Frequently Asked Questions
What is the difference between a Broker License and a Managing Broker License?
A Managing Broker’s License is required to sponsor yourself or another; a person must hold a Broker’s license for at least 2 years in order to obtain a Managing Broker’s License. A Broker’s License allows a person to be sponsored by a Managing Broker and will allow you to assist a person with buying, selling or leasing or managing a property.
How soon can I start working after I pass the exam?
When you pass the state exam, you can begin working as a Real Estate Agent as soon as a Sponsoring Broker hires you. (Sometimes that same day!)
Are there a lot of Math questions on the exam?
The state licensing exam has a total of 14 math calculation questions. These include addition, subtraction, multiplication and division. So many people hesitate to take the licensing exam because they are intimidated by "the math." At Net Real Estate School, we will provide you with a simple math formula to help you learn when you should divide, multiply, etc.. There is no algrebra, calculus, etc..
I haven't taken a class in a long time, will it be hard?
The course is challenging, however, many students that have been out of school for years seem to really enjoy the course and usually have no problem understanding the material.
What is the difference between a Broker and a Realtor®?
A Realtor® is a Broker that has joined the National Association of Realtors. Membership requires adhering to a strict code of ethics and includes access to the MLS (Multiple Listing Service).
How often is the state exam offered and what are the locations?
The State exam is offered daily, Monday through Saturday at various Chicagoland locations. More information can be obtained by visiting goamp.com.
Do I need to have good credit to get a Real Estate license?
The State DOES NOT do a credit check for a real estate license.
Can I work in Real Estate "part time?"
Yes, most agents start working their real estate career part-time and they do very well in the business. Many end up phasing into working in the Real Estate field full time.
How soon will I receive my exam results?
At Net Real Estate School your exam results are given immediately after you take your exam. The AMP testing center will also give you the results of your State exam immediately after you test.
What is a good exam prep site to use to study for my state exam?
We highly recommend the ExamSmart program which can be accessed for 90 days by visiting www.examsmart.com.
Are there any fees involved?
The initial state licensing fee for the Broker license is $150.00. Membership with the Realtor organization is common at most residential offices and is approximately $1,000-$1,200 to join, then about $988 per year. Students have up to one year to become sponsored (hired) at an office and join the board after passing the state exam.
What is a Real Estate Broker License and how do I get licensed?
What is a "Sponsoring Broker?"
A Sponsoring Broker holds a "Managing Broker" license and sponsors all licensees. Each office must have one Sponsoring Broker. However, an office may have more than one Managing Broker. A licensee must be sponsored in order to practice Real Estate in Illinois.
Do I need any experience in Real Estate or Sales?
No, you do not need any prior sales experience to obtain a real estate license in Illinois.
What can I expect from a career in Real Estate?
The Real Estate Broker license in Illinois will allow you to work with Sellers, Buyers, Landlords, Tenants along with Property Management. A career in Real Estate is exciting and rewarding. Most brokers work as independent contractors under the sponsorship of a real estate firm and they make their hours. This is a great way to be your own boss with a flexible schedule and unlimited earning potential.