THE REAL ESTATE LICENSE
- After passing the state exam, a formal application for licensure needs to be made to the state. An email will be sent immediately after application, allowing the individual to practice real estate immediately.
- After passing the state exam, the person is given a blank sponsor card at the testing site with his/her picture on it. When sponsored by the sponsoring broker, the applicant is now licensed.
Once a brokerage company has been selected by the person who has passed the State Real Estate Broker Exam, the sponsoring broker:
- The licensee applies for the license with IDFPR online with their sponsoring broker.
- Their transcript should be uploaded as part of this application process.
- The licensee will receive an email back that they are licensed and then they should print their license within a day or two.
- The sponsor card certifies the bearer’s relationship with the sponsoring broker and serves as a temporary permit to practice real estate
- The license will specify whether the individual is authorized to act as a broker, managing broker, or residential leasing agent.
- IDFPR issues the license online. This license authorizes the bearer to engage in appropriate licensed activities for the current license period.
- Licensees must carry this license or an electronic version of it when engaging in any of the activities for which a license is required by Illinois This license must be displayed on request.
What Happens to Your License When You Change or Leave Firms? (Section 5-40)
Old Broker
When a licensee quits or the sponsoring broker or a designated managing broker terminates the licensee’s employment with the sponsoring broker for any reason, the licensee must obtain her license from the employing broker at whose firm it has been kept.
- The licensee can terminate their license on their own.
- Once a licensee terminates their sponsorship with their sponsoring broker, their licenses become inactive until they find a new sponsoring.
New Broker
If the licensee is simply changing brokers, the new sponsoring broker will :
- immediately complete a change of sponsoring broker form online.
Change of Address, Name, or Business Information (Section 5-41)
It is the licensee’s responsibility to promptly notify the Department of any
- Within 24 hours, the licensee shall notify the Department of any changes in their address, telephone number, e-mail address or office location.
- When a licensee acquires or transfers any interest in a corporation, LLC, partnership, or LLP that is licensed under the Real Estate License Act of 2000, appropriate change of business information must be filed with the Department.
- Additionally, any changes in designated managing brokers, branch managers, or principal officers must be reported in writing to the Department within 15 days after the change.
Expiration and Renewal
License expiration and renewal dates are established by rule, consistent with the Act; Licenses may be renewed – by paying required fees and meeting CE requirements—up to 90 days prior to expiration of the license.
Brokers, managing brokers, and residential leasing agents may renew their expired licenses (provided they pay the necessary fees and meet the continuing education and other requirements) for up to two years following license expiration. Beyond this two-year period, licensees will be required to meet the qualifications for new licenses set out by the Act.
Nonresidents and License by Reciprocity (Section 5-60)
A managing broker or broker who lives in a state that has a reciprocal licensing agreement with Illinois may be issued an Illinois license ( or an Illinois Licensee may be issued a license in the state offering reciprocity) if the following conditions are met. The key feature of Reciprocity is that the Licensee does not have to live in the state offering reciprocity – Illinois Licensee do not have to live in the states offering reciprocity and licensees living in other states offering reciprocity do not have to live in Illinois.
- For a reciprocal broker or managing broker’s license the broker or managing broker holds a broker or managing broker’s license in her home state,
- the licensing standards of that state are substantially equivalent to or greater than the minimum standards required in Illinois,
- the managing broker or broker has been actively practicing as a managing broker or broker for at least two years immediately prior to the application date,
- the managing broker or broker furnishes the Department with an official statement, under seal, from her home state’s licensing authority that the managing broker or broker has an active managing broker’s or broker’s license, is in good standing, and has no complaints pending,
- the managing broker’s or broker’s home state grants reciprocal privileges to Illinois licensees,
- the managing broker or broker completes a course of education and passes a test on Illinois-specific real estate brokerage laws or the real estate brokerage laws of the state where the Illinois licensee wishes to do business.
- the broker furnishes the Department with a statement under seal of the proper licensing authority of the state in which the broker is licensed showing that the broker has an active broker’s license, that the broker is in good standing, and that no complaints are pending against the broker in that state;
Currently, Illinois has reciprocity with the following states under the Real Estate License Act of 2000:
- Nebraska,
- Colorado,
- Connecticut,
- Indiana,
- Iowa,
- Georgia,
- Wisconsin,
- Florida.
Always check the Department Web site for the latest update on reciprocal states.
Before a managing broker or broker will be issued a license, the applicant must file a designation (Person) in writing to act as her agent in Illinois.
Brokers or managing brokers applying for an Illinois license must furnish the Department with proof of active licensure in their home state. They also must pay the same license fees that are required of Illinois brokers and managing brokers. Prospective licensees must agree in writing to abide by all provisions of the Act and to submit to the Department’s jurisdiction.
However, once acquired, the reciprocal license allows a new resident who has recently been working under a non-Illinois license to obtain a valid Illinois license without examination. Licenses previously granted under reciprocal agreements with other states shall remain in force “so long as the Department has a reciprocal agreement with that state.”
Renewal without Fee (Section 5-50)
Licensees whose licenses have expired may renew without paying any lapsed renewal or reinstatement fees if the license expired within two years after the termination of the service, training, or education while the licensee was performing any of the following functions:
- On active duty with the U.S. armed services or called into the service or training by the state militia
- Engaged in training or education under supervision of the United States prior to induction into military service
- Serving as the Coordinator of Real Estate in Illinois or as an employee of the Department
