If you’re considering a career in real estate, there’s no better place to get started than Illinois. This state offers a diverse and thriving real estate market. But before you can start showing properties and closing deals, you’ll need to earn your Illinois real estate license.
In this guide, I’ll show you how to get licensed in Illinois. You’ll start by meeting the requirements to get your license and then you can move on to working in real estate.
Step 1: Meet the Basic Eligibility Requirements
The first step in getting your real estate license in Illinois is making sure you meet the minimum requirements.
You must be at least 18 years old to start the process. Next up is education. To qualify for a real estate license in Illinois, you need to have a high school diploma or GED equivalent.
You’ll also need to provide identification, including a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Step 2: Complete the Required Pre-License Education
Illinois requires all prospective real estate agents to complete 75 hours of pre-license education before taking the licensing exam. These 75 hours are broken down into two key courses:
- 60-hour broker pre-license topics course: This course covers essential real estate principles, laws, and practices.
- 15-hour applied real estate principles interactive course: This is a more hands-on, practical course designed to teach you how to apply the concepts you learned in the classroom to real-world scenarios.
Together, these courses provide the knowledge and skills needed to pass the licensing exam and succeed in the industry.
Step 2.2. Choose an Education Provider
When it comes to choosing where to take your pre-license courses, you have these options: on-line and in-person classes.
Online courses offer flexibility for those with busy schedules, while in-person classes provide a more structured learning environment. Whichever option you choose, make sure the provider is approved by the Illinois Department of Financial & Professional Regulation (IDFPR).
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Step 3: Register with PSI for the Licensing Exam
PSI is the testing service that administers the Illinois Real Estate License Exam. To register for the exam, you’ll need to create an account with PSI and complete the required steps.
Creating a student account with PSI is easy. Simply visit their website and follow the instructions to register. You’ll need to provide personal information and details about your completed coursework. Make sure you register with PSI early so you can schedule your exam as soon as you complete your pre-license education.
Step 4: Pass the Illinois Real Estate Licensing Exam
The Illinois real estate licensing exam consists of two parts:
- National section: 100 questions covering general real estate principles.
- State section: 40 questions focused on Illinois-specific real estate laws.
Each attempt at the licensing exam costs $58, and you’re allowed up to four attempts to pass. The cost is reasonable, but preparing thoroughly can help ensure you only have to take the exam once.
To pass the Illinois real estate licensing exam, you need a minimum score of 75%. Once you pass, your score is valid for one year, giving you ample time to complete the remaining steps in the licensing process.
Step 5: Find a Sponsoring Managing Broker
In Illinois, all real estate agents must work under a sponsoring managing broker. The sponsoring broker will oversee your transactions, help you develop your skills, and guide you as you begin your real estate career.
When selecting a sponsoring broker, consider factors such as their commission structure, training programs, and overall support. Look for a broker who offers mentorship and professional growth opportunities. You’ll want to ask questions like:
- What is the commission split?
- How much training and mentorship do you provide?
- What kind of marketing support will I receive?
Step 6: Submit Your License Application
Once you’ve passed the exam and secured a sponsoring broker, it’s time to submit your application to the IDFPR. You can complete the application online through its portal.
The application fee for an Illinois real estate license is $150. Be sure to have your pre-license transcripts and passing exam score ready when you apply.
Step 7: Receive Your Real Estate License
Once your application is submitted, the IDFPR will review your information and, if everything is in order, issue your real estate license. This process typically takes a few weeks, so be patient as you wait for approval.
When you receive your license, you’re ready to hit the ground running! Start by working closely with your sponsoring broker to build your client base. Networking with other real estate professionals and attending local industry events can also help you grow your business.
Getting your real estate license in Illinois is a clear, straightforward process. By meeting the eligibility requirements, completing your pre-license education, passing the exam, and securing a sponsoring broker, you’ll be well on your way to a rewarding career in real estate. If you’re ready to take the first step, there’s no better time than now to start your journey!
FAQ
How long does it take to get a real estate license in Illinois?
The process typically takes a few months. You’ll need to complete 75 hours of required education, prepare for the exam, and pass the licensing exam. After that, securing a managing broker and submitting your application takes additional time, but overall, the timeline varies based on your schedule.
Can I complete my pre-licensing education online?
Yes, many accredited providers offer online pre-licensing courses. Online options provide flexibility, allowing you to complete the education at your own pace, which is ideal for those with busy schedules.
How many times can I retake the licensing exam?
You can retake the exam up to four times. Each attempt costs $58, so be sure to prepare thoroughly with study guides and practice exams.
4. What happens if I don’t pass the exam?
If you don’t pass the exam, don’t worry! You can retake it…but each retake will cost $58. It’s a good idea to review your weak areas and consider using exam prep courses to improve your chances on the next attempt.
How do I find a good managing broker?
When talking to potential managing brokers, ask about their pay structure, mentorship programs, training opportunities, and the overall support they give. A good broker will provide you with the tools you need to succeed in your real estate career.
Can I transfer my real estate license from another state to Illinois?
Yes, Illinois offers reciprocity with certain states. This means that if you’re licensed in another state, you may not need to complete the full Illinois licensing process. Check with the Illinois Department of Financial & Professional Regulation (IDFPR) for details on how to transfer your license.