Illinois License Law
What is the process to upgrade from an Illinois real estate broker license to a managing broker license?
APass the managing broker exam with no additional education required
BHave at least 2 years of active broker experience, complete the 45-hour managing broker pre-license course, and pass the managing broker exam✓ Correct
CComplete 24 hours of continuing education and submit an upgrade application
DWork under a managing broker for 5 years before being eligible
Explanation
To upgrade to a managing broker license in Illinois, a broker must have at least 2 years of active broker experience during the preceding 3 years, complete the IDFPR-approved 45-hour managing broker pre-license course (which covers topics like supervising agents, business management, and advanced real estate law), and pass the managing broker licensing examination. The exam has both state and national portions.
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Key Terms to Know
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State-Specific Concepts
Continuing EducationPre-License EducationBroker Supervision
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