How To Obtain an Illinois Real Estate License

In Illinois, exams, licensing, and continuing education for real estate agents are governed by the Illinois Department of Financial and Professional Regulation.  In order to obtain an Illinois real estate license,  an applicant must first pass a state exam and meet the procedures for real estate licensing outlined in the Real Estate License Act of 2000

Each applicant shall:

 Be at least 21 years of age, be of good moral character and have graduated from high school or obtained the equivalent of a high school degree.

The minimum age of 21 shall be waived for any person seeking a license as a real estate salesperson who has attained the age of 18 and can provide evidence of  successful completion of at least 4 semesters of post-secondary school study as a full time student or equivalent with major emphasis on real estate courses, at a school approved by the Illinois Department of Financial and Professional Regulation.

All applicants for a real estate salesperson license must meet the following educational requirements:

Successfully complete a 45-class-hour Real Estate Transactions course at a real estate school approved by the Illinois Department of Financial and Professional Regulation or;

Be admitted to practice law by the Illinois Supreme Court or;

Be a resident of another state that has a reciprocal agreement with Illinois and meets the requirements of reciprocity.  

All applicants for a real estate broker license must meet the following educational requirements:

Successfully complete at least 120 classroom hours, 45 of which shall be those hours required to obtain a salesperson license.  75 hours as approved by the Illinois Department of Professional and Financial Regulation as follows:

Mandatory Courses (45 hours)
Brokerage Administration (15 hours)
Contracts and Conveyances (15 hours)
Advanced Principles 2000 (15 hours)

Elective Courses (30 hours – any two listed below)
Real Estate Appraisal (15 hours)
Property Management (15 hours)
Financing (15 hours)
Sales and Brokerage (15 hours)
Farm Property Management (15 hours)
Real Property Insurance (15 hours)
Other approved electives (15 hours) Or;

Be admitted to practice law by the Illinois Supreme Court or;

Be a resident of another state that has a reciprocal agreement with Illinois and meets the requirements of reciprocity.

 Every person making application for an original license as a salesperson or broker must personally take and pass a written examination authorized by the Illinois Department of Professional and Financial Regulation.

Illinois License Law Update:There will be change!

Change really is coming, really it is...it's just a question of when.  Illinois House Bill 5338 has been in committee the spring session of 2007 and has seen little activity and you migt well ask, "is anything going to happen?."  The answer to that question is a resounding YES!

The Illinois Real Estate License Act includes a definite date at which it is scheduled to be repealed which is the removal or reversal of a law. Given the current real estate environment, this "ain't" going to happen.  The scheduled date is January 1, 2010.  

Given the political environment in Springfield, it is extremely unlikely that anything will happen until the Spring session of 2009.  It is in the Spring session that bills are introduced for consideration for the current legeslative year and we can expect to see the Bill addressed.

Senate Bill 571 was unanimously passed by the Illinois Senate in 2007 and we can expect this bill to be and is as written substantially the same and among other issues:

• Increases the required education for salesperson from 45 hours to 90 hours 
• Requires 30 hours of continuing education prior to a new licensee's first renewal and 12 hours of continuing education for each subsequent renewal.
• Requires 30 hours of continuing education for all current salesperson licensees and 12 hours of continuing education for each subsequent renewal.
• Establishes initial broker licensing requirements of 45 hours
• Provides that broker applicants must be licensed as real estate salespersons for two out of three years prior to broker licensing.

Needless to say, if you are considering earning a salespereson or broker's license at any time in the future, now just might be the time to act.

Broker Management CE Classes

Broker Management Continuing Education

All Illinois  brokers licensed after April 30, 2008 are required to complete the course within 180 days of licensing.  The course which includes: broker licensing and responsibility, agency agreements and issues, office management and escrow responsibilities, risk reduction and disciplinary actions. 

Classroom sessions are scheduled for Saturday August 9, and Saturday November 15, 2008 in Aurora.  The classes will be conducted at 318 N Lake Street from 9:00 AM to 4:00 PM, test follows.  Course fee:  $125.00.  

The Illinois Academy of Real Estate Home Study Course has been approved and consists of the State required textbook and a workbook that guides the student through the course.  Student scenarios and practice exams prepare the student for the course final.  Course fee:  $99.00.

Learn About the Real World of Real Estate

Do you have questions about real estate or the real estate market?  Looking for a career in real estate? Or do you just want to know how the real estate market affects you in buying or selling a home?

We have the answers to your questions!

You will learn:

• the career opportunities available in the real estate profession
• how supply and demand affects the real estate market
• how economic, political, and social factors effect supply and demand
• the services to expect from a real estate licensee
• the different ways to hold title to real property and the advantages to you
• how to value your real property
• how to understand property taxes so that you pay only your fair share
• how to negotiate real estate contract
• how to understand financing and different types of real estate loans
• how your real property is valued
• how the real estate closing works
• and much, much more

You will know what the Pros know and have a greater understanding of the real estate transaction.

Knowledege is power! 

And who knows, you just might decide to become a real estate professional.  Successful completion of this course meets the educational requirements for completing the real estate licensing exam.

Our most popular class is  our  home study correspondence program. The self study format includes registration, text book, workbook and a CD exam prep and instructor support. Tuition is $232.00. Most students complete this program in 4 to 6 weeks.

Already a licensed salesperson?

The state required 75 hour Illinois real estate class for currently licensed salespersons who wish to obtain an Illinois Real Estate Broker license is also available as a home study correspondence course. Tuition for this program is $532.00.

Are you ready to enter the real world of real estate as a licensed Illinois broker?

Individuals not currently holding an Illinois Real Estate Sales License who wish to become licensed as an Illinois Real Estate Broker must complete a 120-credit hour combined sales/broker pre-licensing Illinois real estate class. Tuition for the combined sales/broker home study correspondence real estate class is $650.00.

For more information or to register, visit IlAcademy.com or call the Illinois Academy of Real Estate at 630-844-0222.