As we are moving forward into the transition period for Illinois real estate licensees—and some of you are actually attempting the proficiency exam to complete your transition requirements—the next phase of questioning has surfaced. That is, “So I have passed the proficiency exam, does that mean I’m a broker or managing broker now?” and “Can I have my new business cards printed?”
I will say that I am amazed at the flurry of activity so early in the transition period which technically does not begin until April 30, 2011. But since the Illinois Department of Financial and Professional Regulation (IDFPR) allowed pre-license providers to start offering the proficiency exam in January, it is evident that many licensees are curious and anxious about getting it done and out of the way.
So if you are one of the anxious ones who have completed the proficiency, or are signed up to do so, here are some quick tips for you and your fellow licensees about what happens after you complete your requirements.
- Once you take the exam, you will be notified by your school whether or not you passed. Your school receives the results directly from Applied Measurement Professionals (AMP).
- Results are posted to the pre-license provider in approximately 2-3 weeks.
- If you pass, you will receive a certificate from the school and those records will be electronically submitted to IDFPR for their records.
- You do not immediately receive a broker or managing broker license after you pass the exam. You will be sent transition information much like you do at license renewal time from IDFPR about how to transition.
The transition fees are required by IDFPR to print your new license. The fee for transition to the new broker category is $125 and to transition to the new managing broker category is $150. Those fees and transition requirements must be met prior to 4/30/12. For the broker license category, the renewal is also required by 4/30/12 and that fee is $150. So, if you are a broker and wait until 4/30/12 to transition and renew, you will pay $125 to transition and $150 to renew your license for another two years. The managing broker licensee will pay the $150 to transition by 4/30/12 and their new renewal date will be 4/30/13 (subject to rules) at which time they will pay $200 to renew their license for another two years.
Now about those business cards…
If you have successfully completed your transition requirement you could definitely get in touch with your printer, but you may want to pay your transition fee to IDFPR before you start using them!
As always, if you have questions or concerns, let the Education Staff at the Illinois Association of REALTORS® be your Transition Guide! Write to me at firstname.lastname@example.org and visit www.IARlicenselaw.org for the latest updates and checklists.