both the national section and the state-specific section.
You’ll find out how you performed on this exam immediately after finishing and should receive your passing exam score sheet with a full breakdown a few days afterwards.
Note: You must apply for your license within one year of passing the exam or your exam results will expire and you’ll need to retake the test.
After completing your pre-licensing education and ensuring that you satisfy all other licensing requirements, you’ll be ready to move on to submitting your license application.
To do this, you will need to visit the IDFPR Online Services Portal and submit your initial license application along with the $175 licensing fee.
At this stage, the IDFPR may ask for any additional documents it considers relevant to your application — and you must submit that within a reasonable timeframe.
If you’ve managed to get this far, congratulations!
The IDFPR typically processes applications within 10 to 20 business days. Once the IDFPR approves your application, you’ll receive your licensing document that’ll allow you to officially begin working as a managing broker in Illinois.
Be sure to take some time to celebrate your accomplishment. You’ve put in a lot of work and effort and deserve a celebration!
In order to keep your real estate broker license valid, you’ll need to renew it every two years.
You can do this online through the IDFPR Online Services Portal by paying the $250 renewal fee. If you miss the deadline, you’ll incur a $75 late fee for a total of $325.
During each renewal cycle, you’ll need to complete 24 hours of continuing education (CE) that includes:
We always encourage our readers to think of the post licensing course they take as an investment in their future career — higher quality, more reliable course content is a central part of ensuring you continue to grow professionally.
Recommended: Interested in getting started? We recommend The CE Shop’s online post-licensing education packages due to their high-quality study resources, money-back guarantee, and flexible pricing.
The CE Shop
Mailing Address:
Illinois Division of Real Estate
555 West Monroe Street, 5th Floor
Chicago, IL 60661
Hours: Monday to Friday, 8:30am – 5:00pm
Phone: (800) 560-6420
To qualify as a managing broker in Illinois, you’ll first need at least two years of experience as a licensed broker.
After that, completing the required education, passing both portions of the state licensing exam, and submitting your application typically takes an additional two to four months.
If you’re interested in a career in the real estate industry, be sure to check out our How to Get a Real Estate License in Illinois article.
The primary difference between a broker and a managing broker in Illinois is that a broker focuses on real estate transactions while a managing broker supervises brokers, runs an office, and handles operational responsibilities.
For more information, see our state-specific How to Become a Real Estate Broker guide.
Yes, managing broker licenses in Illinois must be renewed every two years for a renewal fee of $250. If you miss the deadline, however, you’ll incur a $75 late fee that’ll bring the total to $325.
Interested in learning more? Check out our How to Get a Broker License in Illinois guide.
To get a managing broker license in Illinois, you’ll need to have at least two years of experience as a licensed broker within the last three years, complete 45 hours of pre-licensing education, pass the state licensing exam, and submit a license application to the Illinois Department of Financial and Professional Regulation (IDFPR).
Information on this page was researched and gathered from a multitude of sources and was most recently updated on August 29, 2024
Any Information on this site is not guaranteed or warranted to be correct, accurate, or up to date. StateRequirement and its members and affiliates are not responsible for any losses, monetary or otherwise. StateRequirement is not affiliated with any state, government, or licensing body. For more information, please contact your state's authority on insurance.
When readers purchase services discussed on our site, we often earn affiliate commissions that support our work. Learn More
Our goal at StateRequirement is to be the #1 professional licensing resource in the world. All of our information is gathered from deep research of trusted governmental, educational sources, and first-hand experience. Thank you for your support.
Stay Connected:
