Becoming a Real Estate Broker
How to get your broker’s license:
You will need to complete a 90-hr broker pre-license course. Pass the school final exam and then take the State of Illinois exam at a testing center that is approved by the state of IL. Once you pass the state exam, you will then need to be sponsored by a managing broker to apply for your license. Once you apply, you will receive a 45-day sponsor card from your sponsoring broker which allows you to sell real estate immediately. Once approved, you will be able to download your license and pocket card issued by state of IL. Your first renewal will be April 30th of every even year and you will need to take a 30-hr broker post education class. For each renewal thereafter, you will be required to take a 12-hr CE every two years.
How to get your managing broker’s license:
You will have to be licensed as a broker for at least 2 years before you can obtain your managing broker’s license. You will need to take a 45-hr, pre-license course, pass the school final exam and pass the state of IL exam. Once you pass, you will then be able to apply for the managing broker’s license. You have a choice of sponsoring yourself or get sponsored by another sponsoring broker.
Taking your real estate license exams:
Once you pass the school exam you will get access to exam smart which is a great study tool for the state exam. It is simply questions similar to the actual state exam. If you answer a question wrong it will tell you what the correct answer is and give an explanation. You will then want to sign up for the actual state exam which consists of 140 questions; 100 national questions and 40 state specific questions. You will be required to score a minimum of 75% to pass. If you should only pass one part of the exam, you will be then required to retake the portion you failed. You are allowed four attempts to pass both portions. If you don’t pass both portions within four attempts, you will be required to retake the real estate course over again.