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Property Management requirements in Illinois

Must 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 Requirements

An 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.









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Edward J. Kirch Property Management, 15499

Edward J. Kirch Property Management - Serving: Aurora, Fox Valley, Geneva, North Aurora, Oswego . Through personally investing and managing, 31 years of experience pays off to anyone who deals with Edward J. Kirch Property Management.   More Info...

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Homeangel Property Management Group, 13441

HomeAngel Property Management Group - Serving: Aurora, Bolingbrook, Naperville, Plainfield, Woodridge , and the Southwest Suburbs of Chicago . Your source for Residential Sales and Property Management in the Southwest Suburbs of Chicago, Illinois.   More Info...

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Cagan Management Group, 10603

Cagan Management Group - Serving: Chicago, Evanston, Oak Park, Skokie, Wilmet Chicago and Surrounding area
Cagan Management Group is positioned to be responsive, effective, and flexible to each and every client.  More Info...

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Chicago Apartment Finders, 13257

Chicago Apartment Finders - Serving: Chicago
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Chicago Property Services, Inc., 11651

Chicago Property Services, Inc. - Serving: Chicago
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Chicagos Real Estate Agency, 10712

Chicago's Real Estate Agency - Serving: Chicago
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Connected Property Management, 13086

Connected Property Management - Serving: Chicago
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Distinctively Chicago, 15763

Distinctively Chicago - Serving: Chicago
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Ekstein Asset Management, 13265

Ekstein Asset Management - Serving: Chicago, Houston
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Forth Group Real Estate Services, 10908

Forth Group Real Estate Services - Serving: Chicago
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In Rem Properties, 14927

In Rem Properties - Serving: Chicago
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Kennedy Wilson, 11372

Kennedy Wilson - Serving: Chicago
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Post Oak Property Management, 11210

Post Oak Property Management - Serving: Chicago
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Root Realty Inc, 11669

Root Realty Inc - Serving: Chicago . Nothing speaks louder than results and since 1983 Root Realty, Inc. has been providing service throughout the Chicago land area.   More Info...

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Signature Property Management, 14326

Signature Property Management - Serving: Chicago
Good People Using Good Systems…Think of the Possibilities
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Tag Worldwide, 13268

TAG Worldwide - Serving: Bolingbrook, Chicago, Naperville and Surrounding Areas . Saving our clients’ lives and money!   More Info...

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Westward Management, Inc., 12980

Westward Management, Inc. - Serving: Chicago
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Real Estate Investor Service, 12580

Real Estate Investor Service - Serving: Elmhurst
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Braeside Condominium Management, Ltd., 13958

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Midwest Management Company, 12434

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Real Property Management North Central Illinois, 16177

Real Property Management North Central Illinois - Serving: Peru
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Real Property Management Suburban Chicago, 15527

Real Property Management Suburban Chicago - Serving: Barrington, Deerfield, Lake Zurich, Schaumburg, Wheeling And serving North and Northwest Suburbs
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Sequoia Realty Group, 11119

Sequoia Realty Group - Serving: Des Plaines, Elgin, Lombard, Naperville, Schaumburg -serving all of Chicagoland
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