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 years, complete additional education and successfully pass a state licensing exam.
Current licensees are not grandfathered from the more stringent licensing requirements. Current salesperson licensees must transition to the new license category by state sponsored proficiency exam or completing a licensed 30 hour course.
Until today, the 30 hour course was in a combined distance learning-classroom environment. IDFPR announced that the 30 hour program could be completed home study. The classes must be offered through an licensed pre-licensing school, such as the Illinois Academy of Real Estate.
Mike Fair, director of the Academy applauds the move as a simple solution to transition more than 42,300 current salesperson licensees. Licensees have until April 30, 2012 to make the transition, but Fair has been advising his clients to complete the course as soon as possible. Doing so will only make for a smoother transition.
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