Important Notice for Real Estate Students
Due to modifications of the Real Estate License Act of 2000 the following changes will become effective May 1, 2011:
Changes the license categories under the Act from Salesperson and Broker to Broker and Managing Broker. The term “broker” is what the public identifies with when it comes to the real estate licensee they work with in a transaction. The term “managing broker” clearly identifies the person(s) in the brokerage operation that have management authority and responsibility.
- Increases the entry-level of licensure – now “broker” - from 45 hours of pre-license courses to 90 hours of pre-license courses.
- Provides that 15 of those hours shall be “situational” offerings in a classroom or interactive setting.
- Requires brokers to take 30 hours of post-licensure education within the first renewal period. 15 of those hours must be situational in an interactive setting.
- Requires 12 hours of continuing education (CE) each renewal period (except the first period when the 30 hours of post-license coursework are taken).
- The current top category of licensure – “broker” – requires 120 hours of licensure (salesperson plus 45 hours). This bill creates the new category of “managing broker”, and requires managing brokers to have 165 pre-license hours (the 120 broker hours, plus a 45 hour course of study focusing on management of an office, supervision of licensees, and administrative issues; 15 of those 45 hours would be situational offerings in an interactive setting).
- Managing brokers would have to take the 12 hours per renewal of broker CE, plus an additional 12 hours of CE on broker management.
- Provides that salespersons have until 4/30/12 to move to “broker” license category by either passing a proficiency exam (to be provided by pre-license course providers), or by taking 30 hours of education and passing an exam (provided by a pre-license course provider);
- No new salesperson licenses after 4/30/11 – the end of the next salesperson renewal period – but extends that license period to 4/30/12.
- New “broker management” license available 5/1/11.
- Existing brokers who are not managing, no new requirements.
- Brokers on record with IDFPR on 4/30/11 have until 4/30/12 to either pass a proficiency exam (given by a pre-license provider), or take 45 hours of coursework and pass an exam (given by a pre-license provider).