Real Estate License, Info???
Q: What is required to be a real estate agent and broker deals? Is it sufficient to be a licensed agent or do you also have to be a broker?
A: -This is all covered by Real estate License laws, and the Illinois Real Estate License Act of 1983. Licensed Salespeople have to be "sponsored" by a broker. Agents can't do deals on their own. The broker holds your license and is the person you turn to for advice and stuff. Brokers have more RE training than agents do. Back in 1997 or so, salespeople need 30 class hours of course work, plus passing the test, while brokers need the 30, plus 60 more hours of classes, plus at least one yearof the last 3 spent as a salesperson. There's some kinda exeption for lawyers, but I can't remember the details. You should be able to find more at the Illinois Office of Banks and Real Estate web site. -The RE license act was revised in 2000, the 1983 no longer applies. Currently you need 45 hours for a salesperson and pass the test. You need a lot more for a broker, I don't know what it is now since I got my broker license a while ago. Lawyers don't have to take the classes, they can just take the test. Salespeople can't sell anything unless they are sponsored by a broker.
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