Illinois Transition to an All Broker State
The real estate license category of salesperson is being replaced by a new category, "real estate broker". This new license class of "broker" is not the same as broker licensing in the past. The new "broker" will not be able to manage a real estate office as has been the case in the past, but must be associated with an office that has a "managing broker", another new classification.
Salesperson to Broker
The year 2011 - 2012 is a transitional year for the changes to take place. The transition will affect approximately 44,000 licensees and must be completed by April 30, 2012. Most of those affected will not need to complete the additional 75 hours of prelicense education now required for broker licensing, but will be able to take advantage of special transition rules.
The current category "real estate salesperson" will not be renewed when these licenses expire on April 30, 2011. The "real estate salesperson" will have a one year extension to practice and will need to complete either a proficiency exam or a state licensed 30 hour course, prior to renewing their license by April 30 2012 as a "broker". Remember, this "broker" may not manage a firm, as a current broker but must be associated with a firm that has a "managing broker".
The proficiency exam is being developed by Applied Measurement Professionals, the service which currently provides the state exam for salesperson and broker licensing. The licensee will have one attempt in which to pass and if he does not pass, must take the 30 hour class.
In the event that the licensee passes the exam, 18 hours of licensed real estate continuing education will be required prior to the 2012 renewal.
The licensee may opt to take the class and would need to pass the course exam prior to the 2012 renewal as a broker. In the event the licensee completes the class, no additional continuing education is required prior to the 2012 renewal.
The proficiency exam and 30 hour class are in the process of being developed and will probably not be available until some time in 2011. The Illinois Academy of Real Estate will be offering the exam and course when they become available.
Anyone wishing to become real estate sales professional prior to April 30, 2010 would need to meet the current requirements for real estate licensing which include 45 hours of approved education, passing the state exam and being sponsored by a licensed broker. They then would need to fulfill the transition requirements listed above.
Entry Level Broker Licensing
Anyone wishing to become a real estate sales professional as of May 1, 2011would need to meet the requirements of a real estate broker which include 90 hours of pre-license education, 30 hour post license prior to first renewal and association with a real estate firm that has a "managing broker" This "broker" then needs 2 years experience before he can take a 45 hour class to qualify as a managing broker.
New License - Managing Broker
The Illinois Real Estate License Act has created a new licensing category, "managing broker". Anyone wishing to manage a real estate office will need to be a licensed "managing broker."
The year 2011 - 2012 is a transitional year for the change to take place. The transition will affect currently licensed real estate brokers who manage an office. Those on file with the Illinois Department of Financial and Professional Regulation as managing broker as of April 30, 2011 will be able to take advantage of the transition provisions.
The current managing broker of an Illinois real estate office will have until April 30, 2012 to complete either a proficiency exam or a state licensed 45 hour course, prior to renewing their license by April 30 2012 as a "managing broker".
The proficiency exam is being developed by Applied Measurement Professionals, the service which currently provides the state exam for salesperson and broker licensing. The licensee will have one attempt in which to pass and if he does not pass, must take the 45 hour class.
In the event that the license passes the exam, 24 hours of licensed real estate continuing education will be required prior to the 2012 renewal; 6 hour core, 6 hour elective and 12 hour broker management.
The licensee may opt to take the class and would need to pass the course exam prior to the 2012 renewal as a broker. In the event the licensee completes the class, 12 hours of continuing education is required prior to the 2012 renewal; 6 hour core and 6 hour elective.
The proficiency exam and 45 hour class are in the process of being developed and will probably not be available until some time in 2011. The Illinois Academy of Real Estate will be offering the exam and course when they become available.
Any currently licensed broker who does not qualify or chose to be a managing broker would simply need to complete 12 hours of continuing education prior to the 2012 renewal. As of May 1, 2012, they would be "broker" but unable to mange an office without completing a 45 hour class to obtain a "managing broker" license.
Right now, there is a window of opportunity. Anyone who obtains an Illinois Real Estate license prior to April 30, 2011, salesperson or broker will be able to take advantage of the transition provisions mentioned above.
The Illinois Academy of Real Estate is offering classroom and home study classes for anyone wishing to become licensed prior to the dead line date.
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