Key questions related to new license law: salesperson, broker, managing broker

IAR has received some questions from member REALTORS® related to the changes in licensure categories since Gov. Quinn signed into law the rewrite of the Illinois Real Estate License Act of 2000 on Dec. 31. IAR members can access a special micro-site www.IARlicenselaw.org to get answers to frequently asked questions, information on what’s effective immediately, plus more details about the transition time period for the licensure category changes.

Bottom line, Illinois REALTORS® should be reassured there is plenty of time to determine your licensure cateogry and meet the necessary requirements by April 30, 2012.  Here’s an excerpt from my online FAQs related specifically to these licensure categories.

Q: If I hold a broker’s license today, what is required of me to renew before my license expires on April 30, 2010? Your requirements to renew your broker’s license for your next renewal remain the same. You will owe the fee to renew and 12 hours of continuing education for the two-year renewal period ending 4/30/2010 along with successful completion of the existing six-hour broker management continuing education course.

Q: If I hold a salesperson’s license today, what does this mean for my license that is due to expire on April 30, 2011? Your license will be extended for another year and will expire on 4/30/2012 instead of 4/30/2011. No new salespersons’ licenses will be issued after 4/30/2011, and the salesperson license category will no longer exist after 4/30/2012.Salespersons as of April 30, 2011 have until April 30, 2012 to either pass a state-approved proficiency examination given by a course provider OR take 30 hours of education and pass an exam.

Q: How does a broker transition to the “managing broker” category? Once the transition is complete there will be two main categories of licensure: (1) managing broker and (2) broker. Existing broker licenses will remain the same and some brokers will transition to managing broker. “Managing brokers” on record with the Illinois Department of Financial and Professional Regulation on April 30, 2011 will have until April 30, 2012 to either pass a proficiency examination given by a course provider or take 45 hours of education and pass a state-approved exam.

Q: Do I need to worry about the transition right away? For the most part, no. The transition period does not begin until May 1, 2011. IAR will be publishing up-to-date information to assist licensees with the transition. However, it is important to note those changes that took effect on December 31, 2009, which you can find at the IAR member site www.IARlicenselaw.org.

2 thoughts on “Key questions related to new license law: salesperson, broker, managing broker

  1. Pingback: Tweets that mention Key questions related to new license law: salesperson, broker, managing broker -- Topsy.com

  2. I have a State of Illinois Real Estate license, and understand that it will not expire
    until April 2012. My question is I wish to only work with my partner/husband who is
    also licensed in Illinois as a special assistant. I think I understand that I have to agree on a contract with the Real Estate office my husband is working for, which is
    OK with me. But should I even bother signing up as a Special Assistant since this office does not require desk fees, or should I pursue an agreement as a Special Assistant. I realize I may have to take continuing education. Also what are the advantages and disadvantages of putting my license with a holding company.

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