Illinois Real Estate Licensing

Illinois Real Estate Licensing

Illinois Real 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 Regulation.

Applicants 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 completed.

Illinois applicants who are currently admitted to practice law by the Illinois Supreme Court and currently in active standing are exempt from the educational requirements.

Complete Illinois Real Estate Licensing information may be found at the Division of Real Estate.

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