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How to Become a Realtor in Illinois

/ Realtor Career / By
 

Looking for schools in a specific city? Check out our lists of Realtor in Chicago, Aurora, Joliet, Naperville, Rockford, Springfield, Elgin, and Peoria.

Wondering how to become a realtor in Illinois? This guide is your roadmap.

  • Complete pre-licensing education: Meet the 75-hour course requirement.
  • Pass the licensing exam: Ace both national and Illinois-specific sections.
  • Secure a sponsoring broker: Gain essential mentorship and resources.

Let’s get started on your path to becoming a realtor in Illinois today.

Table of Contents

Understanding Realtor vs. Real Estate Agent

It’s crucial to distinguish between “realtor” and “real estate agent” as they are not the same. While all realtors are real estate agents, not all real estate agents are realtors.

What Is a Real Estate Agent?

A real estate agent is an individual licensed to help clients buy, sell, or rent properties. They complete the required training and pass a state licensing exam. They must renew their licenses periodically and usually work for a managing broker.

Who Is a Realtor?

A realtor goes a step beyond being a real estate agent. A realtor is a licensed real estate professional who is a member of the National Association of Realtors. This membership means adhering to NAR’s strict Code of Ethics, which emphasizes fairness, honesty, and ethical behavior in all transactions.

Benefits of Becoming a Realtor

The realtor designation offers several advantages:

  • Professional Credibility: Being part of NAR enhances your reputation.
  • Networking Opportunities: Access to extensive networking events.
  • Enhanced Resources: Unparalleled access to marketing tools, market data, and advocacy from NAR.

Joining NAR and becoming a realtor can significantly boost your real estate career.

Prerequisites for Becoming a Realtor in Illinois

Before you can start your journey to becoming a realtor in Illinois, there are essential prerequisites to fulfill.

Basic Requirements

  • Age: You must be at least 18 years old.
  • Educational Background: A high school diploma or equivalent (GED) is mandatory.
  • Residency: You need legal residency status in the United States.

A clean legal record is crucial. The Illinois Department of Financial and Professional Regulation (IDFPR) conducts a thorough background check. While minor offenses may not disqualify you, full disclosure is necessary to avoid future complications.

Certification: Choosing the Right Real Estate School

Selecting the right real estate school is pivotal in your journey to becoming a realtor.

Factors to Consider

  • Accreditation: Ensure the school is accredited by the IDFPR.
  • Course Formats: Opt for flexible learning options like online or evening classes.
  • Reviews: Research feedback from alumni for insights on the quality of education.

Finding Accredited Schools

To facilitate this process, use resources like the Illinois Realtors Association‘s recommendations or websites dedicated to real estate education. Many schools offer tailored programs to meet various learning styles and schedules.

Step-by-Step Guide to Becoming a Realtor in Illinois

Becoming a realtor involves several key steps. Here’s a detailed guide to help you navigate the process.

Complete the Required Pre-Licensing Education

Illinois requires 75 hours of pre-licensing education. This is divided as follows:

  • 60 Hours of Pre-Licensing Topics: Includes fundamental real estate principles, federal and state laws, property management, and various real estate practices.
  • 15 Hours of Interactive Learning: Involves case studies, role-playing scenarios, or other interactive formats.

Choose an accredited institution such as the Chicago Real Estate Institute or Kaplan Real Estate Education to complete these hours. The coursework prepares you thoroughly for the licensing exam and equips you with practical skills essential for your career.

Pass the Illinois Real Estate Licensing Exam

Once you complete your pre-licensing education, the next milestone is passing the Illinois Real Estate Licensing Exam.

Registration and Exam Format

  • Registration: Register through PSI Services LLC, the official exam provider, and pay the required fee.
  • Exam Composition: The test includes a national portion and an Illinois-specific portion. The national section covers broad real estate concepts, while the state section focuses on Illinois-specific laws and practices.

Effective Study Tips

  • Utilize Study Resources: Invest in study guides, flashcards, and practice exams.
  • Enroll in Prep Courses: Many real estate schools offer exam prep courses that can significantly enhance your readiness.

Passing this exam validates your knowledge and sets you on the path toward obtaining your license.

Obtain Sponsorship from a Managing Broker

After passing the exam, securing sponsorship from a licensed managing broker is vital.

Importance of Sponsorship

A managing broker not only provides a platform for you to start your career but also offers mentorship and essential resources.

Finding the Right Broker

During interviews, evaluate their training programs, support services, and office culture to ensure a good fit.

Complete the Licensing Application Process

With a managing broker’s sponsorship, you’re ready to submit your licensing application.

Application Steps

  1. Create an IDFPR Account: Complete the Broker License Application online.
  2. Submit Documentation: Provide proof of pre-licensing education, exam results, sponsorship, and legal residency.
  3. Pay Fees: The application fee is around $125.

Ensure all information is accurate to expedite the review process. Once approved, you’ll receive your license, allowing you to practice real estate in Illinois.

Additional Requirements and Continuing Education

Initial Renewal Period

The first renewal period as a licensed realtor in Illinois requires additional educational commitments to ensure you stay informed and effective in your role. Here are the specifics:

  • 30-Hour Post-License Education: Within your first two years, you must complete 30 hours of post-license education. This education is broken down into specific segments to provide a comprehensive understanding of your role in various scenarios.
    • 15-Hour Applied Real Estate Practices Course: This part offers hands-on experience with real estate practices.
    • 15-Hour Broker Management Courses: These focus on managing responsibilities and understanding state-specific regulations.

Subsequent Renewal Periods

After the initial renewal period, continuous education is still crucial.

  • 12 Hours of Continuing Education Every Two Years: To maintain your license, you need to complete 12 hours of continuing education biennially.
    • 6 Core Hours: These must be dedicated to core educational components that cover fundamental updates in real estate laws and practices.
    • 6 Elective Hours: You have the flexibility to choose courses that align with your interests or areas where you want to gain more expertise.

By fulfilling these requirements, you ensure that your knowledge remains current, allowing you to provide the best possible service to your clients and comply with state regulations.

Resources and Associations for Illinois Realtors

Illinois Realtors Association

The Illinois Realtors Association offers a wealth of resources that can help you succeed. As a member, you get access to:

  • Legislative Advocacy: They advocate for policies that benefit realtors and the property market.
  • Educational Resources: Continuous learning opportunities keep your skills sharp and relevant.
  • Networking Events: These events provide opportunities to connect with other real estate professionals.

National Association of Realtors (NAR)

Joining the National Association of Realtors can significantly enhance your career. As an NAR member, you receive benefits like:

  • Professional Development: Comprehensive training and certification programs.
  • Marketing Tools: Resources to help you market properties more effectively.
  • Industry Research: Access to a plethora of research materials and market data.

Online Tools for Realtors

Utilize these online tools to manage your workload and improve client interactions:

These resources, combined with your continuous education, help you stay ahead in the ever-evolving real estate market.

FAQs About Becoming a Realtor in Illinois

How Long Does it Take to Become a Realtor in Illinois?

The time frame varies depending on your schedule and dedication. Generally, it takes about 3 to 6 months to complete the pre-licensing education, pass the licensing exam, and secure a managing broker sponsorship.

What Are the Costs Involved?

Be prepared for several financial commitments along the way:

  • Pre-Licensing Education: Costs range from $300 to $700.
  • Examination Fee: The fee for the licensing exam is $55.
  • Licensing Fee: To apply for your license, you’ll need around $125.
  • NAR Membership: Annual dues for NAR membership cost between $150 and $300.
  • Continuing Education: Costs for ongoing education range from $100 to $300 per renewal cycle.

How Much Can I Expect to Earn?

Earnings vary broadly based on your market and individual performance. According to recent data from the Bureau of Labor Statistics, the median annual salary for real estate agents in Illinois is approximately $50,300. However, dedicated professionals in high-demand markets can earn substantially more.

What Happens If I Fail the Licensing Exam?

Don’t be discouraged if you fail on your first attempt. You can retake the exam after paying the $55 fee. Adequate preparation is essential; consider enrolling in additional exam prep courses to improve your chances next time.

Looking for Realtor Information On States Bordering Illinois?

In addition to Illinois, we suggest looking for schools in nearby states.

Conclusion

Becoming a realtor in Illinois is an achievable and rewarding goal. By meeting educational requirements, passing the licensing exam, securing a managing broker, and engaging in continuous learning, you can build a successful career. Leverage the available resources and associations to enhance your professional growth. Take the first step today to join a dynamic and thriving community of real estate professionals in Illinois.

 
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