Questions about getting Real Estate License in Illinois

[Mason Adelman]

Hey everyone!

I am a freshman in college and was thinking of studying for my real estate license and passing the exam over my winter break. I was wondering if it was worth it to do this right now or wait until I have more free time for what happens after I pass my exam. My mindset was that I could pass the exam and do nothing with my license for a while but I believe there is something about a brokerage holding my license or something like that. If someone could elaborate on that process after getting your license I would really appreciate it! Also, I live in Illinois if that is needed.

[Matt B.]

Your license can be "active" or it can be "inactive"

Active being you are using the license for licensed activities in IL this includes but is not limited to: Wholesaling, buying and selling RE, making referrals to other brokers and receiving a profit for it and maybe a few other things. When your license is active, you usually, but not always, have to pay some kind of annual fee/dues for the brokerage firm that is holding and sponsoring your licensed activities. To provide an example, maybe you'd pay $2000 annually, a portion of this would go to your brokerage and a portion would go to the IDFPR or Mainstreet (the two main organizations for realtors in IL). 

Your license can also be In-active. When it is in-active, you still maintain the license but cannot perform the listed licensed activities from above. you can place your license with a holding-company (I believe Mainstreet or the IDFPR can do this for you), in which case you will likely only have to pay maybe $25-50/month

Hope this helps.