Do you need a sponsoring broker in Illinois?
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Are you considering a career change and wondering how to become a real estate agent in Illinois? There’s no time like the present to get started! Within six months, you could be launching a highly flexible new career with great earning potential as a real estate salesperson (known as a broker) in Illinois. The process is quite simple, and we’ll walk you through it, step by step. Show
Before we discuss how to become a real estate agent in Illinois, it’s important to note that in Illinois, real estate agents are referred to as brokers. Meanwhile, brokers with additional experience and education who are qualified to oversee other brokers in Illinois are referred to as managing brokers. To become a real estate broker in Illinois, you must be at least 18 years old, have a Social Security number or individual taxpayer identification number, and have a high school diploma or its equivalent. 1. Complete a 75-hour Prelicensing CourseCost: $330-$600 As a real estate broker, you’re responsible for helping your clients with one of the most important financial decisions of their lives. In Illinois, you must complete a 75-hour prelicensing course to understand the complexities and legal matters pertaining to the sale of property. See our “Choosing an Illinois Real Estate School” section for a complete list of topics covered in Illinois prelicensing courses. We highly recommend Colibri Real Estate because they’re affordable and highly rated. You can save 25% on your Illinois real estate prelicensing courses with Colibri Real Estate when you use the promo code TheClose25 at checkout. They’re our top pick on our list of the best Illinois real estate schools for several reasons. They’ve created successful online real estate education programs for dozens of states and they’re a trusted industry leader. Their courses are attractive, informative, and interactive. 4 Best Illinois Real Estate Schools for 20232. Pass the Illinois Real Estate ExamCost: $58 Congratulations! You’ve finished your prelicensing course, and you’re ready to take the Illinois broker exam. You have two years to take the broker exam from the time you complete your prelicensing courses. You’ll be able to schedule your broker license exam online through PSI Testing Service. You’ll have the choice of taking your broker exam at one of PSI’s 31 Illinois testing locations. The broker exam is computer-based and consists of 100 national real estate questions and 40 state-related questions. You’ll receive your score report from the testing supervisor after completing the exam. You must pass both the national and state portions of the exam with a 75%. Bring two valid forms of identification to the testing center and you can bring a non-programmable calculator with no alphabetic keyboard or printing capabilities into the exam room. To prepare for your exam, consider purchasing quality exam prep material from an Illinois real estate school. Exam prep packages offer helpful tools like flashcards and simulated exams to help you study. We recommend checking out Colibri Real Estate. Many of their courses include practice exams, flashcards, and they even offer a pass guarantee. Free Real Estate Practice Exam + 7 Hacks to Help You Ace Your Real Estate Exam3. Join an Illinois Real Estate BrokerageCost: No cost In Illinois, beginning real estate brokers must work under a managing broker. A managing broker is someone who has worked successfully in the industry, taken 60 hours of additional training, and passed Illinois’ managing broker’s exam. What’s the Best Real Estate Company to Work for in 2022?The reward of commissioned sales is that if you work hard and provide excellent customer service to your clients, you can have amazing earning potential and build on your successes. Some people entering the profession choose to go part-time at first and maintain a steady salary in some other part-time pursuit. Can You Be a Part-time Real Estate Agent?4. Complete the Licensing Process OnlineCost: $125 You passed the broker license exam and found a managing broker to work under, you’re ready to apply for your broker license. You can start the application on the Illinois Department of Financial and Professional Regulation (IDFPR) website. You’ll need to create an account, fill out the application form, and pay the $125 fee. You’ll be notified via email when your application has been approved. While you wait, Illinois allows you to practice under the supervision of the managing broker for 45 days while your application is being processed. How Much Does It Cost to Become a Real Estate Agent in Illinois?It costs about $650 to get your Illinois real estate broker license. Some of the costs involved are fixed, including the application fee and exam fee. Some of these costs depend on the real estate school you choose to complete the required 75-hour prelicensing course. Illinois Real Estate License CostsPrelicensing Classes (75 hours)$339 (through Colibri Real Estate)Exam Prep Materials$125 (through The CE Shop)Illinois Broker Examination Fee$58Application Fee for Broker License$125Total Costs$647(Illinois Real Estate Broker License Cost as of April 2022) Save 25% on the cost of your prelicensing course through Colibri Real Estate when you use the coupon code TheClose25. Illinois Real Estate Agent CompensationOnce you’ve decided which companies to reach out to, ask the managing broker about your split, or how you and the brokerage will divide the commissions you earn. Some brokerages will ask for a 50/50 split on commissions. Usually, managing brokers that offer an even split will not charge monthly desk fees. Other real estate companies may allow you to keep between 70% and 100% of your commissions. However, those brokerages will often charge higher monthly desk fees. Some brokerages may offer you 70% of your commissions until you reach a cap, which means you’ll receive 100% of your commissions for the rest of the year after earning the pre-specified amount. As a new real estate broker, finding the right balance between commissions and desk fees may be tricky. Keep in mind that real estate brokerages do not offer any payment to their agents, so these negotiations with the managing broker are essential. Negotiating a lower cap for yourself will mean you’ll be able to put more of your earned commissions into your own pocket. Choosing an Illinois Real Estate SchoolWhether you live in Peoria, Springfield, Champaign-Urbana, or the Chicagoland area, you’ll have your choice of class formats. Your classes will cover the following topics:
Many Illinois real estate schools also offer self-paced, online classes with slides, videos, and interactive content to help you learn the required material to pass the Illinois broker exam. You should be able to find an Illinois real estate school that offers in-person classes that meet during regularly scheduled sessions. Livestream classes are scheduled classes that are broadcast over Zoom (or another video communication tool). Check out the pros and cons of all three to see which type of instruction is right for you. Types of InstructionIn-person Classes
We recommend Colibri Real Estate as our top pick for best online real estate school in Illinois. They have a long-standing reputation for quality instruction so the material is easy to understand. You’ll also appreciate Colibri Real Estate’ competitive pricing and exam prep materials. How to Become a Real Estate Agent in Illinois – FAQsWe’re sure you have plenty of questions about becoming an Illinois real estate agent. We’ve answered your questions below, and we welcome you to ask more in the comment section. Am I eligible to get my Illinois real estate license?You’re eligible to get your Illinois real estate license if you’re 18 years old or older, have a high school diploma, and possess good character. That means you must never have been convicted of a felony or other crime that has an essential element of dishonesty. If you are 18 to 21 years old, you must show proof that you have attended at least four semesters of post-secondary education with an emphasis on courses in real estate. What if I have a real estate license from another state?If you’ve worked as a real estate agent or broker in another state, you may be able to apply for your Illinois real estate license by reciprocity. Illinois has reciprocity with the following states:
If you received your license in one of those states, you need only take the state portion of the Illinois license exam, which consists of 40 questions. Then you’ll fill out your license application and start working as a broker in Illinois. How long does it take to become a licensed real estate agent in Illinois?It takes most people between three and six months to become a broker in Illinois. You can apply for a real estate license after completing your 75-hour prelicensing course and after you pass the Illinois license exam with a grade of 75% or higher. The length of time depends on how long you need to complete the prelicensing coursework and study for the Illinois broker exam. We love Colibri Real Estate and their convenient self-paced online courses that can be done from the comfort of home. Is the Illinois real estate exam hard?With dedicated time to prepare and proper study habits, you can pass the Illinois real estate license exam. You must achieve a grade of 75% on both the state and national portions of the exam. What should I bring when taking the exam?Bring two valid forms of ID when you arrive at the testing facility. At least one needs to be a government-issued photo ID that includes your name and signature. The second form of ID must have your name and signature. You may also bring a non-programmable calculator that has no alphabetic keyboard or printing capabilities. Finally, you’ll also need to provide biometric verification of your identity. This may include a fingerprint scan. Can I get my Illinois real estate license online?Yes – you can complete the majority of the Illinois real estate license requirements online. First, you can take your prelicensing course through an online real estate school. Save 25% off the cost of your prelicensing education through Colibri Real Estate when you use the coupon code TheClose25. You’ll also be able to schedule your license exam online. However, you’ll need to complete your fingerprinting background check in-person, and you’ll take your Illinois broker license exam in person at a PSI testing center. How much money do real estate agents in Illinois make?In 2022, the average salary for a real estate agent in Illinois is $86,180 per year. You can check the most current average annual income in your city or town at Indeed.com. What if I fail the Illinois real estate license exam?Illinois gives you one year from your original testing date to retake and pass the parts you’ve failed. You can retake the exam up to four times. If you fail on the fourth attempt, you’ll be required to retake the prelicensing coursework before you can sit for the exam again. What are the pros & cons of becoming a real estate agent?For some, working as a commissioned salesperson means months of feasts and months of famine, which can be a stressful lifestyle to manage. It takes careful budgeting and financial awareness. On the other hand, there are benefits to working as a commissioned real estate broker. You have a flexible schedule, even though you’ll be required to work many evenings and weekends. You also have the potential to earn a lot of money since both buyer’s and seller’s agents earn a commission on every property they help buy, sell, or lease. Here’s what rock star Chicago broker, Brittany Wrenn, had to say:
More Career Resources From The CloseWe hope our helpful guide has made getting your Illinois real estate license manageable and that you feel energized to start your new career. We’re here to celebrate every milestone in your real estate career. To get more actionable strategies directly to your inbox, subscribe to our newsletter. You can also upgrade your skills by joining The Close Pro. Don’t forget to check out our Real Estate Agents Mastermind group to get advice from fellow agents and brokers. How to find a sponsoring broker in Illinois?Here are the steps you should take to find a sponsoring broker: 1) Google brokers in your area. 2) Reach out to 10 brokers. 3) Schedule interviews with 4 or 5 of the brokers. 4) During the interview, ask them about commission splits and training.
What does it mean to be sponsored by a broker?A sponsoring broker is an agent with their employing broker's license. They are responsible for guiding you through your first years as an agent as well as providing other business, marketing, and brand benefits. You need a sponsoring broker in order to activate your license.
Can you represent more than one sponsoring broker in Illinois?A licensee must have only one sponsoring broker at any one time.
Who is exempt from Illinois real estate licensing requirements?Included in the exemptions are owners of real estate and the employees of the owners of real estate. See Section 5-20(1) of the Act. Accordingly, owners of real estate and their employees may advertise the sale or lease of their property and negotiate real estate contracts and leases without a license.
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