If you want to take control of your real estate career, earning your managing broker license in Illinois is a key step. This license allows you to supervise other brokers or even open your brokerage. However, meeting the Illinois managing broker license requirements involves specific steps and education. Understanding these requirements clearly will help you prepare efficiently and achieve your goals.
Who Qualifies for the Illinois Managing Broker License?
Before starting, make sure you meet the basic eligibility rules:
- You must be at least 20 years old.
- You should have held a broker license for at least 2 of the last 3 years.
- Completion of a total of 165 hours of real estate education is required:
- 75-hour broker pre-license
- 45-hour broker post-license
- 45-hour managing broker pre-license
If you satisfy these, you can move on to the educational and exam requirements.
What Education is Required?
The Illinois Department of Financial and Professional Regulation (IDFPR) requires you to complete a 45-hour managing broker pre-license course. This course is divided into two parts:
- 30 Hours of Theory—You learn real estate law, supervisory duties, and management responsibilities.
- 15 Hours of Exam Preparation—Focused on the application of knowledge and simulation exam practice.
You can choose to take this course through home study or live online classroom sessions.
How Does the Course Work?
The 30-hour theory section is often available as a home study or online program. If you opt for home study, you’ll get a textbook and access to multiple practice exams online. This flexibility lets you learn at your own pace.
After finishing the 30-hour segment, you schedule the 15-hour classroom portion. The classroom program is typically a two-day event running from 9 AM to 5 PM. This in-person portion helps reinforce the material and prepare you for the exam.
Passing the Exam
At the end of the course, you must pass a proctored exam with a score of 75% or higher. Once you pass, PSI (the testing service) will give you a printout. This document is essential because you need to submit it when applying for your managing broker license.
Keep in mind that after passing, it may take up to 30 days for your license status to appear on the IDFPR website.
How to Register and Costs Involved
Tuition for the managing broker license program is around $349. Some specials or discounts might be available, so check the school’s website or contact the office for updates.
Registration usually happens online. If you are taking the program in two parts (home study + classroom), you may need to register separately for each.
Why Choose a Licensed Real Estate School?
Selecting a state-licensed school, like Inland Real Estate School, ensures you get the required curriculum approved by the state. Their instructors typically have decades of practical real estate experience. This blend of real-world knowledge and classroom teaching helps you prepare thoroughly.
The school also assists students who want to open their brokerage by explaining licensing and state compliance details.
Tips for Success
- Start your home study early to complete the 30-hour course within 60 days.
- Take practice exams seriously—they prepare you well for the final exam.
- Attend all classroom sessions; interactive learning improves retention.
- Keep track of your completion certificate. You’ll need it to apply for your license.
What Happens After You Pass?
Once you have your managing broker license, your career options expand. You can continue working under a sponsoring broker or open your brokerage. This license gives you more independence and leadership opportunities in real estate.
If you plan to open your brokerage, seek advice from experienced professionals or your real estate school staff about state regulations and business setup.
Conclusion
Meeting the Illinois managing broker license requirements takes focus and preparation. Completing the necessary education, passing the exam, and understanding the application process are vital steps. With dedication and the right support, you can earn your managing broker license and advance your real estate career confidently.
Ready to meet Illinois managing broker license requirements? Enroll today in a flexible program designed to fit your schedule. Take the next step in your real estate career now!
