Just like beginning a new career, upgrading your real estate license can be a big undertaking. We have made this new career path simpler for you to follow by outlining the five steps you must take to become a managing broker.
Confirm you are qualified to become a managing broker
To qualify, one must at least twenty-one years of age and hold a high school diploma or equivalent. Further, candidates must have an active and strong real estate broker license and can be licensed as a broker for 2 of the past 3 years.
Complete the 45-hr Illinois pre-licensing broker managing coursework
Managing broker candidates must perfectly complete the 45 hours of pre-licensing courses from a verified IDFPR real estate education provider. The coursework contains 30 hours of managing broker pre-licensing topics and 15-hour interactive course in managing broker pre-license applied supervision and management. For the fifteen hour interactive course, you will be offered a link to register for a live webinar session spanning 3 to 4 days. It is advised that you not complete the fifteen hour interactive course until you are about 90 percent through the thirty hour course.
Complete the course final exams
After you understand and read all the course materials, meet the minimum time and, pass the practice exam, there is a final exam for each course.
The passing score for this exam must be at least a seventy percent. There is a $25 fee per exam.
Applying for your license
Once you done Illinois real estate exam prepand pass your real estate managing broker examination with PSI you will be offered directions in your passing score report on how to apply for your license. After you submit your licensing materials and pay the licensing money, you will be on your way to becoming a managing broker.
How long does it take to turn into a real estate broker?
Depending on their states needs, prospective brokers must spend 1 to 3 years working as a real estate sales agent before they can apply for license. It may take extra weeks or months to complete the needed training course and pass the licensing test.
What does a real estate broker earn?
The median hourly wage for real estate brokers in the America was $28.00 in 2018. The lowest 10 percent of brokers earned less than $13.13 per hour that year, and the top 10 percent made more than $85.05.
Because brokers are paid on commission, their earnings depend on the types and amount of transactions they are capable to complete for their customers. These earnings can change from months to months and from year to year depending on the housing market and the brokers attention in attracting clients.
What are the long-standing career predictions for real estate brokers?
A brokers success depends on their capability to attract fresh clients. As they gain experience and build a bigger network of contact in their community, brokers can build a powerful status and grow their business. Brokers who attract a top volume of business may eventually hire sales agents to job for them.