Do real estate agents make more than mortgage brokers?
Mortgage brokers are paid slightly more on average than real estate agents, mostly due to the additional education requirements. Mortgage brokers make an average of $95,209 per year , whereas real estate agents make an average of $92,450 per year. Both brokers and agents make their income on commission.
Can you be a Real Estate Agent and Mortgage Broker in Illinois?
Introduction
The state of Illinois has some of the most stringent licensing requirements for real estate agents and mortgage brokers in the country. This is due to the importance of the real estate industry in the state and the need to protect both buyers and sellers. So, if you’re wondering if you can be a real estate agent and mortgage broker in Illinois, the answer is yes, but it requires a lot of hard work and dedication.
Licensing Requirements
In order to become a real estate agent or mortgage broker in Illinois, you must first obtain a license from the Illinois Department of Financial and Professional Regulation. This involves taking a series of courses and passing a comprehensive exam. Once you’ve completed the licensing process, you will then be able to apply for a license to practice as a real estate agent or mortgage broker in the state.
What You Need to Know
If you’re considering becoming a real estate agent or mortgage broker in Illinois, there are a few things you should know:
- Education: In order to become a real estate agent or mortgage broker in Illinois, you must have at least a high school diploma or equivalent.
- Experience: You must have at least two years of experience in the real estate industry in order to be eligible for licensure.
- Exam: You must pass an exam administered by the Illinois Department of Financial and Professional Regulation in order to become licensed.
- Continuing Education: Once you’ve obtained your license, you must complete continuing education courses each year in order to maintain your license.
FAQs
Can I become a real estate agent or mortgage broker in Illinois?
Yes, you can become a real estate agent or mortgage broker in Illinois, but you must first obtain a license from the Illinois Department of Financial and Professional Regulation.
Do I need experience to become a real estate agent or mortgage broker in Illinois?
Yes, you must have at least two years of experience in the real estate industry in order to be eligible for licensure.
Do I need to take an exam?
Yes, you must pass an exam administered by the Illinois Department of Financial and Professional Regulation in order to become licensed.
Conclusion
Becoming a real estate agent or mortgage broker in Illinois is not an easy task, but it can be done with dedication and hard work. In order to become licensed, you must meet certain educational and experience requirements and pass an exam administered by the Illinois Department of Financial and Professional Regulation. Once you’ve obtained your license, you must also complete continuing education courses each year in order to maintain your license.