Frequently Asked Questions and Answers

Q. What is a REALTOR®?

A. The term REALTOR® is the registered collective membership mark  of the National Association of REALTORS® and only licensed real estate professionals who belong to NAR and local and state associations can properly call themselves REALTORS®. As REALTORS®, they are bound to a strict REALTOR® code of ethics – the highest standard of professional behavior and a promise to the public to provide honest and ethical treatment in all transaction-related matters.

Q. What is the Illinois Association of REALTORS®?

A. The Illinois Association of REALTORS® is one of the largest trade associations in Illinois, representing 41,000 REALTORS® statewide who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Illinois.

Q. What is the difference between a real estate broker and managing broker?

A. A real estate “selling” broker is licensed to sell real estate in the state of Illinois and is affiliated with a sponsoring broker. Brokers may make sales presentations, identify suitable properties, conduct open house tours, identify sources of financing and coordinate the sales or rental transaction. However, brokers affiliated with a sponsoring broker may do so only on behalf of that one sponsoring broker. A real estate managing broker can manage the company that engages in property sales or rentals and have the opportunity to employ other brokers. As with many other professions, education and licensing are required. Learn more.

Q. What are the licensing requirements in Illinois?

A. In Illinois, a real estate broker must be at least 21 years old, be a high school graduate or equivalent (G.E.D.), successfully complete the required coursework and pass the state licensing exam. Effective May 1, 2011 the broker license category replaced the former salesperson license category. To become a licensed managing broker, they must have had an active, valid Illinois real estate broker license for two (2) of the past three (3) years, successfully complete the required coursework and pass the state licensing exam.  

Q. How do I verify that someone has a Real Estate License?

A. To determine if someone has a current Real Estate License in Illinois, contact the Illinois Department of Financial and Professional Regulation at (217)785-9300.

Q. How do I find a REALTOR® located in Illinois?

A. The Illinois Association of REALTORS® Web site has a REALTOR® search function that allows you to find a REALTOR® by name, company and city.

Q. Does IAR provide resources for consumers looking to buy or sell a home?

A. IAR's website www.YourIllinoisHome.com provides the public with tips on buying and selling a home, the benefits of working with a licensed REALTOR® and the latest housing and market statistics. Consumers can use the web site to find a REALTOR® or properties for sale in their area.

Q. What kind of data does the Illinois Association of REALTORS® have on housing?

A. We have market statistics for:

  • Statewide figures – updated every month and quarterly – for median price, number of existing, single-family homes and condominiums sold.
  • Median price and number of homes sold for existing single-family homes in 31 Illinois markets, including Chicago and the collar counties.
  • Year-to-date home and condo price and sales comparisons for Illinois and Chicagoland.
  • Interest rates – monthly and annual averages – for 30-year fixed rate mortgages in the North Central Region (which covers Illinois).

Q. How may I find information on the average price of a home in a specific Illinois community?

A. Unfortunately, IAR does not track home prices for specific communities in the state. We do track figures by county and statewide for median prices and the number of existing, single-family homes sold as reported on a quarterly basis. We also track sales and prices for 31 local REALTOR® association markets in the state, such as Chicago, North Shore-Barrington, Belleville, Peoria and Capital Area in Springfield. We suggest that you contact a local real estate company in a specific community.