Are you considering a career in real estate? Before you embark on this exciting journey, there's one essential requirement you need to fulfill - obtaining a real estate license. This involves completing a certification course, passing an exam, and paying the licensing fee. It's crucial to budget accordingly for your real estate career. So, how much does it actually cost to get your real estate license in Illinois?
Real Estate School Fees (Range: $350-600)
The first and most critical step is enrolling in a real estate school to obtain the necessary certification. The cost varies depending on the school and often depends on whether the course materials are included. These materials may include practice exercises, mock exams, e-books, on-demand classes, supplemental review sessions with instructors, and more.
Generally, most real estate schools in Illinois charge between $350 and $600. Depending on your preferences and experience level, you can choose the school that best suits your situation. Some schools cater to individuals with industry experience, while others provide more in-depth training.
Here are some popular real estate schools in Chicago:
- I Love Real Estate School
- Chicago Real Estate School
- Realtors Real Estate School
- Chicago Real Estate Institute
- Real Estate School of Illinois
State Exam Fee (55$/exam)
After completing the 75-hour certification course, you'll need to apply your knowledge in real-world scenarios, including taking the state exam. It's crucial to review and prepare for the exam - you only have a limited number of attempts, and each attempt costs $55. You're allowed up to four (4) attempts before having to retake the entire 75-hour course for a second time.
Multiple exam attempts can be costly and add additional stress. We highly recommend investing in exam prep books and practice tests - remember, practice makes perfect!
License Application Fee ($125)
Once you've passed the Illinois state exam, it's time to join the practical side of real estate. The final step to obtaining your actual real estate license is to submit an application to the Illinois Department of Financial and Professional Regulation (IDFPR). The license application fee of $125 is the last requirement before officially becoming a real estate agent - no more studying or testing required. Now, find a brokerage to join and start selling!
Additional Fees, Operating Costs, and Memberships (price varies)
Now that you have your real estate license and have found your brokerage, it's time to dive into the details. You'll need tools and resources for property registration and search, document submission and signing, and more, depending on your needs. These may come in various forms, some with recurring monthly/annual fees, and others as one-time or ongoing costs, depending on your requirements. Many of these fees and membership dues may be tax-deductible; discuss the details with your brokerage manager.
Here's an example of additional fees and expenses to consider:
- Chicago Association of Realtors Membership (includes MLS access) - $1,500 for the first year and $1,100 per year thereafter (corresponding to the fiscal year from October to September)
So, How Much Does it Cost to Get Your Real Estate License?
The estimated cost of obtaining your real estate license in Chicago, depending on your choice of school, exam preparation, and practical considerations, ranges from approximately $2,000 to $2,300.
Real Estate School ($350-600) + Illinois State Exam ($55) + License Application ($125) + Membership Dues (~$1,500) = Total Cost of Becoming an Illinois Real Estate Agent (~$2,030-2,280)
What Pearson Realty Group Offers:
Over the years, Pearson Realty Group has developed what we believe are the best advantages for most real estate practitioners in Chicagoland, catering to the desires and needs of agents. Many brokerages have non-competitive commission splits, charge for opportunities, and have numerous fees.
Competitive commission splits, generated revenue from the company, and no additional fees are some of our strengths, providing maximum success opportunities for our agents.
For new agents looking to learn, the groups at Pearson Realty Group are excellent opportunities for continuous mentoring and training. Meanwhile, experienced agents have all the tools, resources, and support to ensure they can efficiently close transactions. Recognizing that no two agents are alike, we have devised a dynamic support system to meet all the needs of agents in any transaction. From the ever-changing world of marketing and advertising to administrative and transactional support, we have built a truly comprehensive support system for our agents. But that's not all; Pearson Realty Group offers all our agents the following complimentary services:
- Errors and Omissions Insurance - $0
- Business Cards - $0
- Headshots - $0
- Branch Fees - $0
- Copying, Desking, and Admin - $0
- Monthly Recap Meeting - $0
- Digital Design and Printing Support - $0
- Pearson University - $0
Pearson Realty Group is a full-service real estate brokerage that focuses on the success and performance of agents. Specializing in luxury real estate in the Chicagoland area and national business client listings, Pearson Realty Group represents the leading Pearson real estate agents in the industry. We have become one of the most successful brokerages in the Chicagoland area by supporting the top agents in the industry. Pearson Realty Group continues to evolve and challenge the market with innovative technology and exceptional services for our agents and their clients.
Learn more about what Pearson Realty Group can do for your real estate career today!
Note: Prices are subject to change based on third-party entities.
