An entry titled The Future of the Real Estate Profession was posted on February 9, 2007. This is an update to that posting. For another excellent view on this issue from a fellow active rain member see It's aout time!
Senate Bill 571 (SB571) has passed UNANIMOUSLY in the Illinois Senate and has been sent to the Illinois House of Representatives. The bill is an update to the Real Estate License Act of 2000 and among other issues:
- increases the required education for salesperson licensing from 45 hours to 90 hours with 30 hours of continuing education prior to the first renewal and 12 hours each subsequent renewal
- requires existing licenses to complete an additional 30 hours of continuing educationprior to the 2009 renewal
- establishes initial broker licensing requirements of 45 hours of pre-license course work which must be in the area of brokerage management, supervision and administration with 18 hours of continuing education, 6 of which must be in broker management
- provides that broker applicants must be licensed as real estate salespersons for 2 out of the last three years prior to broker licensing.
If passed, the proposed changes become effective May 1, 2009. Complete details available here.
The Illinois Academy of Real Estate will be following the progress of the legislation and will be posting updates.
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