Are you considering a career in real estate? Becoming a real estate broker in Illinois isn’t just about finding a new job. It’s your chance to build a thriving business on your terms, make a real impact, and guide clients through life’s most significant investments. Seize this moment to shape your future and embark on a rewarding path!
Before you can begin, it’s important to understand the investment required. The cost to become a real estate broker in Illinois ranges from $770 to $1,220. This guide provides a comprehensive breakdown of the real estate license costs in Illinois, enabling you to budget and begin your new career with confidence.
Key Takeaways
- Understand Total Costs: Becoming a real estate broker in Illinois typically costs between $770 and $1,220, including pre-licensing, exam, post-licensing, and background check fees.
- Budget for Education and Exams: Pre-licensing courses range from $300 to $650, and the state exam costs $58. Post-licensing education adds another $200–$300.
- Plan for Ongoing Expenses: Beyond initial licensing, expect recurring costs such as MLS fees, REALTOR® association dues, franchise fees, and operating expenses.
- Renewal and Continuing Education Requirements: Illinois brokers must renew every two years with a $200 fee and complete 12 hours of CE to maintain their license.
- Potential Cost Savings for Experienced Professionals: Applicants with prior real estate experience or licensed attorneys may be eligible for educational waivers, which can reduce pre-licensing costs. However, eligibility is determined on a case-by-case basis by the state’s licensing agency.
Understanding the Basics: What Does It Cost to Become a Real Estate Broker in Illinois?
Before we dive into the costs of obtaining a license, it’s essential to note that in Illinois, the entry-level real estate license is referred to as a broker’s license. Obtaining this license is the starting point for most people entering the real estate industry.
For those who wish to take on additional responsibilities and manage other brokers, the next step is to obtain a Managing Broker License. This advanced license grants the authority to oversee brokerage operations, supervise brokers, and handle the overall business plan for the brokerage.
Each license comes with specific education, experience, and examination requirements, ensuring that license holders are well-prepared for their roles in the industry.
Embarking on a career as a real estate broker in Illinois involves several required steps, each with its own associated cost. This guide will walk you through each step and each financial component.
Related Guide: How to Become a Real Estate Agent in Illinois
Breakdown of Real Estate License Costs in Illinois
To become a licensed real estate broker in Illinois, you must complete specific educational courses and pass the state exam. Here’s a look at what you can expect to pay for each step of the licensing process.
Pre-licensing education requirements and costs
Approximate cost: $300 to $650
The Illinois Department of Financial and Professional Regulation (IDFPR) requires all candidates to complete 75 hours of pre-licensing education.
The cost for these courses can vary significantly depending on the education provider and format. Online packages often offer a more affordable and flexible option compared to traditional classroom settings.
Exam fees
Cost: $58
After successfully completing your pre-licensing education, your next crucial milestone is to pass the Illinois Real Estate Broker Exam. This exam, administered by PSI, requires a fee for each attempt.
License application fee
Cost: $150
Once you pass the exam, you’ll submit your application and pay a fee to the IDFPR to receive your license.
Background check
Approximate cost: $60
To ensure the integrity of the profession, all aspiring brokers must undergo a criminal background check. This is a standard part of the licensing process, designed to protect consumers and uphold the high standards of the real estate industry.
Post-licensing course
Cost: Approximately $200 – $300
After obtaining your initial license, Illinois law requires new brokers to complete 45 hours of post-licensing education within their first two years. This crucial step ensures that you continue to build upon your foundational knowledge, refine your skills, and stay current with industry best practices.
Investing in this ongoing education is not just a requirement; it’s an opportunity to solidify your expertise and empower your long-term success in real estate.
Total cost of licensing (including post-licensing courses)
The cost to become a real estate broker in Illinois ranges from $770 to $1,220.
Additional and Ongoing Expenses
Your financial commitment doesn’t end once you have your license. To operate as a real estate agent, you will need to budget for several recurring expenses.
- Memberships and Association Fees: Joining the Chicago Association of REALTORS® or another local board comes with annual dues. You’ll also need to pay for access to the Multiple Listing Service (MLS).
- Franchise and Service Fees: If you join a brokerage that is part of a franchise, you may have additional fees, including desk fees.
- Operating Expenses: Your brokerage may cover certain costs, including advertising, marketing materials, and other business tools. Ensure you understand the services each brokerage offers when conducting interviews.
- Illinois License Renewal & Continuing Education: To keep your Illinois real estate license active, ensure you complete 12 hours of continuing education (CE) and renew by April 30th of every even-numbered year.
Comparison of Education Providers and Course Formats
Choosing the right education provider is a critical decision. Here are some key factors to consider when selecting an Illinois real estate school.
Online vs. classroom options
Online courses (at your own pace) typically offer more flexibility and are often more affordable than in-person classes. They allow you to study at your own pace from anywhere.
Livestream courses combine the convenience of online learning with the interactive experience of a live classroom setting.
Classroom courses provide a structured learning environment with direct access to instructors.
Consider your learning style and budget when deciding which format is best for you.
Course packages
When selecting your ideal course package, understand that while costs vary by format and inclusions, the true value lies in the comprehensive support offered.
Some pre-licensing packages include invaluable resources such as advanced exam preparation materials. This crucial addition can significantly increase your chances of passing the licensing exam on your very first attempt, ultimately saving you time and the cost of retake fees.
Furthermore, some bundles offer even greater long-term value by incorporating essential post-licensing courses or other professional development tools, ensuring you are not only licensed but also equipped for sustained success in your real estate career.
Financing
While scholarship opportunities for real estate school may be limited, some institutions provide flexible financing options to help ease the financial burden. These financing plans often allow you to break down the cost of tuition into manageable payments, making it more accessible to pursue your education and career goals.
What Is the Least Expensive Way to Get Your Real Estate License in Illinois?
One of the most cost-effective ways to obtain your real estate license in Illinois is through an online pre-licensing education package that combines all the essential components into a single bundle.
These comprehensive packages often include the pre-licensing coursework required by the state, exam preparation materials to ensure you’re ready for the licensing exam, and even a post-licensing course to support your continued success as a new agent.
You can also save money on continuing education and professional development by purchasing a CE Membership package for Illinois. This option bundles all the CE courses available for Illinois, plus professional certifications, exclusive content, and discounts.
Colibri Real Estate has such packages for Illinois. We also offer a “Pass or Don’t Pay” guarantee, which can provide peace of mind by eliminating financial risk if you don’t pass the licensing exam on your first attempt. This approach not only saves money but also delivers convenience and flexibility as you prepare for your real estate career.
Frequently Asked Questions
How much does an Illinois real estate license cost in total?
The cost to become a real estate broker in Illinois ranges from $770 to $1,220, including the cost of post-licensing courses. The precise amount depends on your choice of education provider and any additional study materials you may require.
What is the difference in cost between a broker and a salesperson license in Illinois?
Illinois has a single broker license for new agents. The license application fee for an Illinois broker license is $150. The term “salesperson” is no longer used for new licensees.
The term “managing broker” refers to experienced brokers who supervise other brokers and assume additional responsibilities within a real estate firm. The license fee for managing brokers is $250 plus the cost of the managing brokers’ licensing courses and exam.
How much does it cost to renew a real estate license in Illinois?
Renewal costs include the $200 fee paid to the IDFPR and the cost of completing the required continuing education courses.
Are there reduced costs for applicants with prior experience in real estate?
In Illinois, applicants with prior real estate experience in another state or related professional experience may qualify for waivers or reduced educational requirements. However, this is determined on a case-by-case basis by the IDFPR. This means that experienced agents or managing brokers may be able to skip some pre-licensing courses, potentially lowering overall costs and shortening the path to licensure.
Similarly, licensed attorneys in Illinois can often receive credit for specific pre-licensing education because their legal training covers key real estate law topics, allowing them to complete fewer classroom hours and save on course fees.
In all cases, applicants must work directly with the IDFPR to verify eligibility and determine exactly which requirements can be waived.
Start Your Real Estate Career Today
Now that you have a clear understanding of the real estate license cost in Illinois, you can confidently take the next step. Investing in your education is the foundation of a successful career, and the potential return in the real estate industry is significant.
At Colibri Real Estate, we offer comprehensive and flexible learning solutions tailored to your success. Our courses offer:
- Flexible online learning to fit your schedule, including at-your-own pace and livestream courses for Illinois
- Exam preparation tools to help you pass the first time
- Instructor support to guide you through the material
- Pass or Don’t Pay Guarantee
- Affirm financing options
Explore our pre-licensing packages and enroll today to start your journey toward becoming a successful real estate agent in Illinois.
Disclaimer: This guide is for general informational purposes only, based on an August 2024 survey of Colibri Real Estate alumni and publicly available industry sources. While Colibri strives for accuracy, we make no guarantees regarding the completeness, reliability, or applicability of the information. Earnings and outcomes vary widely based on factors like location, experience, and market conditions and should not be considered guarantees. This guide does not constitute professional advice. Users should consult additional sources for personalized guidance.
