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?

Illinois real estate Quick Facts

For starters, you need to meet the following basic requirements to get your real estate managing broker license in Illinois. You must:

  • Be at least 20 years old
  • Hold an active, valid real estate broker license in Illinois
  • Hold an active real estate broker license for two of the past three years

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

Classes (45 Hours)
$200 (through Colibri Real Estate)
Illinois Managing Broker Exam Fee
$58
Managing Broker License
$150
Total Cost
$408
Pursue your Illinois real estate broker license by enrolling in managing broker courses with Colibri Real Estate!

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.

Step 1: Complete a 45-Hour Illinois Real Estate Broker License Course
Step 2:
Pass the Illinois Managing Broker Exam
Step 3:
Apply for Your Real Estate Broker License in Illinois

How to Get a Real Estate Broker License in Illinois

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1. Complete a 45-Hour Illinois Real Estate Broker License Course

Cost: As low as $200 with Colibri Real Estate
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:

  1. Managing Broker Pre-License Topics (30 hours)
  2. 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.

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

Illinois Managing Broker Exam Quick Facts

Cost: $58
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:

  • Addison
  • Bloomington
  • Buffalo Grove
  • Carbondale
  • Carol Stream
  • Champaign
  • Chicago
  • Collinsville
  • Des Plaines
  • Elgin
  • Franklin Park
  • Galesburg
  • Glen Ellyn
  • Lake-In-the-Hills
  • Matteson
  • Midlothian
  • Mokena
  • Moline
  • Naperville
  • Park Ridge
  • Rockford
  • Schaumburg
  • Springfield
  • Urbana
  • West Chicago
  • Westmont

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:

  • At least one form of a current, valid, government-issued ID with a photograph and signature.
  • Another form of ID (may also be a government-issued) that has your name and signature.
  • To gain entry for the test, you must also provide biometric identification. This means that a testing center employee may ask to take your photo or scan your fingerprint.

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

Cost: $150
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.





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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