Real Estate License Act changes signed into law by governor

Gov. Bruce Rauner has signed into law an important series of changes to the state’s Real Estate License Act.

House Bill 3528, which was backed by Illinois REALTORS®, was unanimously passed by both chambers of the General Assembly earlier this year, and had been sent to the governor on June 23. He signed it Friday.

Among the bill’s provisions:

  • The Real Estate Education Advisory Council (EAC) will become part of the Real Estate Administration and Disciplinary Board (READ). The EAC will operate as a subcommittee of the reconstituted READ board.
  • The changes streamline the licensing of brokers and CE instructors and schools.
  • It updates education requirements to allow two-hour CE courses rather than the previous three-hour mandated courses; and it allows modern course delivery options.
  • Clarifies that a leasing agent’s broker can be disciplined if a leasing agent operates outside of the narrow scope of the law pertaining to leasing.

Illinois REALTORS® has worked for more than a year with the Illinois Department of Financial and Professional Regulation on the changes.

The House sponsor was Rep. Robert Rita, and the Senate sponsors were Sens. Chuck Weaver and Dave Syverson.

Is your corporate license in danger of becoming inoperative?

Source: Bigstock

More than 450 real estate businesses have lapses in their corporate licenses, according to IDFPR. These licenses are currently in “non-renewed” status, and if they are not restored by July 31, they will become listed as “inoperative.” Inoperative status means a firm could no longer legally do business in the state.

Illinois REALTORS® will be sending email notices to the entities affected, but anyone who wants to check on license status can do so by following this link. If you do need to restore your entity license, you’ll have to fill out a form and send it with a check including late fees to IDFPR for license restoration (there is no online option). IDFPR can be reached at 888-473-4858 or call Illinois REALTORS® at 217-529-2600.

Note: If you don’t restore the entity license, all licenses sponsored by that entity rick unlicensed practice complaints.

License transition deadline is April 30; Find local exam locations

April 30 is the deadline to transition your Illinois real estate license from Salesperson to Broker or Broker to Managing Broker. The Illinois Association of REALTORS® has everything you need to know about license transition and renewal. Find information on who has to transition, a Q & A, details about transition/renewal applications and more.

If you need to schedule a proctored exam, contact the IAR partner local boards that are still scheduling exams through Friday, April 27.

  • Bloomington 309-664-5092
  • Capital Area (Springfield) 217-698-7000
  • Egyptian (Southern Illinois) 618-364-0046
  • Greater Gateway (Metro East) 618-692-8300
  • Kankakee 815-937-5551
  • Livingston 815-842-4123
  • Mainstreet (suburban Chicago) 630-324-8400
  • McHenry County 815-459-0600

What’s hot on IAR Online? Bookmark these top hit Web pages for Illinois REALTORS®.

Here’s a quick rundown of the top five most-viewed Web pages on www.illinoisrealtor.org in 2011. So while you turn your thoughts to 2012, take time to bookmark and revisit these pages often. You can stay up to date from your computer or smartphone with illinoisrealtor.org (mobile site: m.illinoisrealtor.org).

  1. REALTOR® Search – Search for an Illinois REALTOR® by real estate company name, city, last name and/or foreign language spoken. The more information you provide, the more specific your results will be.
  2. Education Credits Lookup – Find your EDUCATION CREDITS for courses taken AND PASSED through the Illinois Association of REALTORS® for the current license period here. Note: Only IAR-sponsored courses will appear here.
  3. License Law Transition | IARlicenselaw.org – Everything you need to know to make the licensure transition from salesperson to broker or managing broker, including links to transition forms and application, FAQs, education requirements and more.
  4. Transition Exam Prep Courses and Proficiency Exams – Over 50 places to take courses, plus home study and online course options.
  5. Illinois Housing Market Statistics – Access monthly and quarterly Illinois home sales data and median price information. Find real estate forecasts, trends and economic indicators reported by University of Illinois Regional Economics Applications Laboratory economist Dr. Geoffrey J.D. Hewings.

Did you know?

The Illinois Association of REALTORS® offers its members over 80 free downloadable forms, brochures and guides. Check them out at www.illinoisrealtor.org/downloads (member login is required).

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Why do you visit illinoisrealtor.org? Please share your thoughts in the comments section.

Santa is making his list….are you?

It’s that time of year…jingle bells and holiday cheer. And with the holidays bring all the extra to-do lists from holiday shopping to parties and of course plans to ring in the New Year!

So, while you are making your to-do list for this holiday season, you may want to get a few more things checked off and celebrate the New Year with a new license and no CE requirements hanging over your head! A little Elf left this checklist just for you so that you will be sure not to forget anything important during this bustling time:

  • Review the transition and CE requirements matrix to make sure you know what you have to do before April 30, 2012! Download the education matrix pdf >
  • Schedule a Proficiency Exam at a pre-license branch location, or sign up for a transition course. Click here for a class near you >
  • Almost done…don’t forget your transition application due by April 30, 2012!
  • If you completed the Proficiency Exam, complete the online transition application with IDFPR >
  • If you took a transition course, mail in your transition application along with your transcript and fee to IDFPR. Every application to transition must be postmarked by April 30, 2012.
  • And if you are a Salesperson transitioning to Broker, don’t forget about CE. If you took the Proficiency Exam you will need 18 hours before April 30, 2012. No CE for those who took the 30 hour course!
  • If you are a Broker transitioning to Managing Broker by the proficiency exam option, your CE is not due until April 30, 2013 and you will need 18 regular CE hours, plus 12 Broker Management CE hours. No Broker Management CE required for those who completed the 45-hour course!

But most of all, don’t forget milk and cookies for Santa!

Go to www.IARlicenselaw.org for more details and links to help you transition successfully.