What is a Managing Broker in Illinois? - AceableAgent

In Illinois, a managing broker is the person responsible for supervising real estate brokers. This position requires a managing broker license (as opposed to the standard real estate broker license). To earn a managing broker license, you must have two consecutive years’ …

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How To Become A Real Estate Managing Broker In Illinois

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Dec 4, 2024 · How Much Do Real Estate Managing Brokers Make? In Illinois, Managing Brokers earn an average annual income of approximately $80,000 to $120,000. According to …

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FAQs about What is a Managing Broker in Illinois? - AceableAgent Coupon?

How do I get a real estate managing broker license in Illinois?

Application: To secure a Real Estate Managing Broker license, an application must be completed and signed pursuant to Illinois Administrative Code Title 68 Part 1450.520(a)(1). Fee: The fee required for the application is $150. See Illinois Administrative Code Title 68 Part 1450.130(c)(1). Your Real Estate Broker License must be in Good Standing. ...

How do I become a leasing broker in Illinois?

To become a leasing broker in Illinois, you must first hold an active Broker license (or out-of-state equivalent) for at least two years. After that, you can complete the additional education required to upgrade to the Managing Broker license. ...

What is a real estate managing broker?

Becoming a real estate managing broker allows you to work independently (self-sponsored) or for another managing broker. Managing brokers who are self-sponsored may manage and sponsor other licensees. Stay up-to-date or learn something new. Read some of our blogs: ...

Can a managing broker manage and sponsor other licensees?

Managing brokers who are self-sponsored may manage and sponsor other licensees. Stay up-to-date or learn something new. Read some of our blogs: Get access to exclusive discounts, contents, and updates for Illinois Real Estate Managing Broker Pre-License. ...

What is the minimum passing score for a real estate broker license?

To obtain a real estate managing broker license in Illinois, you must achieve a minimum passing score of 75% on the licensing exam. PSI administers this test, which covers both state and national requirements. For more information, see the PSI candidate exam information here. ...

What is a designated managing broker (DMB)?

The Designated Managing Broker (DMB) in any office has certain oversight responsibilities under the Illinois Real Estate License Act (RELA) even though sponsored licensees are considered independent contractors. This can happen in regulated industries where the consumer protection concerns are of utmost importance. ...