- Applicants must be at least 21 years of age and of good moral character
- Licensed for at least 2 out of the 3 prior years as a Broker
- Hold a high school degree or equivalent
- Complete 165 hours of pre-license education (120 are Broker pre-license hours)
- Complete 45 more hours in the year before applying for a Managing Broker's license
- 30 of the 45 hours focused on brokerage administration and management
- 15 hours in classroom or other interactive delivery method
- Pass both the course exam and the state licensing exam
- Fill out the application with sponsor card and pay applicable fees
(**Illinois attorneys in good standing are exempt from the pre-licensing education requirements but not from the state exam.)
Managing Broker License FAQs
Q: Does a Broker who would like to sponsor themselves and open up a one person office need to hold a Managing Broker's license?
A:Yes. Brokers who would like to be self-sponsoring, sole proprietors must hold a Managing Broker's license.
Q: Is a partner required to hold a Managing Broker's license or can they hold a Broker's license?
A: Any partner who engages in real estate brokerage business in a licensed real estate partnership must be a Managing Broker or Broker. In an LLP or LLC, any partners or members who engage in real estate brokerage business must hold a Managing Broker or Broker license. If a licensed real estate brokerage entity is owned by a Broker licensee(s), there must be a Managing Broker licensee in place to manage the real estate brokerage business of that entity.