A career in real estate can be exciting and lucrative if you choose to pursue it. Agents in this field use their expertise in federal and state real estate law to help their clients buy or sell properties. An important first step in entering the real estate industry in Illinois is becoming familiar with the requirements for doing so. This article explains how to get a real estate license in Illinois and how to go about the exam. We also added the list of the real estate license in Illinois requirements to the article just to make the journey easier for you! Why not dive in now?
Who Is a Real Estate Agent?
A real estate agent is a trained professional who negotiates transactions between landlords and tenants, as well as buyers and sellers. These experts in the area know the market inside and out and can help clients every step of the way. Brokers and real estate agencies employ real estate agents, who earn a commission from each sale they broker.
Researching properties, negotiating deals, drafting contracts, and offering pricing, marketing, and staging advice are just a few of the many duties of a real estate agent. A real estate agent’s other job is to ensure that their client’s real estate transaction goes off without a hitch from a legal and financial perspective. One of the most important qualities in a real estate agent is their ability to connect with and earn the trust of their clients.
What Is the Workplace of a Real Estate Agent Like?
Workplace diversity and adaptability are hallmarks of the real estate industry. Real estate agents, unlike those in many other professions, often have the flexibility to work either from home or while traveling. Client meetings and property tours make up a significant portion of a real estate agent’s day. Because of this, real estate agents are constantly on the move as they visit different properties and meet with prospective buyers and sellers. It is not uncommon for real estate agents to meet with clients in other cities, states, or even countries.
Real estate agents, whether they work out of a typical office or from home, spend a lot of time there, in addition to showing properties and meeting with customers. Agents use this time to market themselves and their listings to prospective buyers, as well as to take care of administrative responsibilities like drafting contracts and negotiating sales.
Many real estate brokers get compensated solely through commission, either for helping a client buy a home or for selling one. Agents are often under a lot of pressure to bring in new business and make deals happen. However, the payoffs for those that are successful can be quite large.
What Are the Real Estate License Illinois Requirements
The following are the real estate license Illinois requirements you need to know:
- You must be at least 18 years old.
- You must be a U.S. citizen or a lawfully admitted alien.
- You must have a high school diploma or GED equivalent.
How to Get a Real Estate License in Illinois
Have you been thinking about how to get a real estate license in Illinois? Here are some steps to take to obtain your real estate license in Illinois:
#1. Have a Career Plan
Having a well-thought-out plan will help you succeed in the competitive real estate industry in Illinois. Creating a strategy can help you focus on the steps you need to do to get licensed and launch your profession. Become familiar with the prerequisites in your state to start your real estate job. Agents in the state of Illinois must be at least 18 years old and in possession of a high school diploma or its recognized equivalent. Once these requirements are met, the agent can enroll in a training program, take the state licensure exam, and look for a sponsoring broker.
#2. Pursue Your Pre-licensing Education
After deciding on a plan of action, prospective Illinois real estate agents should start looking for schools that offer state-approved training programs. Candidates are not eligible to take the state licensing exam until they have completed a 75-hour training course. The fundamentals of real estate sales and finance, as well as federal and state property laws, are introduced to students in this training seminar.
Candidates have the option of completing their education either entirely online or in a classroom setting. Students using the self-paced option often finish in two to three weeks. Three to five weeks is the typical time frame for a live-streamed or in-person course. Students must also achieve a passing grade on the subject’s culminating test. After completing all of the prerequisite examinations, trainees take a final exam covering all of the material covered throughout the training. Any student who does not achieve 75% or higher on the comprehensive exam will not receive credit.
#3. Pass the Real Estate Broker Exam
When a person has finished the necessary coursework, they are qualified to take the Illinois Real Estate Broker Exam. There are a total of 140 multiple-choice questions spread throughout two sections of this test. The first section of the test covers federal real estate regulations, while the second covers state requirements. The national test has 100 questions while the state test has 40 questions. Participants will have 120 minutes to complete the test. Examinees in Illinois can choose between sitting for the test at a proctored location and taking it completely online.
#4. Secure a Sponsoring Broker
You must become associated with a brokerage and have a managing broker in place before applying for your complete Real Estate license in Illinois. The term “sponsoring broker” or “managing broker” refers to a real estate expert with enough experience and appropriate credentials to run their own company. A managing broker plays a crucial role in the careers and development of new real estate agents. Before a candidate can receive a full license, they must provide proof that they are working with a managing broker.
#5. Submit Your Licensing Application
It’s time to fill out an application after you’ve fulfilled all the prerequisites for obtaining a license. Complete the appropriate application form available online through the IDFPR (Illinois Department of Financial and Professional Regulation). You must submit evidence of completing a training program, passing the licensing exam, and signing on with a managing broker along with your application. To confirm your identity and legal eligibility to work in real estate, you may also be asked to submit a background check. Your application will be reviewed by the IDFPR, which may take up to 45 days. During this time, agents in Illinois can legally be employed by their broker.
Real Estate License Illinois Exam
To earn your Illinois real estate license, you must do more than just complete the required coursework. You should be aware that passing the test is a prerequisite for continuing. There is no penalty for failing the test the first time around. There are a total of 140 multiple-choice questions on the real estate license in Illinois exam, with only 40 of them being specific to the state in which you live. The national test section is scheduled to last 2 hours and 15 minutes, and a passing score of 70% is required. The state exam section follows; your time limit is 90 minutes, and a 75% score is passing.
Don’t fret; feedback is delivered instantly upon completion. Make studying for these tests a priority if you don’t want to waste money on repeated attempts. To ensure your success on the real estate license in Illinois exam, you should enroll in a reputable real estate school. If you want to practice in Illinois after passing the real estate license in Illinois exam, you’ll need to apply for a license with the Illinois Department of Financial and Professional Regulation (IDFPR). That brings us to our next point, which is that you must do so through a sponsoring broker.
After completing real estate education in Illinois, you have two years to sit for the licensing exam. You’ll have to start over with the program after that. You can complete the real estate school and take the exam in as little as two days.
What Does the Real Estate License in Illinois Exam Cover?
The 75-hour real estate license course is to be overseen by the Illinois Department of Financial and Professional Regulation.
60 hours covering the following topics:
- License Law
- Real Property
- Structure of Agency
- Seller Relationships and Counseling
- Buyer Relationships and Counseling
- Illinois Law
- Federal Laws
- Marketing and Advertising
- Real Estate Transactions
- Financing
- Contract Knowledge
- Independent Contractor/Employee Agreements
- Property Management
15 hours covering applied real estate principles that cover:
- Listing Preparation
- Buyer Representation
- Agency Types
- Presenting and Negotiating Offers
- How to Deal With Multiple Offers
- How to Manage Assistants
- How to Perform CMS and Pricing
- How to Minimize Risk
- How to Handle Escrow Accounts
- How to Handle Distressed Properties
- Anti-trust Topics
- Inspection Repairs
Resources to Start A Successful Real Estate Agency
Once you get your real estate broker license in Illinois, you can start setting up your own brokerage. You may get your new business out on the right foot with the assistance of the following tools and resources.
#1. Real Estate Broker Website
One of your first orders of business as a broker in Illinois should be to build a website that showcases your unique brand of professionalism and persona to the globe. Modern, mobile-friendly design, up-to-date MLS listings that can be searched, and simple lead capture mechanisms are all hallmarks of a successful real estate website. There should be instructional content that displays your value to visitors, as well as details about your team and methodology, on your broker website.
#2. Cloud Storage
Photos and documents are increasingly being stored in the cloud, using services like iCloud, Dropbox, and Google Drive. Since real estate agents are constantly on the move, they rely heavily on cloud storage so that they can access documents and client data even when they aren’t near a computer. Using cloud services ensures that your customers’ financial records and personal information remain secure.
#3. Graphic Design & Image Services
Logos, website graphics, and promotional flyers are just some of the branding and advertising materials you’ll need to create as you launch your new brokerage. Instead of spending thousands on a professional photographer or designer, you can save money by using resources available online to create a consistent brand image.
Stock image services like Bigstock allow you to license quality imagery for commercial usage, while online graphic design tools like Canva make it easy to create your own images.
How Much Do Real Estate Agents Make in Illinois?
The average salary for a real estate agent in the state of Illinois is $108,276 a year. This median salary is subject to change based on a number of factors, including the industry in which you work, your level of experience and education, and the local real estate market. Many real estate agents are paid on commission, meaning that they receive a certain amount of money based on the number of sales they close. Sales volume, commission rate, and sale price are all factors in a real estate agent’s potential income.
Reciprocity and Portability for Real Estate Agents in Illinois
There are limitations on what you can do as a real estate agent in Illinois if you hold a license from another state. Brokers from other states can’t physically operate in Illinois. As long as you remain in your licensing state, you can send customers to Illinois to see listings, submit bids, and negotiate agreements. As a result of reciprocity or mutual recognition agreements, real estate agents licensed in one state can more quickly obtain a license to practice in another state. Eight states, including Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, and Wisconsin, have reciprocal recognition agreements with Illinois.
Applicants from these states who hold a valid broker’s license in another state are exempt from Illinois’ broker education prerequisites. But first, they have to pass a particular exam covering real estate law and practice in the state of Illinois.
How Long Does It Take To Get Your Real Estate License in Illinois?
A real estate license in Illinois can be obtained in varying amounts of time, depending on the candidate. People often need between two and six months to finish everything. It could take as little as two months if you speed through your licensure courses and are successful on your first attempt at each requirement. However, getting your real estate license in Illinois will take more time if you take it slowly and end up failing the real estate license in Illinois exam more than once. If time is critical, enroll in a self-paced course instead of a typical classroom course.
Keep in mind that you have two years from the time you pass the real estate licensing exam to register to take the exam again. Working under a managing broker for 45 days while your license is being processed is one of the key advantages Illinois gives that other states don’t. In this way, you won’t have to wait around for your real estate career to get started after you pass the real estate license in Illinois exam.
How Hard is the Real Estate License in Illinois Exam?
The real estate license in Illinois exam is a difficult and time-consuming test designed to weed out candidates who aren’t serious about becoming competent agents. In Illinois, you need 75% or higher on the scaled exam to succeed. A passing score of 75 on the national exam and 30 on the state exam is required. There are a total of 140 questions in the exam (100 national and 40 state).
How Many Questions Can You Miss on the Illinois Real Estate License in Illinois Exam?
A passing score on the real estate exam in Illinois is 25 out of 100 on the national portion and 10 out of 100 on the state portion.
How Many Times Can You Take the Illinois Real Estate Exam?
If you don’t pass the national and state law sections of the exam on your third try, you’ll have to start the pre-licensing process over again.
Is It Easy to Get a Real Estate License in Illinois?
You can get your real estate license in Illinois if you put in the time and effort to study and follow the recommended study strategies.
Final Thoughts
Getting your real estate license in Illinois is very necessary if you wish to start your real estate agency in Illinois. Why not follow the aforementioned steps above to make the journey an easy one for you?
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