If you currently have your Illinois real estate broker license (which is called typically called salesperson or agent’s license in most other states), you know the benefits of working in this flexible and highly lucrative industry. You probably also know that by becoming a managing broker, you’ll have even more ways to earn money and advance your career.
If you’d like to recruit and manage a team of real estate brokers while also assisting your own clients, keep reading. We shared how to become a real estate broker in Illinois and now, we’ll walk you through the process of becoming a managing broker. Let’s get started!
What Are the Illinois Real Estate Managing Broker License Requirements?
For starters, you need to meet the following basic requirements to get your real estate managing broker license in Illinois. You must:
If you can meet these minimum qualifications, it’s time to learn how to become a real estate managing broker in Illinois. We’ll recommend an online real estate school and answer common questions about the process, the role, and if it’s worth doing.
How Much Does It Cost to Get a Real Estate Broker License in Illinois?
It costs approximately $400 get your real estate broker license in Illinois and begin leading other brokers. This is a great deal, considering that with a managing broker license, you can collect desk fees and a portion of the commissions earned by brokers working under you.
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Illinois Real Estate Managing Broker License Costs
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|Illinois Managing Broker Exam Fee|
|Managing Broker License|
How to Get an Illinois Real Estate Broker License & Become a Managing Broker
There are three basic steps to earn your real estate managing broker license in Illinois: education, exam, and application. Here’s the skinny on each of the steps.
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1. Complete a 45-Hour Illinois Real Estate Broker License Course
Cost: As low as $200 with Real Estate Express
Time commitment: 1-2 weeks
If you’re currently licensed as a beginning broker in Illinois, you only have to take 45 hours of additional class hours to be eligible to apply for your managing broker license. The classes are divided into two sections:
- Managing Broker Pre-License Topics (30 hours)
- Managing Broker Pre-License Applied Management and Supervision (15 hours, interactive course)
Depending on how much time you can carve out of your schedule, you might be able to complete these classes in one to two weeks. Please note that the 15-hour course is interactive, which means it needs to be taken in person or live online. The courses need to be completed by a real estate school approved by the Illinois Department of Financial and Professional Regulation.
2. Pass the Illinois Managing Broker Exam
Time commitment: 4 hours
After successfully completing the 45 hours of real estate classes, you’ll be eligible to take the managing broker exam for the State of Illinois. The easiest way to schedule your exam 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:
- Buffalo Grove
- Carol Stream
- Des Plaines
- Franklin Park
- Glen Ellyn
- Park Ridge
- West Chicago
You should arrive 30 minutes early at the testing site. No personal items are allowed in the testing center. Learn more about test expectations from the PSI Candidate Handbook for the State of Illinois.
Bring the following to the testing center:
The managing broker exam is divided into two sections, with questions covering national real estate issues and state-specific real estate questions.
The national section is presented as 10 simulation problems. Each problem will describe a scenario and you’ll need to answer a series of questions based on each one. At times, you may have to choose 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 related to topics associated with Illinois real estate law.
You’ll learn whether you passed or failed immediately upon completion. If you passed only one section, you’ll have one year to retake and pass the remaining section, then apply for your license, and meet all other requirements for licensure.
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3. Apply for Your Real Estate Broker License in Illinois
Time commitment: 1-2 hours
If you pass both sections of the Illinois managing broker exam, you’ll be asked a series of questions about your professional background and potential criminal history. Additionally, they’ll want to know if you’re in arrears for child support or state taxes.
If there’s nothing in your background that requires further review, you’ll be instructed to apply for your license with the state. This process is completed through the Illinois Department of Financial and Professional Regulation service portal.
The application is rather straightforward. However, if you’re planning to open your own real estate brokerage, you’ll need to complete additional steps to get your business up and running before applying for your managing broker license.
And that’s it! Once the state approves your application, you’ll be able to work as a real estate managing broker in Illinois!
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Illinois Real Estate Broker License FAQs
It’s a pretty straightforward process to get your managing broker license in Illinois. However, is it worth it? Here are our thoughts on the matter, as well as answers to other FAQs. We’ll cover questions you may have about the managing broker exam, as well as how long it takes and how much it costs.
Should I get my managing broker license in Illinois?
There certainly may be a financial benefit to upgrading your Illinois real estate broker license.
According to the Salary, the salary range for a managing broker working in Chicago is $143,275 to $181,252. This is significantly higher than the average salary of a real estate agent.
However, that additional income comes with other responsibilities—especially if you open your own brokerage.
There are certainly pros and cons to upgrading your license. The Close will help you think through your decision. Read Real Estate Broker vs Agent: A Head-to-Head Analysis.
How long does it take to become a real estate managing broker in Illinois?
If you’ve been working as a real estate broker in Illinois for at least two of the last three years and have a current license, you can earn your managing broker license in just a few months.
However, if you’re a busy real estate broker, you might have difficulty carving out time to take your prelicensing courses. That’s why we recommend Real Estate Express.
Real Estate Express is a highly rated, online real estate school that has helped hundreds of thousands of real estate agents pass their real estate exams. Real Estate Express offers everything you need to advance your real estate career in Illinois!
How much does it cost to get a managing broker license in Illinois?
It takes about $400 to get your managing broker license in Illinois if you take your prelicensing courses with Real Estate Express.
This covers the 45 hours of coursework, the application, and the exam.
Do real estate managing brokers make good money in Chicago?
Yes. A managing broker’s income in Chicago ranges from $143,275 to $181,252.
Some of that income comes from collecting desk fees and up to 50% of the commissions of the real estate sales brokers working under you.
Additionally, some real estate managing brokers receive income from the ownership of businesses like title companies or mortgage companies.
However, even if you aren’t interested in opening your own brokerage, you still may raise your yearly income by upgrading to a managing broker license. Clients selling downtown penthouses will seek the help of a managing broker for a transaction in the millions.
More Career Resources From The Close
Are you excited to become a managing broker in Illinois? We hope that this guide helps. Check out other resources from The Close that will help you succeed at every stage of your real estate career.
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