Section 1450.60  Educational Requirements to Obtain a Broker's or Salesperson's License

a)         An applicant for a salesperson's license must have successfully completed 45 credit hours of instruction in an approved Real Estate Transaction Course or have received a baccalaureate or master's degree in accounting, real estate, law, finance, business, or other degrees approved by the Division.

b)         120 credit hours of instruction in approved courses or a baccalaureate degree including courses involving real estate or related material are required for broker applicants. Credit shall be given for class hours successfully completed in the following manner:

1)         45 credit hours for a Real Estate Transactions course;

2)         15 credit hours for a Brokerage Administration course;

3)         15 credit hours for Contracts and Conveyances;

4)         15 credit hours of mandatory course work as established by the Education Advisory Council and the Division;

5)         Credit for the remaining 30 class hours may be obtained by completing at least two of the following courses listed:

A)        Appraisal

B)        Property Management

C)        Financing

D)        Sales and Brokerage

E)         Farm Property Management

F)         Real Property Insurance

c)         An applicant for a broker license who is licensed as an Illinois real estate salesperson is presumed to have completed a 45 credit hour Real Estate Transactions course provided that the licensee has not been nonrenewed for the preceding two years or more. Having received 45 class hours credit as a licensed real estate salesperson, an additional 45 class hours credit cannot be earned by taking a Real Estate Transactions course.

(Source:  Amended at 30 Ill. Reg. 11075, effective June 8, 2006)