The Difference Between an Illinois Real Estate Broker and a Real Estate Salesperson
In Illinois, in order to own your own real estate brokerage you must be licensed as a Real Estate Broker. An active real estate salesperson must hang their license (as an independent contractor in most cases) with a licensed Illinois Real Estate Broker. There is a reason for this such as the fact that obtaining a real estate Brokers license requires more then double (almost triple) the real estate related education.
The verbage from the Illinois Real Estate Licese Act of 2000 which was amended in June of 2006 explains the difference below:
TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.60 EDUCATIONAL REQUIREMENTS TO OBTAIN A BROKER'S OR SALESPERSON'S LICENSE
Section 1450.60 Educational Requirements to Obtain a Broker's or Salesperson's License
Real Estate Salesperson's License Requirements
a) An applicant for a salesperson's license must have successfully completed 45 credit hours of instruction in an approved Real Estate Transaction Course or have received a baccalaureate or master's degree in accounting, real estate, law, finance, business, or other degrees approved by the Division.
Illinois Real Estate Brokers License Requirements
b) 120 credit hours of instruction in approved courses or a baccalaureate degree including courses involving real estate or related material are required for broker applicants. Credit shall be given for class hours successfully completed in the following manner:
1) 45 credit hours for a Real Estate Transactions course;
2) 15 credit hours for a Brokerage Administration course;
3) 15 credit hours for Contracts and Conveyances;
4) 15 credit hours of mandatory course work as established by the Education Advisory Council and the Division;
5) Credit for the remaining 30 class hours may be obtained by completing at least two of the following courses listed:
A) Appraisal
B) Property Management
C) Financing
D) Sales and Brokerage
E) Farm Property Management
F) Real Property Insurance
c) An applicant for a broker license who is licensed as an Illinois real estate salesperson is presumed to have completed a 45 credit hour Real Estate Transactions course provided that the licensee has not been nonrenewed for the preceding two years or more. Having received 45 class hours credit as a licensed real estate salesperson, an additional 45 class hours credit cannot be earned by taking a Real Estate Transactions course.
(Source: Amended at 30 Ill. Reg. 11075, effective June 8, 2006)
Our 30 hours were taken in real estate Appraisal and Financing - two critical fields for successful real estate selling and buying in any state!
We have also earned numerous professional REALTOR designations over the years. (Both of us have earned the right to use ABR,CRS and Michelle has earned the right to use GRI and Certified New Home Specialist.)
