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 20 years of age
- Hold a high school diploma or GED equivalent
- Have worked as an broker for two consecutive years 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
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 approved by the Illinois Department of Financial and Professional Regulation. Education Provider #515.000001. We offer courses that are required as prerequisites for the Leasing Agent, Broker, and Managing Broker licensing examinations.
What makes your school different from the others?
Our quality programs, dedicated and knowledgeable 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!
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. Please see additional FAQs for each license type.
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.
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.
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.
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 an active Broker license for at least two consecutive 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 (Residential 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.
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).
Individuals are required to have first held an active real estate broker license (or equivalent) for two consecutive years of the past three years before applying for a managing broker license.
What do I need to do to upgrade my Broker license to Managing Broker license?
To apply for a Managing Broker license, you are first required to hold an active broker license (or equivalent) for two consecutive years of the past three years.
You are also required to complete a total of 45 credit hours of pre-license education.
Upon passing our school final exam, you will earn a 45 hour transcript and we will provide your with instructions to schedule your state licensing examination.
I am not managing an office, I just want to sponsor myself. Do I still need a Managing Broker license?
Yes, any any individual seeking to practice real estate brokerage as a sole proprietor sponsoring his or her own license must obtain the managing broker license.
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 coursework may be completed via self-study, but all students are required to complete a 15 credit-hour interactive course that is attended live via webinar.
When are the sessions offered for the 15 credit-hour interactive course?
You may view our schedule of upcoming live webinars by clicking here.
How soon after enrolling in the Managing Broker program will I receive my course materials?
Upon enrollment, you will have immediate access to course materials online. Additionally, we will ship printed copies of 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 courses include instructor support?
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!
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 accommodate students throughout the country.
Please call our school for more information.
How many questions is on your course final exam?
The complete 45 hour Managing Broker Pre-License course final exam consists of 75 multiple choice questions. The test is divided as follows:
• 50 questions based on the Managing Broker Pre-License Topics course.
• 25 questions based on the Managing Broker Pre-License Applied Management and Supervision course.
What is the passing score for the course final exam?
The passing score is 75%. Students must score 75% on the topics and applied final exam.
If you receive a lower score than 75%, but higher than 60%, you will be permitted two additional attempts to pass an alternate final exam. Before an alternate attempt, you must complete additional study assigned by an instructor.
If you do not pass the final examination by your third attempt, you will fail the course.
If you receive a score of 60% or lower on any of your exam attempts, you will fail the course.
What happens after I pass my course final exam with Real Estate Institute?
After you pass our pre-license course final exam, you will be issued a transcript that authorizes you to attempt the state examination. The state examination is offered daily at locations throughout the state. We will provide detailed information regarding the state exam upon you successful course completion.
Do course registrations expire?
All courses expire six months after the date of enrollment. In some cases, expired pre-license course enrollments may be extended for a fee within a year of original enrollment. Courses cannot be extended beyond the 1-year anniversary of the original enrollment.
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 two years.
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.
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.
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.
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.
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.