Hi Chuck –

If you’re already a licensed agent in WI, you can get your IL license just by passing their licensing exam; no pre-license education is necessary.

If you’re not already licensed, it’s up to you where you want to get licensed first; both states have reciprocity agreements with one another.

Chris

Hi Kenny –

Thanks for the question. I don’t think you need a real estate license for easement negotiation, but the specific regulations vary from state to state, so I’d check with Illinois’ Real Estate Commission to be sure. As far as I understand, the general rule is that a license is required for the sale or lease of real property for purposes of occupancy, and since easements aren’t technically occupancy, you should be ok, but that is just my best guess.

Good Luck!

Chris

Thanks in advance for your help!!!

Hi Ashish –

Thanks for the comment. I don’t believe that Illinois has a reciprocity agreement with Texas when it comes to becoming a managing broker and starting your own shop. I would start by checking out the Illinois Realtors Association website; I have a feeling a customer service person from their organization is going to be your best bet.

I thought this may help to shed some light on the matter. This is directly from the PSI (the testing company) handbook located online:

ILLINOIS LICENSE REQUIREMENTS AND QUALIFICATIONS
Broker
To be eligible for the Illinois Real Estate Broker Examination, candidates must meet all of the requirements in one of the following categories.
Category A – 75-Class-Hour Qualification
To qualify for an Illinois Real Estate Broker’s license under Category A, applicants must:
1. Be at least 18 years old;
2. Have graduated from high school or obtained the equivalent of a high school degree (GED); and
3. Have successfully completed the required curriculum of 75 class hours of Real Estate courses at a real estate school approved by the Department of Financial and Professional Regulation in the following manner:
Real Estate Broker Topics (60 hours)
Broker Pre-License Applied Real Estate Principles- Interactive (15 hours)

Hi Kathy –

Thanks for the question. Yes, all of these expenses (and more) are completely tax deductible. I would suggest making an appointment with a CPA to sit down and talk through the best ways to maximize your tax advantages – there are lots of ways you can save money on taxes in real estate if you set up the tracking systems early.

Good luck!

Chris

Thanks for all the great info!