In Latest Blogs, Real Estate Career by Joseph RagoDecember 6, 2021
Illinois Real Estate License Act is what regulates real estate practitioners in Illinois. The primary purpose of the license is to establish standards that tend to protect the consumer. Having a real estate license authorizes you to represent the best interest of the buyer, seller, landlord, or tenant who has reached out to engage your services. There is a multitude of functions a real estate licensee can take on for the benefit of the consumer. Having a license opens doors to various other professions other than being an agent. These areas include real estate property managers and a leasing agent. Every aspect of the industry has the potential for significant earnings. If you are planning on pursuing your broker’s license, there are legal aspects you need to be aware of before sitting for it.
To qualify for a real estate license, you must complete the required education and successfully pass a state-sponsored examination. At the present time, there is no experience required to acquire the broker (salesperson) license. That experience will come once you have met all the requirements and successfully found a sponsoring broker who will take responsibility to help you grow your career. Note that there are application fees, expenses, and annual renewals you must pay.
FACETS OF LICENSE LAW YOU NEED TO KNOW BEFORE TAKING A MANAGING BROKER EXAM
Most states provide 2 basic levels of real estate licensing, the entry-level license known as the broker or salesperson’s license and the managing or sponsoring broker’s license known as managing broker or broker. It sounds confusing but in the state of Illinois the individual has been charged with the responsibility of managing the operations of a real estate office and supervising the activities of the licensees (brokers) is known as the designated managing broker. The broker or salesperson is the party charged with the responsibility of developing relationships with the consumer and the pursuit of business opportunities. Designated managing brokers are responsible for supervising the activities of all their licensees which means they need to be familiar with every aspect of the industry whether that be residential, commercial, or property management.
To qualify for the real estate broker license or exam, you need to be at least 18 years old and have a high school diploma or a GED. Before the exam, you also need to have completed a 75-hour real estate transactional course offered through an approved pre-license school. You will also need to complete a 45-hour post-license course prior to your 1st renewal completing the required 120-hours of education established by the state of Illinois to maintain a broker’s license.
To take on the responsibility of supervising other licensees and running in the office, the candidate needs to complete an additional 45-hours of education with 2 years as a licensed real estate broker.
Beginning with your 2nd renewal you will have to complete 12 to 24 hours of continuing education depending upon your license status. If it is done by a live presentation or an LMS presentation final exams will not be required. This would be something that your sponsoring broker would work with you on to ensure that you completed it in a timely manner to meet state requirements.
Licensing fees can vary based on the type of license that you hold. The initial fee to secure your license once you pass the state exam is $125 for the broker license and $150 for the managing broker license. The renewal fees for the broker are $150 while $200 for the managing broker’s license. Any fees beyond these are going to be dependent upon the office and the affiliation of the office with a realtor organization. That can vary based upon the office, the board of realtors, and the multiple listing service. Ongoing fees with the office should be something that you should discuss with the designated managing broker at the time you’re interviewing.
AN EXEMPLAR APPROVED REAL ESTATE SCHOOL ON ILLINOIS
As stated, to sit for the real estate exam, you need to have completed the required programs in an approved real estate school. One outstanding institution is the Inland Real Estate School. It is an institution of an iconic and highly skilled real estate broker, attracting numerous trainees who kickstart and continue their careers in real estate. Dave McGowan, who has over 40 years of experience in real estate, is the founder. He has top-notch skills that anyone would yearn to learn from him. He has achieved numerous things in life, including training programs to help others achieve their life’s purpose. Having reached most of his dreams, Dave has put out a life’s mission of assisting others to do the same. He is enthusiastic about the work he has put out to help others, primarily through Illinois.
Another fascinating thing is that Dave is a designated managing broker for the commercial real estate company, a 2008 REALTOR of the Year- Northern Illinois Commercial Association of REALTORS 2008 (President). He has also authored 11 programs, including reading materials approved by the State of Illinois for pre-license and post-license education. McGowan has dealt with groups from 30 to 1000 trainees. He has further led numerous programs and franchises. McGowan has created and implemented professional training programs, conducted instructional seminars for as many as a thousand industry professionals.
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