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:
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changes in obtaining a license
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changes in maintaining a license
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additional consumer protection provisions
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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 class of license known as "managing broker".
The intent of the General Assembly in enacting the statute is to evaluate the competency of persons engaged in the real estate business and to regulate the business for the protection of the public.
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