How about a Career in Real Estate?

Maybe now is the time to start a new career and practicing real estate is what you have always aspired to do. It would seem from the influx of questions about real estate career choices, there is a growing demand for both pre-license and broker programs. It may be that word is getting around that if you want to get your real estate license in Illinois, now would be the time due to the license law changes eliminating the salesperson category effective April 30, 2012, with no new salesperson licenses issued after April 30, 2011.

Here are answers to common questions I receive about the process and the benefits of getting your license before the deadline.  Keep in mind the hours and requirements change when the transition cycle of April 30, 2011 through April 30, 2012 ends.

What are the educational requirements to obtain my SALESPERSON license prior to April 30, 2011?

You will need to take the 45-hour basic transactions course (classroom, home study or online), pass the Illinois state exam and be sponsored by a managing broker. After April 30, 2011, as a salesperson you will need to transition to a new non-managing broker license category. You will have the option to take a proficiency exam to transition to the new broker license category AND/OR take a 30-hour course and pass the exam by April 30, 2012.

What are the educational requirements to obtain my BROKER license prior to April 30, 2011?

You will need to take 120 hours (includes the 45-hour basic transactions course plus 75 hours classroom, home study or online which are available in five 15-hour modules). By obtaining your broker license prior to May 1, 2011, you can transition to the new managing broker category by taking the proficiency exam AND/OR by taking a 45-hour course and passing the course exam.

So do I take the 45-hour basic transactions course and obtain my salesperson license before the April 30, 2011 deadline, or do I take the 120 hours and obtain my broker license?

It really depends on what path you want your career to take.  If you want to open your own office or be self-sponsored, you would want to take all 120 of the required hours and become a broker prior to May 1, 2011.  If you are content being a non-managing broker then taking the 45-hour course, being licensed as a salesperson, and transitioning to a non-managing broker would be your best option.

If you need assistance understanding the education requirements and changes to the Illinois Real Estate License Law to determine your career path, IAR is available to help. Just e-mail Stacy at SMahinda@iar.org or Carrie at Celliott@iar.org or call 800-752-3275.

The Countdown is ON…12, 11, 10, 9…

Broker Renewal Deadline is April 30It’s the final countdown to the broker renewal deadline which is just 12 days away if you count the weekend, or 10 business days to complete your CE and renew your license. If you call anyone in the CE Department at IAR we will be able to give you down-to-the-minute details of exactly how much time you have left!

With approximately 11,000 brokers statewide who have not completed their CE, it is looking a little scary as to how many exams will have to be processed before the deadline. The calls are already flooding our telephone system and e-mail accounts with out-of-state brokers and the all-too-busy brokers who have not had time to complete their CE. Here are some of the FAQs that are coming through as brokers hurry to get their CE completed.

Can I go ahead and renew even if I haven’t completed all of my CE?

No. Your test records are transmitted to the Illinois Department of Financial and Professional Regulation (IDFPR) with the original date that you took your exam. If you renew on April 15 and didn’t take your exams until April 30 your records will show that you were deficient in hours when you renewed.

What will happen if I am deficient in hours?

If your records show you renewed before your CE is complete you face a possible fine of $75 per 3-hour course credit. So, if you were deficient with all 18 hours it might cost you an additional $450.

I live out-of-state and don’t know how to complete by the deadline. Is there still time?

There is still time even if you live out-of-state to do home study or online courses. You will have to provide evidence of a suitable proctor for your exams and complete your courses by at least April 26 to allow time to be graded and processed.

I don’t want to take the broker management CE. Can I revert back to a salesperson?

No. The option to revert back to a salesperson status was a one-time option for those who did not want to take the Broker Management course for the 2008 renewal.

I will not have time to complete my CE and renew by April 30. What will happen to my license?

If you do not satisfy your CE requirements and renew on April 30, your license will be inactive until you do so which means you will not be able to practice. Once you complete your CE you do have the option of renewing late and paying the $50 late fee.

Check online to see how many hours you have completed. If you are short on hours, there are still options available to renew.

Just remember you do have to take your proctored exam before the April 30th deadline. If you have any questions, we are just a phone call or e-mail away. Contact Carrie Elliott (celliott@iar.org) or Stacy Mahinda (smahinda@iar.org), 800-752-3275.

License renewal questions…let IAR be your guide!

The 2010 Illinois broker license renewal deadline is fast approaching and according to the Illinios Department of Financial and Professional Regulation (IDFPR) the renewal forms have been mailed.

Brokers must complete 12 hours regular CE and 6 hours broker management CE by the April 30 deadline.  IAR will be your guide to compliance with the IDFPR.

This is what the renewal postcard mailed by IDFPR looks like:

If you haven’t received your renewal postcard from IDFPR you can still renew online at the IDFPR website via credit card, print off a renewal form to mail in, or get the toll-free number to renew via credit card using a telephone.

Here are your options:

  1. ONLINE: If you choose the online renewal you will be required to enter your PIN number sent by IDFPR via postcard AND your professional license number.  (If you don’t have a PIN number you can also use your social security number)
  2. BY PHONE: Call 1-800-823-6100.
  3. BY MAIL: Choose “Print Renewal” from the IDFPR website.

STILL NEED CE?  We’ve got it!  Don’t wait until the last minute!  Check out IAR’s CE options for brokers.

Still have questions?  No problem.  Feel free to contact me or Stacy Mahinda for direction, Celliott@iar.org or SMahinda@iar.org.

Broker Management CE Green Course

Going green can also mean saving “green”. Yes, IAR does have a discounted version of the Broker Management home study. This “green” course can be ordered through the REALTOR® Store and is designed for those brokers who don’t require printed material for the low price of $69. A proctored exam is required and that can be taken through your local association at no additional cost.

And so you are asking, “Do I still have to take Broker Management since the License Law bill passed?” And the answer is “yes.” The current license law requires brokers to complete the requirement prior to April 30, 2010. For the pre-renewal period ending April 30, 2012, the Broker Management course requirement will still be required for Managing Brokers only and will be 12 hours instead of 6 hours.

Continuing Education…All for One, One for All

We all know that the Broker Management CE requirement was designed for brokers only, but that course can also be taken by a salesperson or leasing agent if they really wanted to challenge themselves and they would actually get 6 hours of elective credit provided that they pass the exam!!  Did you know Leasing Agents can take the same CE as salesperson and broker licensees?  Yes, it is true that CE courses are approved for credit that can be applied towards all real estate licenses.  Of course there are courses out there if you read the course descriptions that are specific to Leasing Agents and some may even say they are specific to experienced brokers or commercial practitioners, but the bottom line is any real estate licensee can get some kind of credit for any state approved real estate CE course.