How do I get my real estate license in IL?
- Step 1: Complete 75 required hours of Broker Pre-License coursework.
- Step 2: Pass State & National Licensing Exam (administered by PSI)
- Step 3: Obtain Managing Broker sponsorship.
- Step 4: Complete IDFPR online application process.
- Step 5: IDFPR confirms information and issues license.
Who is exempt from Illinois real estate licensing requirements?
Included in the exemptions are owners of real estate and the employees of the owners of real estate. See Section 5-20(1) of the Act. Accordingly, owners of real estate and their employees may advertise the sale or lease of their property and negotiate real estate contracts and leases without a license.
How many hours do you need to get your real estate license in Illinois?
75 hours
Getting licensed (state-required 90 hours coursework, state exam fee, license fee paid to Illinois Dept. Of Financial and Professional Regulation) Post-license state-required education (75 hours) REALTOR members must complete 2.5 hours of Code of Ethics training.
Can an Illinois realtor sell their own home?
Unlike doctors or lawyers, there aren’t many restrictions on real estate agents who choose to handle the listings to sell their own homes. Under the code of ethics of the National Association of Realtors, agents who self-list have a duty to disclose their ownership in the property.
Can a real estate agent sell their own home in Illinois?
The short answer is yes, a licensed real estate agent can sell their own property.
Can you be a dual agent on your own home in Illinois?
Unlike a real estate closing attorney who can only legally represent one party in a transaction, dual agency in real estate sales is legal. As long as the agent fully discloses the relationship to both buyer and seller and receives their written consent, there is no restriction in representing both.
Can a felon get a real estate license in Illinois?
The application for a real estate salesperson license is granted, subject to Probation for a period of 2 years, for having been convicted of a felony.
Can you represent yourself as real estate agent Illinois?
The simple answer is yes – as a licensed agent, you can represent yourself in buying or selling real estate for yourself.
How much does it cost to get an Illinois real estate license?
Illinois Real Estate License Costs
| Prelicensing Classes (75 hours) | $339 (through Real Estate Express) |
|---|---|
| Exam Prep Materials | $125 (through The CE Shop) |
| Illinois Broker Examination Fee | $58 |
| Application Fee for Broker License | $125 |
| Total Costs | $647 |
What disqualifies you from being a real estate agent in Illinois?
Crimes related to real estate, business, or financial management such as fraud or forgery often disqualify applicants from getting a real estate license.
What happens if you practice real estate without a license in Illinois?
(a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a managing broker, broker, or residential leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil penalty to the Department in an amount not to …