If you're considering a career in real estate in Illinois, understanding the state's licensing requirements is essential. The Illinois Department of Financial and Professional Regulation (IDFPR) oversees the licensing process, ensuring that all agents meet specific educational and ethical standards. Here's a comprehensive guide to help you navigate the steps to become a licensed real estate broker in Illinois.
Meet Basic Eligibility Requirements
Before starting your real estate journey, ensure you meet the following criteria:
- Be at least 18 years old
- Hold a high school diploma or GED
- Possess a valid Social Security number or Individual Taxpayer Identification Number
- Provide a government-issued photo ID
- Be of good moral character
Complete 75 Hours of Pre-Licensing Education
Enroll in a state-approved 75-hour pre-licensing course, which includes:
- 60 hours of Broker Pre-License Topics
- 15 hours of Broker Pre-License Applied Real Estate Principles
These courses are available both online and in-person through various providers. Some scholarships and grants are available to assist with tuition costs.
Pass the Course Final Exams
After completing each course, you must pass the course final exams to move on to the next step.
Pass the Illinois Real Estate Broker Examination
Schedule and pass the Illinois Real Estate Broker Exam, administered by PSI. The exam consists of two parts:
- National portion: 100 multiple-choice questions
- State portion: 40 multiple-choice questions
You must score at least 75% on both sections to pass. The exam fee is $58 per attempt. You have up to four attempts to pass the exam; if you do not pass after four attempts, you must retake the pre-license coursework before registering again for the exam. I
Apply for Licensure
After passing the exam, submit your application through the IDFPR Online Services Portal. You'll need to provide proof of completed education, exam score reports, and the application fee. You must apply for your license within one year of passing the exam.
Select a Sponsoring Broker
To activate your license, you must affiliate with an Illinois-licensed real estate managing broker. Your managing broker will guide you through the application process and provide mentorship as you begin your career.
Post-Licensing and Continuing Education
Post-Licensing Education
New licensees must complete 45 hours of post-licensing education before their first license renewal. This includes three 15-hour courses covering Applied Brokerage Principles, Risk Management and Discipline, and Transactional Issues. The curriculum also includes a required 1-hour Sexual Harassment Prevention Training.
Continuing Education
To maintain your license, Illinois requires 12 hours of continuing education every two years, including 6 hours of core courses and 6 hours of elective courses. The core courses must include a 1-hour Sexual Harassment Prevention Training.
Estimated Costs
Here's a breakdown of the typical costs associated with obtaining your Illinois real estate license:
- Pre-Licensing Course: $400 – $600
- Application Fee: $125
- Exam Fee: $58 per attempt
- Post-Licensing Education: $200 – $300
Total Estimated Cost: Approximately $800 – $1,100
Reciprocity Agreements
Illinois offers reciprocity to licensed agents from certain states. To obtain a reciprocal license, applicants must hold an active license in good standing from their home state and meet specific requirements set by the IDFPR.
Embarking on a real estate career in Illinois involves a structured process, from education to examination and ongoing learning. By understanding and following these requirements, you can establish a successful career in Illinois's dynamic real estate market. Global Real Estate School is here to help guide you.