Illinois Real Estate Licensing
Estate Licensing Requirements
The Illinois Real License Act requires individuals who assist
others in the sale, leasing, management, or exchange of real estate to hold an
Illinois real estate leasing agent license, broker
license or managing broker's license.
A broker is any person who for
compensation or valuable consideration is employed either directly or
indirectly by a licensed real estate brokerage firm to perform certain acts: to
sell, offer to sell, buy, offer to buy, negotiate the purchase, sale exchange
of real estate; or to negotiate leases thereof or improvements thereon. A real
estate broker must work under the direction a managing broker at all times.
A brokerage firm is one who acts as an
intermediary between parties to a transaction. A the firm is a properly
licensed party (individual, corporation or partnership) who, for a valuable
consideration or promise of consideration, serves as a special agent to others
to facilitate the sale or lease of real property. A managing broker has the
choice of working on their own (their own firm) or working under the
sponsorship of another brokerage firm as a broker.
Each applicant shall be at least 21
years of age, be of good moral character, have a high school education or GED
and successfully complete state required education.
The minimum age of 21 years shall be waived for any applicant for a broker's
license who has attained the age of 18 and can provide evidence of at least 4
semesters of post-secondary study with a major emphasis on real estate courses
in a school approved by the Illinois Department of Financial and Professional
for a broker license shall complete an approved course of at least 90 hours
of pre-license education and 30 hours of post license education prior to first
renewal of the license.
Managing Broker applicants shall complete 120 hours of approved course
work, 120 hours of which shall be the 120 hours required to obtain a broker's
license and must have been a real estate licensee for 2 out of the last three
years. In addition, 45 hours of broker mangement pre-license courses must be
Illinois applicants who are currently admitted to practice law by the Illinois
Supreme Court and currently in active standing are exempt from the educational
Complete Illinois Real Estate Licensing information may be found at the Division
of Real Estate.
Posted on Sat, July 20, 2013
by Mike Fair filed under