Becoming a real estate agent in Illinois is a rewarding career path that can offer you the chance to help people find their dream homes, while also earning a good living. However, before you can start working as a real estate agent, you need to obtain a license from the Illinois Department of Financial and Professional Regulation (IDFPR).
Step-by-step guide on how to get a Real Estate License in Illinois
Step 1: Meet the Eligibility Requirements
To be eligible for a real estate license in Illinois, you must meet the following requirements:
- Be at least 18 years old (or 17 if you are a high school graduate and have completed 15 hours of college coursework)
- Have a high school diploma or GED equivalent
- Be a resident of the United States or an alien authorized to work in the United States
Step 2: Complete Pre-Licensing Education
You must complete 75 hours of pre-licensing education from a state-approved real estate school. This coursework will cover topics such as real estate law, principles of real estate, and real estate practice.
There are a variety of pre-licensing education options available, including online, in-person, and hybrid courses. Some schools also offer accelerated programs that can be completed in as little as a few weeks.
Step 3: Pass the State Exam
Once you have completed your pre-licensing education, you can take the Illinois Real Estate Broker Examination. This exam is administered by PSI Services LLC and consists of two parts: a national portion and a state portion.
To pass the exam, you must score at least 70% on each portion. If you fail either portion of the exam, you can retake it up to three times within two years.
Step 4: Find a Sponsoring Broker
Once you have passed the state exam, you must find a sponsoring broker. A sponsoring broker is a licensed real estate broker who will supervise your work and provide you with training and support.
When choosing a sponsoring broker, it is important to consider their experience, reputation, and commission structure. You should also interview several brokers before making a decision.
Step 5: Apply for a Real Estate License
To apply for a real estate license, you must submit an application to the IDFPR. The application must include the following:
- A completed application form
- Proof of your pre-licensing education
- Proof of passing the state exam
- A letter of sponsorship from a licensed real estate broker
- A fee
The IDFPR will process your application and issue your real estate license within 4-6 weeks.
Do you need a license to sell Real Estate in Illinois?
Yes, you need a license to sell real estate in Illinois. The Illinois Department of Financial and Professional Regulation (IDFPR) is responsible for issuing real estate licenses in the state. To obtain a license, you must meet the following requirements:
- Be at least 18 years old and have a high school diploma or GED equivalent.
- Complete 75 hours of pre-licensing education from an IDFPR-approved school.
- Pass the Illinois Real Estate License Exam.
- Obtain a sponsoring broker.
- Apply for your real estate license through the IDFPR website.
Once you have obtained your real estate license, you must complete 75 hours of post-licensing education within two years of becoming licensed. You must also renew your license every two years.
If you are caught selling real estate without a license in Illinois, you could be fined up to $5,000 and/or sentenced to up to one year in jail.
How long does it take to get a real estate license in Illinois?
It typically takes 3-4 months to get a real estate license in Illinois. This includes the time it takes to complete your pre-licensing education, study for the exam, and find a sponsoring broker.
Here is a breakdown of the timeline:
- Pre-licensing education: 75 hours
- Study for the exam: 2-4 weeks
- Find a sponsoring broker: 1-2 weeks
- Apply for your license: 1 week
- Receive your license: 4-6 weeks
How much does it cost to get a real estate license in Illinois?
The estimated cost to get a real estate license in Illinois is $657. This includes the following:
- Pre-licensing education: $339
- Exam prep materials: $135
- Illinois Broker Examination Fee: $58
- Application Fee for Broker License: $125
Please note that these costs are estimates and may vary depending on the pre-licensing school you choose and the exam prep materials you purchase.
Conclusion
Getting a real estate license in Illinois can be a rewarding career path, but it is important to be aware of the requirements and costs involved. The process typically takes 3-4 months and costs around $657. By following the tips in this guide, you can increase your chances of success and save money on the licensing process.
Frequently Asked Questions (FAQ)
How long does it take to get a real estate license in Illinois?
It takes about 4-6 months to get a real estate license in Illinois. This includes completing the required pre-licensing courses, passing the state exam, and applying for your license.
How much does it cost to get a real estate license in Illinois?
The cost of getting a real estate license in Illinois varies depending on the pre-licensing courses you choose and the exam fees. However, you can expect to spend around $1,000-$1,500 on the entire process.
What degree do you need to be a real estate agent in Illinois?
You do not need a college degree to be a real estate agent in Illinois. However, many real estate agents choose to get a degree in business, marketing, or a related field.
How long is the real estate course in Illinois?
The required pre-licensing courses for real estate agents in Illinois total 75 hours. These courses can be taken online or in person.
Is Illinois a good state for real estate?
Yes, Illinois is a good state for real estate. The state has a strong economy and a growing population. Illinois also has a variety of real estate markets, from urban to rural.
Does Illinois real estate license expire?
Yes, Illinois real estate licenses expire every four years. To renew your license, you must complete 30 hours of continuing education courses.
What states recognize Illinois real estate license?
Illinois has reciprocity agreements with several states, which means that you can transfer your Illinois real estate license to another state without having to retake the exam. However, some states may have additional requirements, such as completing a state-specific course.
Can a non US citizen be a real estate agent in Illinois?
Yes, non-US citizens can be real estate agents in Illinois. However, you must have a valid work visa and be able to communicate effectively in English.
Can I use my Illinois real estate license in Texas?
No, you cannot use your Illinois real estate license in Texas. Texas does not have reciprocity agreements with any other states. To get a real estate license in Texas, you must complete all of the Texas licensing requirements, including taking the Texas Real Estate Exam.
