Frequently Asked Questions

Please take a look at the sections below to find the answers you’re looking for. If you can’t find what you’re looking for or have additional questions, please don’t hesitate to contact us. We’re always here to help!

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Last updated: June 2024

YOUR QUESTIONS. ANSWERED

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What are the requirements to obtain a Real Estate Broker’s License?

  1. Be at least 18 years old
  2. Have graduated from High School or obtained a GED
  3. Complete a State approved 75-Hour Real Estate Broker Pre-License Class with 60 hours classroom or an equivalent home study course and 15 hours of mandatory classroom instruction.  45 hours of post-license education is also required
  4. Be of good moral character–no delinquent child support, no delinquent state income tax or delinquent student loan payments and no felony convictions.Pass the State License Exam
  5. Pass the State License Exam

Where are classes held?

All classes are conveniently online via our popular Live-Interactive Zoom Classes. We also have a Self-Paced Online Homestudy Class.

How do I schedule the State Exam?

Upon successful completion of the 75 Hour Broker Pre-License course, the student will be issued an Official Transcript confirming their completion. The student will then be given instructions on how to register for and schedule the State Exam with PSI using the Official Transcript.

What is the fee for the State Exam and what do I need to bring with me?

The fee for the State Exam is $58.00.  You’ll need to make sure you have two forms of identification–one MUST be a photo ID.  A photograph and a fingerprint scan photograph will be taken at the testing site.

An on-screen calculator will come up with any math questions.

How is the State Exam given?

The State Exam is computer based. It is an all multiple choice exam and a passing grade is 75% on the State portion, and 70% on the National portion. You will be given a notice of whether you passed or failed immediately.

Is I Love Real Estate School An Accredited Broker Pre-License School?

I Love Real Estate School is an accredited Real Estate School by the State of Illinois. We teach Broker Pre-License, Post-License AND Managing Broker License Classes.

How many questions are on the State Exam?

The Illinois State exam is comprised of the following:
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• 105 multiple choice questions covering “National” topics
• 40 multiple choice questions covering “State” specific topics
• 5 multiple choice questions chosen at random and later discarded
• 150 total multiple choice questions

You have 4 hours total to complete the Exam.

What are the possible outcomes of the State Exam?

You need 75% to pass the State portion and 70% to pass the National portion. There are four outcomes when you take the Sate Exam. You can:

  1. Pass the State and the National portion of the Exam – You are eligible to get your license!
  2. Pass the State and fail the National portion of the Exam – You can re-take just the National (105 questions) portionup to a year later
  3. Pass the National and fail the State portion of the Exam – You can re-take just the State (45 questions) portionup to a year later
  4. Fail the State and the National portion of the Exam – You can re-take entire Exam (150 questions)

What happens next after I pass the State Exam?

After passing the State Exam, you will need to be sponsored by a real estate Sponsoring Broker within ONE year. Once you have chosen a Sponsoring Broker, the Designated Managing Broker will sign your Sponsor Card (also known as your 45 Day Permit). This allows you to start practicing real estate immediately.

You are required to apply for your Broker license within 24 hours of associating with your Sponsoring Broker by going to the IDFPR website and completing your application. The IDFPR will email you your license within 45 days. Once you receive the license, you can send it to your Designated Managing Broker to be held/displayed in the office.

What happens if I don’t pass the State Exam?

The exam may be taken four times.  The fee is the same for each time. If, for some reason, you don’t pass after the fourth attempt, you must retake the pre-license course.

When does my new License have to be renewed?

All Brokers Licenses expire April 30 of each even numbered year. Licenses are renewed every two years and after the first renewal, you will be required to complete 12 hours of Continuing Education before you can renew.

How Long Do I Have To Pass The State Exam?

You have up to 2 years to pass the State Exam after completing your Pre-License Class.