Governor signs license law rewrite

Good news for the new year!

Gov. Pat Quinn has signed the rewrite of the Illinois Real Estate License Act of 2000 (the Act), which takes effect today. The new license law retains a good portion of the old law, but also updates the Act in many important ways that will benefit the real estate consumer as well as our industry.

On behalf of the IAR leadership team, I want to thank all of the IAR members who worked so hard over the past several years in putting together and advocating for the passage of this milestone license law rewrite.

The Illinois Association of REALTORS® is here to help you through this transition. We have created a special Web site, www.IARlicenselaw.org, to alert you to important updates, answer your questions about the license law changes and provide you with all of the tools and resources you’ll need.

One important reminder – an amended license law means there are new forms and amended language to some of our old forms. As of December 31, members must take care to use the correct forms. You can find those new and amended forms at www.IARlicenselaw.org.

What else can you find at www.IARlicenselaw.org?

  • License Law FAQ’s
  • Provisions Effective December 31
  • Legal Webinar on Article 15
  • Future podcasts

The license law rewrite does include changes to the licensure categories, but those requirements will be implemented over the next two years (through April 30, 2012) giving members plenty of time to make the transition. Under the Act, “salespersons” will become “brokers” and existing “brokers” will transition into the category of “managing brokers.” You can learn more about the requirements at www.IARlicenselaw.org.

The license law rewrite brings changes, but IAR will be there with you every step of the way and will provide you with resources and information you need to make this transition a smooth one.

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