Did you know that Illinois is one of the best states in the US to be a real estate agent?
Two of its cities, Chicago and Champaign, made it to the top 50 of best cities for real estate agents as of March 2021. This just goes to show how booming the real estate market is in Illinois.
So if you’re looking to start a new career or even a side job in 2021, you might want to consider becoming a real estate professional.
Now, you might be wondering, “Am I even qualified?”
Well, you will be happy to know that the job requires a rather short list of qualifications. It is only a matter of whether or not you can do it.
Read on to find out more about how to get a real estate license online in Illinois this 2021.
Real Estate License Qualifications in Illinois
To qualify for a real estate license in Illinois, you must satisfy the following requirements:
You are at least 18 years old
You graduated from high school or obtained equivalent educational attainment (GED)
You have a valid Social Security number
5 Steps on How to Get a Real Estate License Online in Illinois
To become a licensed real estate agent, you need to follow these 5 steps:
Complete the required pre-licensing education from an accredited provider
Apply for the Illinois real estate license final exam
Pass the Illinois real estate license final exam
Find a sponsoring broker.
Complete your application.
Let’s discuss each step in detail.
Step 1. Complete the pre-licensing course
The state of Illinois requires new real estate agent applicants to complete 75 hours of pre-licensing education from a school or organization accredited by the Department of Financial and Professional Regulation.
The pre-licensing course consists of 60 hours of real estate topics, which can be taken through self-paced distance learning. The remaining 15 hours of applied real estate principles interactive course should be taken in a classroom or a webinar. The latter must include situational and case studies.
Upon finishing the coursework, you will need to pass the final course exam before you can obtain the certificate of completion, which will be needed to be eligible to sit in the licensing exam.
Note: In Illinois, the salesperson license is called a broker license.
Now, if you want a good pre-licensing course, the following online real estate school offers some of the best pre-licensing education packages for Illinois:
Choosing the right school is the best way for you to jumpstart your career in real estate, which is why we recommend Real Estate Express.
It is one of the longest-running online real estate schools in the country and is known for pre-licensing programs that effectively help students pass their exams the first time.
Its coursework is text-based but also features some multimedia content. Plus, its courses are informative and thorough and never miss any important information.
The school also continuously updates the materials and includes everything that you will need to be prepared, not just for the test, but also for the job.
Its basic package costs a little under $200, while the most expensive bundle called, Ultimate learning, costs a little over $350.
All packages except the basic come with a Pass or Don’t Pay Guarantee. And, of course, all packages satisfy state requirements.
Step 2. Submit your application for the final licensing exam
PSI is the testing service that administers the real estate licensure exam in Illinois. To be eligible, you or your real estate school will need to electronically submit your certificate of completion to the PSI. However, you must register here first.
You can take the exam on any day from Monday through Friday at a testing location near you. Exam fees cost $55 (can change over time).
Note: you must schedule an appointment as walk-ins are not allowed.
Step 3. Pass the Illinois Real Estate Final Examination
The licensure exam consists of 140 questions. You are allowed three and a half hours to complete it. To pass, you must earn a score of at least 75.
You will take the exam via a computer, so you will immediately know if you passed.
Step 4. Select a sponsoring broker
For you to be able to complete your application for a license, you need to find employment with a managing broker. Try to find one that will be able to offer you the best working terms that will allow you to grow professionally.
It’s easy to rush this process as you can’t wait to get your real estate license. However, it’s important to do your research and think about it. I mean, you don’t want to work for a managing broker that you don’t get along with or that doesn’t allow some freedoms.
Step 5. Complete your application
Once you’ve found a sponsoring broker, you can then proceed to the last step of your application.
Go to the Illinois Department of Financial and Professional Regulation website, create an account, fill out the form, and pay the $125 license fee (pricing as of July 2021).
You will receive a notification via email once your application is approved.
While waiting for your license, you can practice under the supervision of a managing broker for a period of 45 days.
Real Estate Licensing in Illinois FAQs
Is it better to take Illinois real estate classes online or in a classroom?
Not only is taking online real estate classes better than in a classroom, but it is also much cheaper and more convenient.
If you are planning to start a career in real estate as a side hustle and you can’t dedicate much of your time studying for the exam, then online real estate school is the best option for you.
However, not everyone is self-sufficient when it comes to learning, and some people may still prefer to attend in-classroom lessons.
Note: you can take the required 15 hours of classroom pre-licensing classes through a webinar. The schedules aren’t as flexible, but you can still take it from the comfort of your home.
How much does an online real estate school cost in Illinois?
Online real estate school course fees range from around $200 to $500.
What happens if I fail the Illinois licensure exam?
If you do not pass the licensing exam on the first try, do not worry. You can retake the test up to three times.
If you fail at the fourth attempt, you can still try again, but you will have to retake the pre-licensing coursework first.
How long does it take to be a real estate agent in Illinois?
It usually takes between three to six months to obtain a real estate license in Illinois.
However, it will depend on you.
If you focus on the pre-licensing course and pay attention to the lessons, you’ll most probably ace the licensure exam on the first try, and the rest of the process will be smoother and quicker for you.
If you think about it, anyone can be a real estate professional.
The entire process is rather straightforward and shorter than most professions.
However, only those who work hard succeed in this career.
Now that you know how to get a real estate license online in Illinois, do you think you have what it takes?