How to Obtain a Real Estate Broker License in Illinois
The median home price in Illinois was $157,450 in April 2010 and more than 10,000 homes sold during the month, according to the Illinois Association of Realtors. The potential for profit is one reason to obtain a real estate broker's license. The Bureau of Labor Statistics reports that the median annual wage for salaried real estate brokers was $57,500 in May 2008. That's substantially higher than the $40,150 median wage for real estate sales agents.
Other People Are Reading
Instructions
-
-
1
Complete the 45-hour pre-license course. The Illinois Department of Financial and Professional Regulation, responsible for licensing, requires candidates for sales and broker's licenses to complete this training at an approved school. It's available in classrooms, online, or through home study programs.
-
2
Complete an additional 75 hours of courses for real estate brokers at an approved school. Broker courses are also available in classrooms, online or via home study.
-
-
3
Pass the Illinois real estate broker examination. Once you've passed the exam, you can apply for a license from the Department of Financial and Professional Regulation. The license fee is $125. You can request an application form by calling 217-782-3414.
-
1
Tips & Warnings
If you are an Illinois licensed attorney or if you hold a real estate sales license from Colorado, Connecticut, Georgia, Indiana, Iowa, Kentucky, Nebraska, South Dakota or Wisconsin, then you don't have to take the pre-license course.
Candidates get four tries to pass the broker examination. If you don't pass within four tries, you must take the broker training course again.
References
- Illinois Association of Realtors: How Do I Get My Real Estate Broker License?
- Illinois Association of Realtors: License Reciprocity
- Division of Professional Regulation: Real Estate Application Fees
- Illinois Association of Realtors: April Posts Eighth Straight Month of Illinois Home Sales Gains, Statewide Median Price Up 5 Percent
- U.S. Department of Labor, Bureau of Labor Statistics: Real Estate Brokers and Sales Agents
Resources
- Photo Credit real estate image by Andrei Merkulov from Fotolia.com
