How Much Do Real Estate Agents Make?

And Answers to Many More Questions!

How much does the Broker License Course cost?

The total tuition for our Illinois Real Estate Broker Pre-License course package is $599.00, which includes all course materials and access to our Students Only portal on our website, which has many additional resources for you to use including a test bank with 1,000+ test questions. 

How many hours am I in class?

The 60-hour portion of the 75-hour requirement for the Illinois Real Estate Broker license is typically taught in eleven 3-hour sessions with a licensed instructor.  The remainder of the time requirement is accomplished at home, while reading the   All required unit exams are done outside of class.  The mandatory 15-hour Interactive program is taught in four 3 ½ hour sessions and can be taken in class or by live online video conferencing.  Total time spent with an instructor is 47 hours or less depending on the student. 

What if I miss a session?

The 60-hour Broker Pre-License class is licensed with the state of Illinois  to be a homestudy course, therefore the classroom style workshops are not mandatory.  However, do do highly recommend that you attend as many as possible and stay on track with the course syllabus.  If you must miss a class session, you are welcome to make up the missed class on any of our Live Video Conference classes or at an in-person class if space is available.  Also, you can view a recorded session in place of a live class or in addition to class if you need more review.   

Attendance in the The 15-hour portion of the Broker Pre-License class is mandatory attendance.  If you miss one of these sessions, you must make up the session that you missed.  

Can I get my license faster?

Yes.  The foundation of our course is Flexible-Learning Home-Study which means that you can complete that portion in as little as two weeks or even less.  The 15-hour portion is mandatory and can be completed in two weeks or less.

I want to take the Illinois Broker License course but the class has already started.  Can I still register?

Yes … Call our office to register for classes already in session. Our program is Flexible Learning and there is no required order to the course of study.  Therefore a student can begin the course at any time, and there are a number of ways to make up a missed session. The same topics are taught at every location, and you can attend a class at any location during the session when they cover that topic. A call to our office will get you a complete explanation.

If I fail an exam does that mean I fail the class?

No.  All of our course exams are considered practice until they are passed.  You may take the exams as many times as needed within your enrollment period.  Even after the exams are passed, we encourage you to return and take additional tests as practice, free of charge, to build your confidence.    

How much can I expect to earn as a Real Estate Professional?

Of course, an agent’s income is based on how much effort they put in and it’s very possible for a well trained and motivated agent to complete 2, 3, 4 or more transactions each month.  Here’s a typical breakdown of a new agent’s commission earnings.

Property Sale Price $300,000

Total broker’s fee @ 6% = $18,000

- 2.5% to selling broker = $  7,500
Selling agent’s portion @ 50/50 = $  3,750
- 3.5% to listing office = $10,500
Listing agent’s portion @ 50/50 = $  5,250

There are many factors that contribute to an agent’s earnings and traditionally the agent’s portion (split) increases as their production (number of sales) increases.  A discussion with a Managing Broker will cover that topic.

What are the traditional sources of an agent’s income?

There are basically 6 ways an agents can earn an income …

1.  Representing buyers
2.  Representing sellers
3.  Working with renters
4.  Representing owners/investors
5.  Placing referrals
6.  Attracting agents into the company you work with

What kind of expenses will I have once I start selling Real Estate?

The fees vary significantly based on the company you choose to affiliate with. Most offices in our area are members of the National Association of Realtors and will require all of the agents to become members also.  The fee to join the local Board of Realtors will range from $500 to $1000 depending on which Board you affiliate with.  The Multiple Listing Service also has an initiation fee and a monthly fee.  Agents may also be required to purchase E&O Insurance (Errors and Omissions) … that cost will depend on the program offered by your Sponsoring Broker.  Depending on the company you choose, you may also need to pay franchise fees.

A REALTOR® is a licensed real estate agent who is a member of the National Association of REALTORS®, (NAR) the largest trade group in the country.

Every agent is not a REALTOR®.  You become a REALTOR® after you pass your real estate course, pass the state license exam, join a real estate company and then join the National Association of REALTORS®.

According to the NAR, the term REALTOR has one, and only one, meaning:
"REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics."

Michael Fair, President and Director of Your House Academy is an NAR member.