Real Estate License Act Update FAQ:
Do I need to worry about the conversion right now?
Not immediately. The conversion/transition period will not begin until May 1, 2011. Administrative rules will be drafted to further clarify the transition process.
What are the new license categories under the revised act?
Two main categories of licensure will exist under the revised act: a) Managing Broker b) Broker There are no changes to the leasing agent requirements.
I am a real estate salesperson with an active license. How long will my license remain in effect?
The expiration date on all actively-licensed real estate salesperson licenses will be extended an additional year and will expire April 30, 2012. Your current license is acceptable to use until this date.
What will the requirements be for a salesperson converting to a broker?
The salesperson must take 30 hours of post-licensure education that will be further defined by administrative rule and application made to the division prior to April 30, 2012. Or … successfully pass a one time only proficiency examination given by AMP. An additional 18 hours of CE 9 core (3 hours Core A, 6 hours Core B) and 9 elective hours and a $150 renewal fee will be required to renew the broker license beginning February 1, 2012.
What will the requirements be for a broker converting to a managing broker?
To be actively licensed as a broker and take 45 hours of post-licensure education as defined by Administrative Rule and make application to the Division prior to April 30, 2012. Or … be listed as the managing broker with the division and successfully pass a one time only proficiency examination.
What will the requirements be for a newly licensed broker effective May 1, 2011?
90 hours of pre-license coursework including 15 hours of “situational” offerings in a classroom or interactive setting and pass the state exam.
What will the requirements be for a newly licensed managing broker effective May 1, 2011?
An active Illinois broker will need to take 45 hours of managing broker pre-license coursework including 15 hours of “situational” offerings in a classroom or interactive setting to ensure that licensees obtain practical knowledge before acquiring a license.
Updated on 9/5/2012