The Illinois Real Estate Managing Broker's License is required for any licensee that wishes to mange a real estate firm or to be a self-employed real estate broker. 

The Illinois Real Estate License Act requires that an applicant for a managing broker's license must:

• Be at least 21 years of age
• Hold a secondary school diploma or GED
• Have been a licensed agent for 2 out of the last 3 years
• Successfully complete a licensed 45 credit-hour broker pre-license course
• Pass a state exam

Complete details may be found in Section 5-28 of the Illinois Real Estate License Act.