How To Get A Real Estate License In Illinois


How to get a real estate license in Illinois

How to Get a Real Estate License in Illinois

Working as a real estate agent is a rewarding profession since you'll use your knowledge of state property laws to assist clients in selling estates or buying properties that matter the most to them. Therefore, it would help to learn about the process of getting a real estate license in Illinois so you reap the benefits of this profession.

So, are you seeking to become a real estate agent in Illinois? Look no further. This guide will take you through the process of obtaining a real estate license in Illinois and other basics related to the topic. Read on..

Steps to get a real estate license in Illinois

Before starting, you should remember that real estate agents are known as brokers in Illinois. But those brokers with advanced education and experience authorized to micromanage other brokers in Illinois are called managing brokers.

Here are the minimum requirements for becoming a real estate broker in Illinois:

  • You should be above 18 years old.
  • You should have a security number or individual taxpayer ID number.
  • You should have a high school diploma or GED.

Let's get started!

Step 1: Complete a 75-hour Prelicensing Education

Cost: $330-$600

As a real estate broker in Illinois, you are responsible for assisting your clients with essential financial decisions. So in Illinois, you must take a 75-hour prelicensing course to learn the legal matters pertaining to property sales, real estate appraisals, and the rest.

You can choose to complete your course online or attend classes based on your schedule. If you opt for the self-paced version of this course, expect to complete it within three weeks. In-person or live-streamed courses last for 3 to 5 weeks. You must pass the final exam for all subjects of the study.

Once you've passed the course exam, you're eligible to proceed with the Illinois real estate exam.

Step 2: Pass the Illinois Real Estate Exam

Now that you're done with your prelicensing course, it's time to take the Illinois broker exam. This exam is computer-based and has 140 multiple-choice questions split into national and state sections.

The national category has 100 questions, and the state section has 40. You'll be given at least 120 minutes to complete the exam, and you have the choice to do the exam online or at an in-person testing center.

You're allowed to use a non-programmable calculator with no printing capabilities to tackle the maths section. After the test, you'll get a score report indicating whether or not you've attained the pass mark. The pass mark is 75%.

Step 3: Secure a Sponsoring Broker

Before applying for a full license, you must work under a managing broker. A managing broker is an experienced person with advanced credentials that permit them to own an independent real estate firm. Novice real estate agents depend on a managing broker for support, mentorship, and employment as they sharpen their skills in this field of expertise.

For the best experience, choose a managing broker with a positive reputation.

Step 4: Submit Your Licensing Application

After complying with the licensing requirements, submit your application. You can do this online by filling out the Illinois Department of Financial and Professional Regulation form. However, you'll be prompted to create an account first and pay the $125 fee.

Note: You will be requested to show proof of passing the licensing exam and having a sponsoring broker. You'll then receive an email if your application is approved. The process takes 45 days, but Illinois allows you to work under the supervision of your sponsoring broker as your license is being processed.

How Much Does it Cost to Get a Real Estate License in Illinois?

Expect to spend around $650 to obtain your real estate license in Illinois. However, some factors can affect the cost, including the real estate school you choose to study for the approved 75-hour prelicensing course.

Here are the estimated costs:

  • Prelicensing classes: $339
  • Exam preparation materials: $125
  • Illinois broker exam fee: $58 per attempt.
  • Application fee for broker license: $125.

How Much Money Do Real Estate Agents Make in Illinois?

Real estate agents in Illinois make $108,276 annually on the higher end. This income can vary depending on your years of experience, employment setting, and level of education. Most agents make their income through commission. This means they earn a certain percentage from each sale they make.

It's worth noting that real estate agents can get more income based on how much they sell, the commission percentage earned, and the price of the commodity they trade. For instance, if you work in niche markets like lavish homes, you may get a higher wage than the national average.

If you want to see some examples of questions that will be on the actual real estate exam, check out our free real estate practice exam. We have been named as the best real estate exam practice for 7 years in a row!

If you need to get your required educational hours done, check out our partners for online real estate education that can be done at your own pace from home or where ever you have internet access.

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