How to Become a Real Estate Managing Broker in Illinois

Are you an Illinois-licensed broker ready to take your career to the next level? 

This guide walks you through every step to earn your Managing Broker license—from meeting eligibility requirements and choosing the right coursework to applying for and passing the exam.

Here’s everything you need to know to get started on this new path.

Steps to Become a Real Estate Managing Broker in Illinois

Upgrading to a Managing Broker license in Illinois involves these key steps:

1. Confirm that you meet Illinois's eligibility requirements.
2. Enroll in and complete the accredited Managing Broker’s course.
3. Submit your application for the license.
4. Pass the Illinois Managing Broker exam.

Following each step carefully ensures you’re on the right path to advancing your Real Estate Career in Illinois.

Step 1: Meet Illinois's Eligibility Requirements

To qualify for a Managing Broker license in Illinois, applicants must have actively held a broker license for at least two of the past three years.

Other key requirements include:

• 20 years old
• Have a high school diploma or GED
• Maintain a record in good standing with the Illinois Department of Financial and Professional Regulation (IDFPR).

Once you meet these basic requirements, you’re ready for step #2.

Step 2: Enroll in and Complete an Accredited Managing Broker’s Program

In Illinois, aspiring Managing Brokers must complete a 45-hour program specifically designed to prepare them for the responsibilities of running a real estate brokerage. 

This program is divided into two parts:

• 30 hours of Brokerage Administration and Management
• 15 hours of Applied Management and Supervision

This will cover a variety of topics providing you with the skills and knowledge necessary for successful brokerage management. 

The main subjects reviewed are:

• Brokerage Administration
• Risk Management
• Supervision and Compliance
• Managing Teams and Agents
• Business Planning and Strategy
• Illinois Real Estate Law and Ethics
• Record Keeping and Transaction Management

After completing the coursework, you’ll need to pass a final exam with a score of at least 75% to receive your certificate, which is required for your licensing application.

If you want to enroll in a real estate school, we partnered with Kaplan to provide exceptional real estate courses to Illinois students. 

Sign up through US Realty Training and get a discount.

Step 3: Submit Your Managing Broker Application

Once you've completed the Managing Broker’s program, the next step is to submit your application to the Illinois Department of Financial and Professional Regulation (IDFPR). Here’s how to apply:

1. Application Form: Download and complete the Managing Broker license application from the IDFPR website.
2. Course Certificate: Include a copy of the certificate you received upon passing the Managing Broker program.
3. Experience Verification: Provide documentation verifying that you have held an active broker license in Illinois for at least two of the last three years.
4. Application Fee: Pay the required application fee, typically around $150. Check the IDFPR website for any updates to fees.
5. Background Check: You may need to undergo a background check, which could involve fingerprinting.

Make sure all application materials are complete and accurate to avoid delays. After submitting your application, IDFPR will review it and notify you of your eligibility to take the Managing Broker exam.

Step 4: Pass the Illinois Managing Broker Exam

The last step to obtaining your Illinois Managing Broker license is passing the state’s licensing exam, which tests your knowledge of real estate laws, ethics, and brokerage management. 

Here are the essentials:

• Exam Length: 150 minutes
• Number of Questions: 50 questions, focusing on brokerage management, compliance, and risk management.
• Passing Score: 75%

Preparing for the Exam

We provide a Illinois real estate crash course and exam prep package to make studying and passing easy. This program provides 8+ hours of video content that explains concepts, vocabulary, historical events, and laws on the exam. 

You get unlimited practice exams, vocab flashcards, an eBook study guide, and 2,000+ question and answer videos.

FAQs About Becoming a Real Estate Managing Broker in Illinois

This section answers common questions about becoming a Managing Broker in Illinois, including exam details, license requirements, and renewal information.

Should You Become a Real Estate Managing Broker in Illinois?

Becoming a managing broker gives you the freedom to pursue new career paths, take on leadership, and increase your earning potential. 

This license enables you to run your own brokerage, develop business strategies, and lead a team, offering a chance to grow a profitable business, mentor agents, and make your mark on Illinois real estate.

How Fast Can You Get a Managing Broker’s License?

With proper planning, you can finish the coursework in 2-3 months. The application and exam process typically takes an additional 1-2 months, depending on exam scheduling and processing times.

How Much Do Real Estate Managing Brokers Make?

In Illinois, Managing Brokers earn an average annual income of approximately $80,000 to $120,000. 

According to Salary.com, as of October 1, 2024, the average salary for a Real Estate Managing Broker in Illinois is $108,008, with a typical range between $86,581 and $132,958. This reflects the additional responsibilities and transaction volumes that Managing Brokers handle, as well as the potential to earn commissions from team transactions. 

How Much Does a Real Estate Managing Broker’s License Cost?

The costs associated with obtaining a Managing Broker license vary. Here’s a breakdown of typical costs:

• Managing Broker Course: $300-$600
• Application Fee: $150
• Exam Fee: $55
• Background Check: $30-$50

Total Estimated Cost: $535-$855

What’s the Difference Between Real Estate Managing Brokers and Brokers?

In Illinois, Brokers are licensed professionals who have completed the required pre-licensing education and passed the state exam. 

They work directly with clients, handle real estate transactions, and provide guidance—though they must do so under the supervision of a Managing Broker.

A Managing Broker has an advanced license, earned through additional coursework and a specialized exam. 

They not only oversee Brokers within their firm but also ensure regulatory compliance and manage the firm’s operations and legal responsibilities.

Only Managing Brokers in Illinois have the authority to open and run their own brokerage. 

This role provides greater control over business decisions, higher earning potential, and the opportunity to build teams of agents, resulting in increased transaction volume and commission earnings.

Does Illinois Have a Managing Broker’s License Reciprocity Agreement?

Illinois has reciprocity agreements with several states, such as Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, South Dakota, and Wisconsin. 

If you're a Managing Broker in one of these states, you might qualify for reciprocity and be able to transfer your license without needing to take an additional exam or complete extra coursework.

Always verify the current reciprocity rules and requirements with the IDFPR or the relevant state agencies, as these guidelines may be subject to change.

Final Thoughts on Becoming a Real Estate Managing Broker in Illinois

Achieving a Managing Broker license in Illinois is a valuable step for advancing your real estate career. 

If you’re ready to get started, enroll in our partnered Illinois real estate licensing course today and get a discount.