Chicago real estate license

Getting a real estate license in Chicago be it for a broker, agent or a leasing agent is not an easy task. There are a number of criteria that need to be fulfilled. However, the first step towards getting a license for any real estate field is to get professional education.

Requirements for real estate license in Chicago

If you wish to get a real estate license in Chicago then you need to fulfill the following basic requirements :

  • You are required to be above 21 years of age and should be legally residing in United States
  • You are required to write and clear the real estate licensing written exam
  • You should apply with the California Real Estate Department and get approval from them.
  • There shouldn't be any criminal convictions against you. If you have and do not disclose them then it can result in severe actions to be taken against you and your application would be denied. You are required to provide fingerprints and a fingerprinting fee of $56 as a part of the application for the real estate exam.
  • You are also required to complete an educational course that involves Real estate principles, real estate practices and any elective that you are free to choose like appraisals, property management or office administration.
    • The pre-license educational requirements

    According to the laws in Chicago, Illinois a person who wishes to obtain a real estate license is required to complete a pre-license education, clear a test and then file for the license application along with the required fees. However, the pre-license education varies from the type of real estate license that you are looking for. Let us see the difference.

  • For leasing agent license: For obtaining this license you are required to undergo a pre-license education that would include 15 hours of instruction related to leasing of residential property.
  • For salesperson license: For getting this license you are required to undergo 45 hours of instruction in the approved subjects according to the state laws. Besides, a minimum of 15 hours of this should be dedicated towards Article 15 of the Act (agency), disclosure and environmental issues, or any other current topic as per the Education Advisory Council.
  • Broker license for a person who does not have a salesperson license: For this type of license you are required to take 120 hours of instructions approved courses according to the state laws. 45 hours of this should be dedicated towards the salesperson license and at least another 45 hours should be towards mandatory courses as described in Section 1450.60 of the Rules.
  • Broker license for a person who already has a salesperson license: For this license you are required to undergo 75 hours of instruction approved course.

    • The pre-license educational requirements should be completed from an accredited real estate school. In case you haven't completed the course then you can do so when you take the exam or apply for being an agent. You get almost 18 months to complete the course and submit the certificates. However, you would have to pay an additional fee.

    Exemption from pre-license educational requirements

    People who are exempt from pre-license educational requirements are the licensed attorneys functioning in the area of real estate and people who qualify depending upon the Reciprocity with another State. At present Illinois has reciprocity with the states of Colorado, Connecticut, Georgia, Indiana, Iowa, Kentucky, Nebraska, South Dakota and Wisconsin.

    Obtaining the real estate license

    Once that you have passed the Illinois real estate exam then you can apply for the real estate license from the Dept. of Financial and Professional Regulation. In case you fail to pass the exam then you have three attempts to pass the exam. If you are unable to clear it in three attempts then you would have to take the pre-license education again and then redo the exam.

    In Chicago, Illinois you are required to renew your license every two years. This can be done from the Dept. of Financial and Professional Regulation.

    Fees for getting real estate license Chicago

    When you wish to get a real estate license then you are required to pay certain fees. The fees paid by applicants for the license examination and re-examination would include the cost of providing the exam. The following are the fees for the application of license:

  • Leasing Agent-Initial License $75
  • Leasing Agent-Renewal $100
  • Leasing Agent-Expired License Renewal $150
  • Broker-Initial License $125
  • Broker -Renewal $150
  • Broker-Expired License $200
  • Salesperson-Initial License $125
  • Salesperson-Renewal $100
  • Salesperson-Expired License Renewal $150
    • Real estate schools in Chicago

    There are a number of real estate schools in Chicago that can help you in completing your education and getting a real estate license. Some of these are mentioned below.

    Chicago Real Estate Institute:

    They provide real estate education as per the Illinois laws and provide the best real estate education. They have experienced instructors who can help you in completing your real estate course. You can take up their course either at their Lincoln Park facility or even from your home. For course details you can contact them at 2711 North Halsted; Chicago, Il 60614; phone: 773-880-7400; e-mail: info@chicagorealestateinstitute.com.

    Harold Washington College:

    They provide real estate courses to help people obtain real estate license in Illinois. The preparation for real estate license exam includes real property, deeds, agreements of sale, mortgages, financing, evaluation and appraisal, leases and closing statements. You can contact them at 30 East Lake Street, Chicago IL 60601; phone: 312-553-5600.

    Illinois Academy of Real Estate:

    They provide real estate licensing classes. You can take their course through classes, home study and also online classes. Whether you are looking for starting a career in real estate or are renewing your license they can help you out. You can contact them at Phone: 630-844-0222; Toll Free: 800-238-5404; Fax: 630-844-0410; E-mail: CustomerService@illinoisacademyofrealestate.com

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