Broker license requirements illinois

Do I still need a Managing Broker license? Yes, any any individual seeking to practice real estate brokerage as a sole proprietor sponsoring his or her own license must obtain the managing broker license.

We offer individual courses and discount packages that satisfy the state requirements and are designed to prepare licensees for the state exam. After May 1, the state no longer permits purely self-study programs. A portion of the pre-license coursework may be completed via self-study, but all students are required to complete a 15 credit-hour interactive course that is attended live via webinar. When are the sessions offered for the 15 credit-hour interactive course?

You may view our schedule of upcoming live webinars by clicking here. How soon after enrolling in the Managing Broker program will I receive my course materials?

Upon enrollment, you will have immediate access to course materials online. Additionally, we will ship printed copies of materials within one business day via First-Class Priority Mail. You may also pick up course materials at our office. What if I don't pass a quiz or exam that is part of the program? In general our programs are designed to aide students who are having any difficulties in our programs. A retake quiz or exam is part of most courses. Please call us or see the course instructions provided with your course materials for specific course requirements.

This is an area where our school really stands out. Students in our real estate pre-license programs are strongly encouraged to call for one-on-one instructor assistance throughout the program. We're committed to each student's success! Illinois real estate license law does not permit students to complete self-study exam s alone. A proctor must administer the exam s and ensure that test-taking rules are enforced. We have on-site testing at our school locations on select dates or you may test online with our approved proctoring service.

We have partnered with a 3 rd party service to administer all online exams. If you are interested in online testing, please visit our Online Proctored Page for technical information and additional details. The complete 45 hour Managing Broker Pre-License course final exam consists of 50 multiple choice questions.

A total of two attempts is included with your tuition. If you do not pass the final examination on your second attempt, you can request a third and final attempt. Failing all your attempts at the final exam will result in failure of the course.

What happens after I pass my course final exam with Real Estate Institute? After you pass our pre-license course final exam, you will be issued a transcript that authorizes you to attempt the state examination. The state examination is offered daily at locations throughout the state. We will provide detailed information regarding the state exam upon you successful course completion.

All courses expire six months after the date of enrollment. In some cases, expired pre-license course enrollments may be extended for a fee within a year of original enrollment. Courses cannot be extended beyond the 1-year anniversary of the original enrollment. After passing the Managing Broker pre-license courses, how many times may I attempt to pass the state examination? Applicants who are currently admitted to practice law by the Supreme Court of Illinois and are currently in an active standing are exempt from the education requirements.

However, these individuals are still required to pass the state examination. Note that ALL licensees are required to have been licensed as a Broker for two of the past three years before they may apply to become a Managing Broker.

Attorneys are also subject to this requirement. Is the Illinois Managing Broker license also valid in other states? PDH Real Estate is committed to helping people get their real estate license, which is why we feel everyone should be able to afford the tuition.

We also offer continuing education courses in some states, so by keeping our initial licensing tuition low, we see more students return to us for their continuing education. The courses and e-books are fully downloadable and printable so you can take notes, highlight, or make flashcards. We provide unlimited support, because we know that learning is a life-long journey.

Feel free to call us at or email us at staff pdhrealestate. License Application or Licensure Requirements:. Address : West Washington, 3rd Floor. Phone : Exam Registration Information:. Phone: Email: i nfo goamp. Website: www. Skip to content. Illinois Real Estate Broker Requirements. How do I register for the exam? Do I need post-license training? Kansas Hour Pre License Course. Valuation and Appraisal Types of value Define real estate value Principles of value Describe economic foundations of real estate value Identify major types of value Influences on value Define market value Describe approaches to value Define comparative market analysis Describe the appraisal process Define appraisal Perform basic calculations used in appraisal Identify regulated appraisal activities and professional standards IV.

Requirements Governing Activities of Licensees Prohibited acts Describe prohibited acts and penalties for violations Place of business and company names Define place of business and company name Handling of trust funds and accounts Describe handling of trust funds and accounts Records Describe record maintenance Recommending legal advice Illustrate recommending legal advice Reporting requirements Describe reporting requirements Advertising Illustrate advertising requirements X.

Financing and Closing Costs Types of Financing: Importance of financially qualifying the purchaser When and how to qualify the purchaser Pre-qualification vs.

Legal Descriptions Define legal description Describe the metes and bounds method Interpret a metes and bounds description Describe the rectangular survey method Identify ranges, tiers and townships Identify sections of a township Calculate acreage of fractions of a section Describe a section fraction Interpret a rectangular survey description Describe the recorded plat method Describe the use of elevation reference points X.

Agency Define the agency relationship Describe the fiduciary duties of agency Identify the forms of real estate agency Describe the rules of agency disclosure Identify problem areas for real estate agents XII. Listing Agreements Describe the basis of listing agreements in contract and agency law Identify the types of listing agreement Describe how an agent fulfills an agreement and earns compensation Identify the basic provisions of a listing agreement XIII.

Contracts for the Sale of Real Estate Describe the characteristics and provisions of a contract for sale Describe the characteristics and provisions of an option-to-buy contract Describe the characteristics of a contract for deed.

Real Estate Investment Describe the investment characteristics of real estate Identify investment entities Describe the tax treatment of real estate investments Perform basic real estate investment analysis and tax calculations XIX. Property Management Describe the major functions of the property manager Identify the nature and components of a management agreement Describe elements of various lease types of most interest to a property manager Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers XXV.

Missouri Disciplinary Proceedings Describe the complaint and investigation process. Illinois 75 Hour Pre License Course. The Real Estate Business Describe real estate activities Identify property type specializations Identify primary brokerage activities Identify forms of brokerage specialization List skills and knowledge needed Describe functions of major professional organizations Identify regulated areas List general areas of license law II.

Rights in Real Estate Define land and real estate Distinguish categories of property Identify the bundle of rights Define water rights Differentiate between real and personal property Identify areas of government and judicial regulation III. Interests and Estates Define interests and estates in land Distinguish freehold estates from leasehold estates Describe types of fee simple estate Describe types of life estate Describe types of leasehold estate IV.

Ownership Define sole ownership Define and distinguish forms of co-ownership Describe how joint tenancy is created Define the mechanics of an estate in trust Identify the features of a land trust Define condominium ownership Define cooperative ownership Define time-share ownership V.

Encumbrances and Liens Define encumbrance Describe the types of easement Define encroachment Define license Define deed restrictions Describe the types of lien Define lien priority Describe foreclosure processes VI. Transferring and Recording Title Distinguish legal and equitable title Define actual and constructive notice List processes of voluntary and involuntary transfer Describe components of a deed of conveyance Identify types of deed Identify types of will Describe probate processes Define title records Describe the forms of title evidence VII.

Land Use Planning and Control Describe the goals and process of land use planning Describe the zoning process Define the types of zone Describe the major environmental legislation Describe the major types of private land use control IX.

Complete 45 hours of broker post-license education. It varies per person on how long it takes to get a Illinois real estate license depending on the pace in which you complete the 75 hours of pre-licensing coursework and pass your licensing examination, the time it takes you to complete the application process and find a sponsoring broker, and application processing times. Per Real Estate Express policy, the hour pre-license coursework for brokers must be completed within six 6 months of the start date.

The start date for distance education courses is the date the course material is first accessed and the end date is when all required documentation is submitted to the provider. The broker examinations must be taken through PSI and passed within four 4 years of the end date of the appropriate pre-license course. If you miss the deadline, you must retake the course.

Students will not be able to schedule the state exam until the school electronically submits verification of course completion to PSI. Illinois brokers must work under the sponsorship and supervision of a managing broker, so you will need to ask a managing broker to sponsor your license before you submit your broker application.

Learn more about how to find a sponsoring broker. Along with proof of pre-licensing course completion, a passing score on the licensing exam, and sponsorship from an Illinois managing broker, you must submit your license application and fee to the Illinois Department of Financial and Professional Regulation IDFPR. New licensees are required to complete 45 hours of post-icense education and a 1-hour course in Sexual Harassment Prevention Training prior to renewing their license.

Reciprocal broker applicants must meet the following requirements:.