How To Earn An Illinois Real Estate License
How To Earn An Illinois Real Estate License
When it is time to earn your real estate license, the first step is making sure you are prepared. Luckily, TrainingCenter has both the required Illinois pre-licensing courses and training programs for how to list, sell, handle real estate objections, and more.
Essentially, you'll start by taking your state-specific pre-licensing course, then passing your exam. Tips for both, as well as recommended courses, appear below.
What Does An Illinois Real Estate Agent Do?Real Estate Agents in Illinois help clients to purchase, rent, or sell property. This includes finding buyers and sellers, providing advice and helping to negotiate on price, and referring home inspectors or mortgage professionals - all within federal and state rules and regulations. Further, they are required to represent the best interests of their clients, whether they be buyers or sellers.
Additionally, depending upon whether representing the buyer or the seller, agents can recommend an appropriate selling price, market the property, negotiate offers, attending and/or reviewing the home inspection and appraisal, provide feedback on comparable sales.
What Hours Do Real Estate Agents Work?Since many buyers work 9-5, they typically look for properties "after hours". This means that a lot of a real estate agent's time is spent on nights and weekends showing properties.
That said, business time when not working with clients involves previewing properties, keeping up with paperwork, working on marketing or other business activities, and taking additional educational classes.
How Are Real Estate Agents Paid?Most real estate agents are paid on commission when a property sells. A typical arrangement is that the selling agency and the buying agency split the real estate commission equally.
For example, if the real estate commission was 6%, each agency would receive 3% of the selling price. The buying and selling agent then typically split their 3% equally, though high-producing agents normally negotiate and receive a higher split.
What Is The Difference Between A Real Estate Broker And A Real Estate AgentReal estate agents primarily work with buyers and sellers, but work for the agency with which they are affiliated.
While Real Estate Brokers also work with buyers and sellers, they also are responsible for overseeing their agents. This includes not just training, but overseeing forms and other paperwork. Additionally, Real Estate Brokers have to take additional education and earn a separate real estate broker license.
The Benefits Of Having A Illinois Real Estate LicenseThere are many benefits to having a real estate license. While helping to serve your community find their "dream house", you also benefit from flexible hours and the opportunity to have high earnings via your commissions. For those who invest in real estate, having a license gives you early access to properties as they become available.
About Our Illinois Real Estate Licensing Courses And Exam Prep Materials
We offer Illinois real estate license training courses that fulfill Illinois's pre-license education requirements. Our Illinois training and exam prep materials are delivered in an easy-to-understand manner that provides important insights and valuable exam tips and strategies covering Illinois's rules and regulations for Illinois real estate licensing. You receive:
- Both Print And Online Course Materials
- Sample Exams
- Exam Prep Materials
- Instructor Support
When you have completed the training materials, make sure to take as many practice exams as possible. This will help you to pinpoint and overcome problem areas, and ensure that you pass your Illinois real estate licensing exam on the first try!
Recommended Illinois Real Estate Licensing Courses And Exam Prep Materials
You'll find the real estate licensing courses you need here at TrainingCenter. We offer state-approved courses that can meet the Illinois pre-licensing requirement.
To find the right state-approved course for you, simply select "Licensing" and your state from the search box below. Good luck earning your Illinois Real Estate License!
Find Seminars, Webinars, And Online Training In Your Area
About The Illinois Real Estate License Requirements
To help with how to get a real estate license in Illinois, we have provided below information on Illinois licensing requirements, its insurance department, and examination scheduling facilities, as well as info on what is on the exam and tips for passing it.
Illinois Department of Financial and Professional RegulationAddress:100 West Randolph, 9th Floor, Chicago, IL 60601
Phone: (888) 473-4858
Website: https://www.idfpr.com/Examination SchedulingProvider: PSA Exams
Website: PSI testing http://online.goamp.com/CandidateHome/CandidateInformation.aspxTopics on the Illinois Real Estate License ExamThe Illinois real estate licensing exam is composed primarily or multiple choice questions covering both national and state-specific information. Exam topics include real estate law, ownership, land use controls and regulations, disclosures, valuation, financing, titling, taxes, and contracts.
Illinois Real Estate License Requirements
The following lists any applicable pre-licensing, continuing education, renewal, and reciprocity requirements for Illinois real estate licensing.
Real Estate Education Requirements: - Illinois real estate salesperson license: N/A
- Illinois real estate broker license: 90 hours, which includes the 75-hour Broker Pre-license Topics course and the 15-hour Interactive Broker Pre-license Applied Real Estate Principles course
- Illinois also requires 39 hours of post-license education for brokers, which includes one 15-hour classroom/distance education learning course and one 15-hour interactive course
- Final Exams: your final course exam must be proctored
State Reciprocity: Currently Illinois has reciprocity with Florida, Georgia, Indiana (Broker reciprocity only), Iowa, Nebraska, South Dakota, Wisconsin.
To qualify for an Illinois Real Estate Broker license under Category D, applicants must be at least 21 years old and hold an active broker's license, or equivalent by examination in a state that has a reciprocal agreement with the Department of Financial and Professional Regulation.
Continuing Education And/Or License Renewal Requirements:- Real estate brokers in Illinois must renew their real estate licenses by April 30 of even-numbered years
- Managing brokers in Illinois must renew their real estate licenses by April 30 of odd-numbered years
- Illinois continuing education requirements: 12 hours of real estate CE classes -- 6 hours of electives and 6 hours of core courses
- Brokers renewing for the first time are required to take 30 hours of continuing education classes
- 2020 Broker renewal: 12 hours total--8 hours of elective and 4 hours of core course
How To Earn A Illinois Real Estate License
Below are the recommended steps for passing your real estate agent exam and earning your Illinois real estate license.
- Step 1: Review Illinois's State Licensing Requirements
Since real estate licensing is state-specific, you want to make sure you qualify or meet the basic requirements for the state in which you want to be licensed. In most states, you have to be at least 18 years old, pass a background check, and pass your state's exam. Click your state from the table above to find your state's requirements - and suggested licensing courses. - Step 2: Register For The Illinois Real Estate Licensing Course
Our real estate training courses are designed to meet the state pre-licensing requirements, as well as prepare you for your state exam. Once you are done, you will be ready to take your state's real estate licensing exam. Click you state from the table above for information on where and how to register for your exam.
Note: Once you complete your course, be sure to obtain your official transcripts or certificate of completion from the school, which is required for your real estate license application. - Step 3: Study For Your Exam!
While exams often require you to know terms, definitions, and rules, real estate licensing exams are often more than just memorization, so make sure you understand the concepts and take as many of the practice exams that come with your real estate pre-licensing course materials as possible. - Step 4: Pass Your Real Estate Licensing Exam
- Step 5: Submit An Application To Get Your Illinois Real Estate License
Once you pass your exam, the next step is to apply for your real estate license. This usually includes completing an application and paying a licensing fee. - Step 6: Determine Where You Want To Work
New agents can work either individually, with a broker, or with a team. Those who want to work individually should make sure they have a good business plan and ample funding to carry them until their sales start rolling in. Separately, working with a broker could reduce up front costs while also providing a mentor relationship. Whichever option you decide is best for you, be sure to get trained! - Step 7: Get Training For Doing Listing Presentations, Handling Objections, And More!
While your real estate exam typically includes terms, definitions, and laws, it does not teach you how to sell real estate. For that, you'll need training on how to handle listing, FSBO, and expireds presentations, overcome objections, and more. Luckily, Training Center has lots of real estate training courses to help you succeed. Simply click one of the recommended courses below or select a topic from the search box below.
Good luck earning your real estate license!
Related Links:
Disclaimer: This information provided is based on state laws and regulations, and is subject to change. While we make every effort to asure this information is current and accurate, it is not engaged in rendering legal or professional advice, and shall not be held responsible for inaccuracies contained herein.
