If you currently have your Illinois Real Estate Broker License, then you know the benefits of being a salesperson in the flexible and highly lucrative real estate industry. You probably also know that by becoming a managing broker, you will have more ways to make money and advance your career.
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What Are The Managing Broker License Requirements In Illinois?
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Illinois Real Estate Governing Body:
Illinois Department of Financial and Business Regulation – Division of Real Estate
Schedule
Pre-Licensing Requirements:
45 hours
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Estimated Total Cost:
$400
To be eligible for a managing broker license in Illinois, you must:
- be at least 20 years old
- Hold an active, valid real estate broker license in Illinois
- Have held an active real estate broker license for two of the past three years
If you meet these minimum qualifications, then it is time to learn how to become a managing broker in Illinois. We’ll recommend an online real estate school and answer common questions about the process, the role, and whether it’s worth it.
How to Get a Managing Broker License in Illinois
How to Get a Managing Broker License in Illinois
Complete the 45-hour Illinois Real Estate Managing Broker License Course
Pass the Illinois Managing Broker Exam
Apply for Your Managing Broker License in Illinois
There are three basic steps to earning your real estate managing broker license in Illinois: education, exam and application. Here at each step is thin.
1. Complete the 45-hour Illinois Real Estate Managing Broker License Course
If you are currently licensed and have been a beginning broker in Illinois for two out of the last three years, all you need to do is put in an additional 45 hours to be eligible to apply for your managing broker license. The state divides the syllabus into two sections:
- Managing Broker Prelicensing Issues (30 h)
- Managing Brokers for Applied Management and Supervision (15-hour interactive course)
Depending on how much time you can find in your schedule, you can complete these classes in one to two weeks. Please note that the 15 hour course is interactive, meaning you need to take it in person or live online. Furthermore, you need to choose a real estate school that is approved by the Illinois Department of Financial and Professional Regulation.
While there are many approved real estate schools on their list, we highly recommend Colibri Real Estate. Their Managing Broker Basics course is both affordable and easy to use.
Learn more about how to pursue your real estate broker license in Illinois by visiting the Colibri Real Estate website.
2. Pass the Illinois Managing Broker Exam
Schedule
Completion Time:
3.5 hours
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Format:
Computer Based, 140 Multiple Choice Questions
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Bring to the test center:
Two valid forms of ID
After successfully completing 45 hours of real estate classes, you will be eligible to take the Managing Broker exam. The easiest way to schedule your test is to visit the PSI Testing website. PSI is the testing company that oversees the Illinois Managing Broker exam.
There are 31 PSI testing sites in Illinois, located in the following cities:
- Edison
- Bloomington
- Buffalo Grove
- carbondale
- carol stream
- Field
- chicago
- collinsville
- des plains
- elgin
- Franklin Park
- galesburg
- Glen Ellyn
- lake-in-the-hills
- matson
- midlothian
- Mokena
- Moline
- naperville
- park ridge
- rockford
- in Chicago
- springfield
- Urbana
- West Chicago
- westmont
You should reach the test venue 30 minutes before. No personal belongings are allowed in the test centre. Learn more about exam expectations from the PSI Candidate Handbook for the State of Illinois.
Bring the following to the test center:
- A current, valid, government-issued ID with a photograph and signature.
- Another form of ID (may also be government-issued) with your name and signature on it.
- To gain access to the exam, you will also have to provide biometric identification. This means that staff at the test center may ask to take your photo or scan your fingerprint.
The managing broker exam is divided into two sections, covering national real estate issues and state-specific real estate questions. You will get 150 minutes for the national part and 90 minutes for the state part of the exam.
The national section is presented in the form of 10 simulation problems. Each problem will describe a scenario and you will need to answer a series of questions based on each one. Sometimes, you may need to select the single best option, and other times, you may need to select multiple solutions.
The state portion of the exam consists of 40 multiple choice questions covering topics related to Illinois real estate law.
Immediately after completion you will know whether you have passed or failed. If you only passed one section, you have one year to retake and pass the remaining sections, then apply for your license, as long as you meet all other requirements for licensing .
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3. Apply for Your Managing Broker License in Illinois
If you pass both sections of the Illinois Managing Broker exam, you will be asked several questions about your professional background and criminal history. Additionally, they will want to know whether you owe child support or state taxes.
If there is nothing in your background that requires further review, you will apply for your license in the next state. This process is completed through the Illinois Department of Financial and Business Regulation Services portal.
The application is rather straightforward. However, if you plan to open your own real estate brokerage, you will need to complete additional steps to get your business up and running before applying for your managing broker license.
And all! Once the state approves your application, you will be able to work as a managing broker in Illinois real estate.
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How Much Does It Cost To Get A Managing Broker License In Illinois?
It costs about $400 to get your managing broker license in Illinois and start mentoring other real estate brokers. This is a great deal, considering that with a managing broker license, you can collect desk fees and a share of the commission earned by the brokers working under you.
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Sample of Illinois Real Estate Managing Broker License Cost
| Classes (45 h) | |
| Illinois Managing Broker Exam Fee | |
| Broker License Management | |
| total cost |
(Illinois Real Estate Managing Broker License Cost as of June 2023)
Earn your Illinois Real Estate Broker License by enrolling in the Managing Broker Course with Colibri Real Estate!
Do Real Estate Management Brokers Make Good Money In Illinois?
Yes. According to The Close’s proprietary salary information database, the average income for a managing broker in Illinois is $73,913.
Some of that income is a portion of desk fees collected and commissions from real estate sales brokers working under a managing broker.
Additionally, some managing brokers receive income from the ownership of businesses such as title or mortgage companies.
However, if you are not interested in opening your own brokerage, you can still increase your annual income by simply obtaining a managing broker license. High volume and luxury real estate clients often take the help of a managing broker for transactions running into lakhs. And you don’t have to split that commission with any managing broker.
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average real estate broker salary for each state
Illinois Real Estate Broker License FAQ
It is a very straightforward process to obtain your Managing Broker License in Illinois. However, is it worth it? Here are our thoughts on the matter, as well as answers to other frequently asked questions on the subject such as the difficulty of the managing broker exam as well as how long the process takes and how much it costs.
Should I Get My Managing Broker License in Illinois?
There can certainly be a financial benefit to upgrading your Illinois real estate broker license. As mentioned above, you will likely see a salary hike.
However, with that extra income comes other responsibilities — both legal and financial — especially if you open your own brokerage.
There are definitely pros and cons to upgrading your license. If you’re still not sure, Close can help you think about your decision with this face-to-face analysis.
How Long Does It Take To Become A Managing Broker In Illinois?
If you have been working as a real estate broker in Illinois for at least two of the past three years and have a current license, you can earn your managing broker license in just a few months.
How Much Does It Cost To Get A Managing Broker License In Illinois?
If you take your pre-licensing courses with Colibri Real Estate, you’ll set yourself back about $400 when you get your Managing Broker license in Illinois. This includes 45 hours of coursework, application and examination.
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Are you excited to become a Managing Broker in Illinois?
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