Real Estate Managing Broker Programs: Get Licensed
We Offer Everything You Need to Get a Managing Broker License
Becoming a real estate managing broker allows you to work independently (self-sponsored) or for another managing broker. Managing brokers who are self-sponsored may manage and sponsor other licensees.
This course is appropriate for:
- Brokers who have been licensed for two of the three preceding years
- Licensees who wish to manage and supervise others
- Licensees who wish to sponsor their own license
Illinois Real Estate Managing Broker License Requirements:
- Be at least 21 years of age
- Hold a high school diploma or GED equivalent
- Have worked as an broker for two of the preceding three years
- Complete the 45-hour managing broker course which includes:
- A 30 hour self-study or live class that covers: licensing, operations, escrow management
- 15 hours of interactive education
- Pass a state exam
Here's what our students are saying...
"The presentation was excellent. The instructor's input and commentary supporting the slides were very helpful."
"I really liked the interactive webinar, which gave a practical view of material we studied in the book. Great all-around program."
"Really enjoyed how interactive this session was. It really helps me retain the information versus just listening to someone talk for 2 and a half hours."
Learn more about this license type and programs:
Is Real Estate Institute approved by the IDFPR as a pre-license school?
Yes. Real Estate Institute is an approved pre-license school (#510.000158). We offer courses that are required as prerequisites for the Leasing Agent, Broker, and Managing Broker licensing examinations.
What's the best way to determine which real estate license I should consider?
We recommend that you review our license comparison. We have designed well organized, high quality programs for each Illinois real estate license type. Pleae see below for additional FAQs for each license type.
What makes your school different from the others?
Our quality programs, dedicated and knowledgable instructors,, and outstanding service set our school apart. When you successfully complete our course, you will have all the knowledge you need to pass the state examination. Quizzes for each homework lesson allow students to see how they are doing as they progress through the course. Along with the reinforcing tools included with our programs, qualified instructors are available to provide additional assistance. Real Estate Institute offers students all these additional resources for one simple reason: we want you to pass the state examination!
Is Real Estate Institute owned by a real estate brokerage company?
No. We are an independent school, licensed and approved by the State, as is our coursework. We are not here to recruit you into the real estate business. We are here to help students obtain or meet their real estate education requirements.
Must I be a citizen of the United States or Illinois to hold a Real Estate License in Illinois?
No. To hold an Illinois real estate license, the state requires that you meet the age and education requirements, have a Social security number, and be of good moral character.
Where can I find more information about Illinois real estate licensing?
You will find a wealth of information throughout our website and frequently asked questions. Additional information may be available directly at Illinois Department of Financial and Professional Regulation's website.
Does Illinois offer license reciprocity with any other states?
Illinois offers Reciprocity if you are already licensed in some other states. Please view these details at the IDFPR website and contact the IDFPR to discuss your specific licensing requirements. IDFPR-approved coursework and examinations may still be required for you to earn a license in Illinois.
Does your school offer financial aid or can I pay the course tuition over time?
We have partnered with Affirm, who offers financing options that enable our students to enroll today and pay later. This extends our traditional payment options, such as credit/debit cards and cash.
Click here to learn more.
Who is required to hold a Manging Broker license?
A managing broker license will be required for the following individuals:
- Any self-sponsored licensee. (So, any individual seeking to practice real estate brokerage as a sole proprietor sponsoring his or her own license must obtain the managing broker license.)
- Any broker who has supervisory responsibilities for licensees in one or, in the case of a multi-office company, more than one office and who has been appointed as a managing broker by the sponsoring broker.
Has there been a change to the pre-license education requirements for an supervisory level licensee?
Yes. Illinois license law was updated in 2010. Changes to the pre-license education requirements became effective on May 1, 2011.
In the past these licensees were referred as Brokers (and they sponsored licensees referred to as Salespersons). The state of Illinois is no longer issuing new Salesperson licenses. Instead, entry-level licensees complete coursework required to become a real estate Broker. After being licensed for at least two years, Broker licenses may choose to complete additional coursework and state testing and then apply to become licensed as a Managing Broker. New licensees are now required to complete a 90 credit-hour program that must include 15 hours of classroom or classroom-equivalent (webinar) education. Individuals completing this course of study will apply to become licensed as a Broker.
Why would I choose the Managing Broker license over the Broker license?
Brokers are required to be sponsored by a Managing Broker. Therefore, Brokers cannot work independently.
Managing Brokers can choose to be a self-sponsored licensee. (So, any individual seeking to practice real estate brokerage as a sole proprietor sponsoring his or her own license must obtain the managing broker license.) Also, Managing Brokers may sponsor other licensees (Leasing Agents, Brokers, and Managing Brokers).
What are the education requirements to earn an Illinois Managing Broker license?
Individuals seeking to obtain a real estate managing broker license are required to complete a total of 45 credit hours of pre-license education. The 30 credit-hour pre-license course must be completed before attending the 15 credit-hour interactive course. Individuals are required to have first held a real estate broker license (or equivalent) for two of the past three years before applying for a managing broker license.
Are attorneys exempt from the education requirements?
Yes. Applicants who are currently admitted to practice law by the Supreme Court of Illinois and are currently in active standing are exempt from the education requirements. However, these individuals are still required to pass the state examination.
Note that ALL licensees are required to have been licensed as a Broker for two of the past three years before thay may apply to become a Managing Broker. Attorneys are also subject to this requirement.
What is the difference between a Broker license and Managing Broker license?
All individuals seeking to become a real estate licensee in Illinois for the first time (other than those dealing only with the leasing of residential real estate) must apply for a broker license. After holding a Broker license for at least two years, licensees may elect to complete additional education and apply for a Managing Broker license. Managing Brokers are permitted to perform all of the same activities as a Broker, but may also choose to sponsor their own license or those of other licensees (Leasing Agents, Brokers, and Managing Brokes).
Can I complete all of the coursework online via self-study?
After May 1, 2011 the state no longer permits purely self-study programs. A portion of the pre-license courswork may be completed via self-study, but all students are required to complete a 15 credit-hour interactive course that is available via live classroom or webinar delivery.
When and where are classes offered for the 15 credit-hour interactive course?
You may view our schedule of upcoming classes by clicking here.
How soon after enrolling in the Managing Broker program will I receive my course materials?
We ship all course materials within one business day via First-Class Priority Mail. You may also pick up course materials at our office. Please call if you wish to arrange for expedited shipping (such as FedEx) for an additional fee.
What if I don't pass a quiz or exam that is part of the program?
In general our programs are designed to aide students who are having any difficulties in our programs. A retake quiz or exam is part of most courses. Please call us or see the course instructions provided with your course materials for specific course requirements.
Do your self-study courses include instructor assistance?
Yes. This is an area where our school really stands out. Students in our real estate pre-license programs are strongly encouraged to call for one-on-one instructor assistance throughout the program. We're committed to each student's success!
Is the Illinois Managing Broker license also valid in other states?
Each state has its own license requirements. Contact the state in which you are interested in being licensed. On occasion, a state may accept some of your real estate education from Illinois.
Do I need to be sponsored by a company or Managing Broker in order to start the class, take the examination, or obtain a license?
No. A sponsor is not required to complete the pre-license coursework or attempt the state exam. After passing the state exam, a Managing Broker licensee may choose to sponsor him or herself, or may be sponsored by another Managing Broker.
Once I have the license, how often does it need to be renewed?
Real estate licensees have a two-year renewal cycle. Broker licenses expire April 30th of the even years; Managing Broker licenses expire April 30th of the odd years. Both of these licenses require continuing education for renewal.
If I earn a Managing Broker license, will I be required to act as a supervisor or may I continue to be sponsored another Managing Broker?
Managing Brokers may continue to be sponsored by another licensee. However, only individuals who have been appointed as sponsoring licensees may advertise to the public as a "Managing Broker". All others must advertise as a "Broker", even if they currently hold a Managing Broker license.
After passing the Managing Broker pre-license courses, how many times may I attempt to pass the state examination?
Candidates are permitted to attempt the state exam four times within four years.
I'm already licensed in another state and want to become licensed as a Managing Broker in Illinois. What education is required?
You are required to earn 165 hours of Illinois state-approved education before attempting the state examination. Unfortunately, Illinois does not "transfer" and apply hours that you completed when earning your license in another state.
The 165 hour requirement is calculated by totaling the following course requirements:
- Broker Pre-License (90 Credit Hours)
- Broker Post-License (30 Credit Hours)
- Managing Broker Pre-License (45 Credit Hours)
We have created a special, discounted course package for individuals who must satisfy this education requirement. Please call and speak with one of our customer representatives to learn more.
As a licensee in another state, are there any other requirements for me to consider?
Yes. When applying for your license, a "Certification By Licensing Agency/Board Form" must be filled out by the state in which you currently hold a license. This form can be found within the Applied Measurement Professionals Candidate Handbook.
Where can I take my course final exam?
For students who reside in the Chicagoland area, we offer testing at our school locations. Testing is scheduled by appointment only. Real Estate Institute also works with a network of proctors outside the Chicagoland area (mostly libraries and universities) that can administer your final exam on our behalf. We can accomodate students throughout the country. Please call our school for more information.