Property Management requirements in IllinoisMust Illinois property managers have a real estate broker's license?A person needs a real estate license if they provide assistance which is in any way intended to result in the sale or lease of real estate. The definition of the word "broker" in the Illinois Real Estate Act provides 11 examples of the types of "assistance" that require a real estate -license. Included are: representing clients in the negotiation of real estate sales contracts or leases, and issuing advertisements for the sale, purchase or lease of real estate. Therefore, property management activities that involve general administration, like contracting for property maintenance (garbage pick-up, etc.) and paying general expenses (utilities, etc.), do NOT require a real estate license. Serving as an accountant for association dues also does not require a real estate license. Only those property management activities that involve a conveyance of real estate by contract or lease require a real estate license. Accordingly, property management activities that require a real estate license include: showing a unit for sale or lease, negotiating lease or real estate contract terms, maintaining security deposits, rent payments or earnest money deposits. Illinois is unique in that it does allow property managers to obtain a "leasing agent" license to be used only for residential leasing activities. Leasing agents must be sponsored and employed by a sponsoring broker. Must Illinois community association managers have a real estate broker's license?NO. A broker's license is not required to manage community associations in Illinois. Illinois Leasing Agent and Real Estate Broker RequirementsAn individual who wants to obtain an Illinois real estate broker license must complete the required pre-license education (subject to the few exemptions below), pass a test, and file an application with the required fee. Pre-license Education Requirements: Leasing agent license = 15 hours of instruction in an approved course of study relating to the leasing of residential property. Broker license for a person who does not already have a salesperson license = 120 hours of instruction in approved courses, 45 of which shall be those hours required to obtain a salesperson license, plus at least 45 hours of mandatory courses as outlined in Section 1450.60 of the Rules. Broker license for a person who does already have a salesperson license = 75 hours of instruction in approved courses (not including the 45 hours required to obtain the salesperson license). The persons who are exempt from pre-license education are persons who are Illinois licensed attorneys and persons who qualify based upon Reciprocity with another State Property Management Requirements Main Page IMPORTANT: This information is intended for informational purposes only and under no circumstances should it be considered legal advice or relied upon without first confirming its contents with your state real estate commission. Laws are updated frequently, and this information may not reflect the current law in your state. To confirm the specific requirements for each state, please contact your state real estate commission. |
Property Managers in Illinois: |
Featured Property Management Companies in Illinois
Cagan Management Group
Cagan Management Group is positioned to be responsive,
effective, and flexible to each and every client.
More Info...
Westward Management, Inc.
Westward Management is committed to providing property owners and condominium associations with pro-active management services.
More Info...
Home Owner Association Services
Size doesn't matter... we have the management option to fit your association's needs.
More Info...
Pabcor Management
We are committed to working with our clients to drive down their costs while improving ongoing services and owner satisfaction.
More Info...
Remax Team 2000
Contact Dave Shalabi's team to address your Residential or Commercial property management needs. Named by Re/Max the #1 Commercial Agent in Illinois.
More Info...
Real Property Management Suburban Chicago
"We Make Owning Property Profitable & Enjoyable"
More Info...
Ekstein Asset Management
We are a national Real Estate Management Firm, with one goal to exceed our clients expectations enhancing the value of their real estate.
More Info...
Transproperties Management
We are committed to ensuring that every customer receives the services they require and deserve, at a reasonable price.
More Info...
RE/MAX of Naperville
RE/MAX of Naperville is the company to go to for leasing, management and sales.
More Info...
Real Estate Investor Service
"We pride ourselves on the long-term relationships we have developed with our clients as well as the stability of our staff."
More Info...
Chicago Apartment Finders
Click here for 8 ways we can make your life as a landlord easier
More Info...
Connected Property Management
Providing industry leading management solutions for rental
property and condominium associations. It's good to be
Connected!
More Info...
Real Property Management Northside Chicago
We Make Owning Property Profitable & Enjoyable
More Info...
Property Corporation of America
If your property is greater than 19 units, PCA would love the opportunity to manage your property and ensure it receives the individual attention it deserves
More Info...
Green Ivy Realty & Property Management
Our focus is on exceptional management of homes, condos, and townhomes in the Chicagoland area.
More Info...
Real Property Management North Central Illinois
We Make Owning Property Profitable & Enjoyable!
More Info...
Lease Visions
Specializing in single unit condominiums, townhomes and apartment buildings, we are effective leasing agents and experienced property managers.
More Info...
Braeside Condominium Management, Ltd.
The Braeside Group can save you time and money... two commodities you can never have enough of!
More Info...
Catalano & Associates, Inc.
We are 3 generations of Real Estate Asset Managers dedicated to providing superior management service to all of our clients.
More Info...
Edward J. Kirch Property Management
Through personally investing and managing, 31 years of
experience pays off to anyone who deals with Edward J. Kirch
Property Management.
More Info...
Forth Group Real Estate Services
Let us show you how years of experience and creative thinking will create opportunities and solutions for your property.
More Info...
Hearthstone Realty, Inc.
Hearthstone is a small company that makes service to our clients our number one priority.
More Info...
Henninger Popp Real Estate & Development
Our property management program is tailored to meet your needs.
More Info...
Home Owner Association Services
Proactive Homeowner, Condominium, and Townhome Association Management. Size doesn't matter... we have the management option to fit your association's needs.
More Info...
HomeAngel Property Management Group
Delivering Service-Oriented Property Management in Chicago's Southwest Suburbs
More Info...
MDK Properties, LLC
MDK Properties ensures that your apartment property is well
managed to attract and retain tenants.
More Info...
Post Oak Property Management
We provide the increasingly astute and conscientious property owner with comprehensive, professional management of rental properties throughout Chicago.
More Info...
Root Realty Inc
Nothing speaks louder than results and since 1983 Root Realty,Inc. has been providing service throughout the Chicago land area.
More Info...
Signature Property Management
Good People Using Good Systems...Think of the Possibilities
More Info...
Southwood Property Management and Realty
We are here to make your investment as hassle free as possible while maximizing your results.
More Info...
TriView Property Management
TriView Property and Investments is a Chicago-based firm with a purpose.
More Info...
Urban Association Services, Inc.
Helping you protect the value of your home while enhancing the quality of your life.
More Info...
Vanguard Community Management
Helping you protect the value of your home while enhancing the quality of your life.
More Info...
