How To Become a Managing Broker in Illinois

If you’re looking to advance in your Illinois real estate career, you can become a managing broker.

To become a managing broker in Illinois, you must complete additional training and apply for an Illinois managing broker license. The steps to get (and maintain) your Illinois managing broker's license include:

1. Meet the basic requirements

2. Complete a managing broker pre-licensing course

3. Pass the managing broker exam

4. Apply for a managing broker license

What Is an Illinois Managing Broker?

Managing brokers run their own independent broker agency. In addition to doing everything a real estate agent does, managing brokers also oversee the daily operations in the office and can employ real estate agents.

How to Become a Managing Broker in Illinois

Step 1: Meet the Basic Requirements

Assuming you already have a broker license, to qualify to become a managing broker in Illinois, you must meet the following basic criteria:

• Be at least 20 years old

• Have a valid Illinois real estate license

• Have worked as a real estate agent for two of the past three years

If you only have a real estate agent license (such as from another state) and not an Illinois broker license, you must first complete 120 hours of broker coursework before you can move to the next step.

Step 2: Complete an Illinois Managing Broker Pre-license Course

When you’ve worked as a real estate broker for at least two years, you can take the 45-hour online managing broker pre-license course from a real estate school approved by the Illinois Department of Financial and Professional Regulation (IDFPR).

The course has two parts:

• Managing broker pre-license topics (30 hours)

• Managing broker pre-license applied management and supervision (15 hours)

To complete the course, you must pass an exam with a score of at least 75%. This course will prepare you for the Illinois state licensing exam.

Step 3: Pass The State Managing Broker License Exam

You have two years from the time you pass your pre-licensing course to take the state’s managing broker exam.

The State of Illinois uses Professional Services Industries (PSI) to administer all its real estate examination programs. You can find a list of PSI test centers in Illinois here. When you're ready to schedule your test, you can do so online — you'll just need your course completion date and a copy of your Uniform Real Estate Transcript from your course provider. You'll also need to pay the $58 exam fee.

The managing broker exam includes 90 national multiple-choice questions and 40 state-specific questions. It takes approximately four hours to complete. To pass, you need to score at least 75%.

PSI offers an Illinois real estate license exam prep guide to help you prepare for your exam. Should you fail, you can retake the exam three more times.

Step 4: Apply for a Managing Broker License

After passing the licensing exam, you can apply online for your managing broker license.

You will need to supply the following documents:

• A completed and signed license application form

• Proof of successful completion of the mortgage brokering examination

• Proof of sponsorship from a mortgage broker or, if self-sponsored, a completed "consent to examine and audit special accounts" form

• Proof that you have an active real estate license and are in good standing as a broker for two consecutive years out of the last three years

• A declaration of any felony convictions and copies of court, probation, or case documents. This does not apply if you were 17 years old at the time of the offense and it was before January 1, 2014, or if the charges were dismissed or expunged.

Once you’ve completed the application form and uploaded the required documents, you’ll pay the application fee, which is currently $150.

Applications are typically processed within 7-10 days. If your application is approved, the IDFPR will issue your managing broker license.

Become a Managing Broker in Illinois

To become an Illinois real estate managing broker, you'll first need to meet the basic requirements, which include having a valid Illinois real estate license. After that, you'll complete the Illinois pre-licensing course, pass the state licensing exam, and apply for a managing broker license. As long as you renew your license by completing the post-license and continuing education courses every two years, you can enjoy your license for years to come.

Aceable offers the Illinois real estate post-license education course and continuing education course. Our courses are approved by the Illinois Department of Financial and Professional Regulation (IDFPR). Enroll today and complete the course online at your own pace.