Important Notice - Salesperson licensees
Depending on issue date, your current salesperson's license may indicate an expiration date of April 30, 2011. In the past, you would have needed to complete any continuing education requirements (12 hours, calculated at 6 hours per year) and renew your license by the April 30 date.
Because of changes in the Real Estate License Act, that expiration date has been extended to April 30, 2012. According to the Illinois Department of Financial and Professional Regulation, you will not receive a new license unless you purchase one. However, current licenses with an expiration date of 4-30-2011 are acceptable and may be used until 4-30-2012.
After April 30, 2011, you may wish to carry a copy of the notice along with your pocket card and your sponsoring broker may want to post a copy of the notice with the original salesperson's license kept at each office.
Salesperson to Broker Transition
For most licensees, there are two options.
1. Proficiency Exam
The licensee exercising this option will be required to pass a proficiency exam that has been developed by Applied Measurement Professionals, the same company that provides the state licensing exam and complete 18 hours of continuing education prior to renewal
OR
2. Complete an approved 30 hour class. The 30 hour class may be completed by easy and convenient home study!
30 Hour Home Study Package
Class Fulfills the Transition and Continuing Education Requirement
State Exam Not Required
Broker Remaining a Broker
A licensee may remain a broker and simply renew the broker's license prior to April 30, 2012. The broker will need to be associated with a sponsoring broker and operate under the supervision of a managing broker. Unless a broker plans on being a self-employed licensee or managing a brokerage firm, this is most likely the option the majority of brokers should consider. According to the Real estate License Act any broker may transition to managing broker.
However, only those licensed as a managing broker and designated with the Department as managing broker by their sponsoring broker shall identify themselves to the public in advertising as a managing broker. No other individuals holding a managing broker's license may hold themselves out to the public or other licensees as a managing broker.
Any such broker would still have to complete the same 24 hours of Continuing Education as a manager broker even though they cannot identify themselves as such. Should the need arise to manage an office, the Act permits a sponsoring broker to appoint a managing broker who then has 90 days to complete the 45 hour broker class, pass the state exam and apply for a managing brokers license.
A broker remaining a broker simply needs to complete 12 hours of continuing education prior to the April 30, 2012 expiration of the broker license.
Broker to Managing Broker Transition
For most licensees, there are two options.
1. Proficiency Exam
The licensee exercising this option will be required to pass a proficiency exam that has been developed by Applied Measurement Professionals, the same company that provides the state licensing exam. You have one opportunity to pass the exam and if you fail, must complete an approved 45 hour class. If you pass the proficiency exam, 30 hours of continuing education will be required by April 30, 2013.
OR
2. Complete an approved 45 hour class. The 45 hour class may be completed by easy and convenient home study!
45 Hour Home Study Package
Class Fulfills the Transition and Continuing Education Requirement
State Exam Not Required
