The Illinois Department of Financial and Professional Regulation (IDFPR) has sent over 70,000 post cards to notifying Illinois real estate licensees that they may now begin the transition process.
Salesperson licensees must transition to a newly defined broker's license by completing a proficiency exam or completing a 30 hour class. If the licensee transitions by exam, 18 hours of continuing education must be completed by the April 30 renewal of the license.
If the licensee transitions by successfully completing the 30 hour class, no continuing education is required at the time of renewal. Convenient home study programs are available.
Broker licensees may remain brokers however will lose the ability to be a self-employed broker or manage a brokerage firm if they choose to do so. 12 hours of continuing education will be required at the time of renewal.
Brokers wishing to be self-employed or wanting to manage a brokerage firm must transition to managing broker. This may be accomplished by completing a proficiency exam or a 45 hour class. If the licensee transitions by proficiency exam 30 hours of continuing education must be completed for the April 30, 2013 renewal, 12 hours of which must be specific in class broker management courses.
If the licensee transitions by successfully completing the 45 hour class, 18 hours of continuing education is required and the 12 hour broker management requirement is waived. Convenient home study programs are available.
When the exam or class are completed, the licensee must apply for a transition license. If the licensee completed the proficiency exam, he may apply on line. If the licensee completed a transition class, he must down load and complete a paper application. There is $125.00 transition fee for brokers and a $150.00 transition fee for managing brokers. Transition is not complete until application has been made! if you have any problems with IDFPR's site, you may call direct at 217-782-3414.
Brokers renew April 30 of even numbered years and the first renewal is April 30, 2012. The renewal fee is $150.00. Managing brokers' renew on April 30 of odd number years and the first renewal will be April 30, 2013. The renewal fee will be $200.00.