What Are the Requirements for a Real Estate License in Illinois?

In order to obtain your real estate license in Illinois, you must complete all of the requirements. Find out what’s necessary.

Are you interested in becoming a realtor in Illinois? Maybe you’re looking into attending Chicago real estate school. Whatever it is, chances are that you need to know the requirements to make that dream of yours come true. Below you’ll find the minimum requirements to become a realtor in the State of Illinois. 

Broker vs Managing Broker in Illinois

Previously, in the State of Illinois, a person who helps others purchase and sell properties was called a real estate agent, which is standard practice in most other states. However, everyone practicing real estate in Illinois is now considered to be a real estate broker. A managing broker is someone who manages real estate offices, and this requires additional education and licensure.  

Requirements for a Real Estate Broker in Illinois

To become a real estate broker in Illinois, you must comply with a few requirements. 

These include: 

1. Be at least 18 years old
2. Complete the Educational Real Estate License Requirements for the State of Illinois
   1. A total of 75 hours of pre-licensure coursework at a real estate school that is approved by the Department of Financial and Professional Regulation. 
   2. Complete 60 of the 75 hours of coursework on Illinois Broker Prelicense Topics
   3. Complete 15 of the 75 hours of coursework on Illinois Broker Prelicense Applied RE Principles
3. Take the Illinois Real Estate Licensure Exam
   1. Pass with a score of at least 75

Once these requirements are completed, the potential real estate brokers must then register online with PSI and complete the application process. 

Requirements for a Managing Broker in Illinois

To become a managing broker in the State of Illinois, you must first obtain a broker real estate license in Illinois. Here are the additional requirements to the ones above. 

1. Managing Broker applicants should complete 45 hours of pre-licensure education
   1. 1. A 15-hour course in Applied Management and Supervisior
      2. A 30-hour course in Prelicense Topics

Once the requirements are completed, the applicant can then register with PSI in Illinois and complete the application process. 

If you’re looking to become a real estate broker in Illinois or a managing broker and need extra preparation for the exam, turn to PrepAgent for additional material!