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.

I passed the proficiency exam…can I get my new business cards?

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 celliott@iar.org and visit www.IARlicenselaw.org for the latest updates and checklists.

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.

Let IAR Be Your Guide to the New Real Estate License Law

In order to help provide members with useful information in preparing for the transition with the new License Law, IAR has created a user-friendly Web site at www.IARlicenselaw.org. So Check it out!

Homepage of www.IARlicenselaw.orgThis new site is your source for the latest news, requirements and instructional videos related to the rewrite of the Illinois Real Estate License Act of 2000, which took effect Dec. 31, 2009.

  • PREPARING FOR THE TRANSITION – Learn the steps you need to take to change your license category from salesperson to broker, broker to managing broker, and broker choosing to stay a broker. Bottom Line: You have time! A ticker shows how many days are left to transition to the new License Law categories of broker and managing broker.
  • WEBINARS & PODCASTS – Download informative videos by IAR legal counsel on your frequently asked questions, transition and CE requirements.
  • EDUCATION REQUIREMENTS – IAR has prepared an at-a-glance chart to help you understand your continuing education requirements and options.
  • IMPORTANT DETAILS – Find quicklinks to the full text of the new License Law, FAQs about licensure, dual agency, advertising, company policy, new enforcement and disciplines.
  • NEW FORMS – Many contracts and forms have been revised for the new License Law including consent to dual agency, buyer representation, disclosure of contemporaneous offers. Be sure to be use the new forms!

We will continue to make updates to the site throughout the next year to help with questions regarding the new License Law.  And if you don’t find your answer at www.IARlicenselaw.org, e-mail your questions to Questions@IARlicenselaw.org.

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.