illinois real estate license: The Three Most Important Words in Illinois Real Estate
- 01/07/12 04:49 AM
In Illinois, the three most important words in real estate are transition, transition and transition. Due to a signicant amending of the Illinois Real Estate License Act, Illinois real estate licensees will be facing significant changes in Illinois real estate licensing and real estate education. As of May 1, 2012, Illinois will no longer have a real estate salesperson's license. The entry level license is now a newly defined broker's license which requires 90 hours of pre-license education and 30 hours of post license education. Current Licensees are not exempt from the changes. All licensees currently holding a salesperson's license must transition … (2 comments)
illinois real estate license: No More Real Estate Salespersons in Illinois
- 05/03/11 11:35 AM
This License has Replaced the Illinois Salesperson's License A broker is any person who for compensation or valuable consideration is employed either directly or indirectly by a licensed real estate brokerage firm to perform certain acts: to sell, offer to sell, buy, offer to buy, negotiate the purchase, sale, exchange of real estate or to negotiate leases thereof. A real estate broker must work under the direction of a managing broker at all times. Classes Now Available!The 90 hour educational requirement is broken down into two specific courses of study. Course 1 is a 75 Credit Hour Broker Pre-License Course which may be … (26 comments)
illinois real estate license: IDFPR Announces New Transition Rule/A Surprise for Licensees
- 04/14/11 11:36 AM
Chicago-IDFPR announces new transition rule for Illinois Real Estate License Act. Illinois has eliminated the salesperson real estate license category. As of May 1, 2011 all new real estate licensees must obtain a real estate broker's license. This new license requires 90 hours of pre-license education and 30 hours of post license education prior to first renewal. This "Broker" must be associated with a real estate brokerage firm which has a "Managing Broker", a new licensing category. If this Broker wishes to be self employed or to manage his own office, he must be licensed for 2 out of the three past … (1 comments)
illinois real estate license: 120 hours of education to be required for Illinois Real Estate Licensing
- 07/28/10 05:45 AM
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 … (0 comments)
illinois real estate license: Major Changes to the Illinois Real Estate License Act
- 05/13/10 06:21 AM
Major changes are taking place in the Illinois real estate industry. The Illinois Real Estate License Act of 2000 was amended by Public Act 96-856 and became effective 12-31-09. The Act contains numerous changes and additions including: changes in obtaining a license changes in maintaining a license additional consumer protection provisions additional enforcement provisions Some provisions of the Act became effective immediately and others are being transitioned in over a period of time. As of May 1, 2011, all Illinois Licensed real estate salesperson will be required to have a broker's license and all individuals that manage a real estate office will transition to a … (1 comments)
illinois real estate license: New Year, New Illinois Real Estate License Act
- 01/02/10 08:59 AM
On December 31, 2009, Illinois Governor Quinn Signed SB1894 into law. Among other consumer protection provisions, the bill includes a rewrite of the Illinois Real Estate License Act. Some of the changes take place immediately and others will be phased in over a period of time beginning May 1, 2011. Items of immediate concern to Illinois Licensees include: definition of lead definition of employee change of address internet advertising deceptive and misleading advertising company policy manuel written notice of agency disclosure dual agency disclosure misc. disciplinary actions guaranteed sales plans and enforcement This is a summary of some of the provisions meant … (2 comments)
illinois real estate license: Illinois To Become an All Broker State
- 11/13/09 06:39 AM
In order to adequately prepare someone to represent the public in a real estate transaction, Illinois is in the process of transitioning to an all broker state. There will be two categories of real estate sales licensees; broker and managing broker. Increased education and an experience requirement have been incorporated into the rewrite of the Illinois Real Estate License Act. Real Estate Course work and proficiency exams will be determined by Administrative Rule and will be offered through licensed Illinois real estate schools. The Revised Act is awaiting the Governor's approval and when signed will become effective on December 31, 2009. We … (5 comments)
illinois real estate license: How to Obtain an Illinois Real Estate License
- 02/17/07 07:59 AM
Want to obtain an Illinois Real Estate License? Here's How. In Illinois, exams, licensing, and continuing education for real estate agents are governed by the Illinois Department of Financial and Professional Regulation. In order to obtain an Illinois real estate license, an applicant must first pass a state exam and meet the procedures for real estate licensing outlined in the Real Estate License Act of 2000 Each applicant shall:Be at least 21 years of age, be of good moral character and have graduated from high school or obtained the equivalent of a high school degree.The minimum age of 21 shall be waived … (2 comments)
In Illinois, the three most important words in real estate are transition, transition and transition. Due to a signicant amending of the Illinois Real Estate License Act, Illinois real estate licensees will be facing significant changes in Illinois real estate licensing and real estate education.
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