Delay in Transition May Add Months to Processing

Illinois salesperson licensees transitioning to broker have until April 30, 2012 to complete the transition process and to renew the transitioned license.  This may appear to be more than enough time to complete the process, but in reality is less than 3 months down the road.

Those who transition by proficiency exam may complete the application process on-line, however those who transition by completing a 30 hour class must submit a paper application.  According to sources at the Illinois Department of Financial and Professional Regulation, "the Department is processing 300 - 500 transition applications a week and current processing time is 4 to 6 weeks.  Obviously, if 5,000 or more salesperson licensees wait until January to April to transition, it will significantly impact processing time."

In addition, many of the 28,500 currently licensed brokers not transitioning to managing broker must renew by the same April 30, 2012 deadline.  You do the math, processing time could be months rather than weeks.

According to the Department, it is best to complete the transition sooner rather than later and that any transition after February would require not only transition, but renewal at the same time.  Transition applications are available at the IDFPR and additional transition information at ILAcademy.com 

Real Estate? Me? Now???

Yes you. Yes, now! The real estate business is a cyclical business.

Although it's never easy to predict, real estate has always cycled up and down. Over the last few years there has been a great deal of pent-up buying where uncertainty has kept the market soft. The fact remains, everyone needs to live somewhere and Americans want to own where they live. It won't take much to turn a sour market sweet. It's going to come back and real estate professionals will reap the benefits.

The Illinois real estate entry level license is a broker's license. This license has replaced the Illinois salesperson's license. The license requires a total of 120 hours of education, 90 pre-license hours and 30 post-license hours. The broker must be associated with a sponsoring broker.

The Illinois Academy of Real Estate in conjunction with our partner school Your House Academy Is proud to announce two new convenient classroom locations, Chicago/Lincoln Park and Rockford. Classes are scheduled to begin in Rockford on Thursday January 12 and in Chicago on Saturday January 28.

Other broker pre-licensee classes beginning soon in Elgin, Arlington Heights, Naperville, Aurora, Bloomingdale, Palatine, Schaumburg and Algonquin.

If you have questions about a career in real estate, or Illinois Real Estate Licensing, please feel free to give us a call at 630-307-3493.

Educational Requirements for Illinois Real Estate Licensing

The State of Illinois now has three real estate license classes: leasing agent, broker and managing broker. 

Leasing Agent

The leasing agent license is a limited scope license required for individuals who wish to engage only in the leasing of residential properties.  The leasing agent must be employed by a property management firm and work under the direct supervision of a licensed managing broker. 

The leasing agent must successfully complete a 15 hour pre-license course, pass a state exam and associate with a licensed property management firm.  Complete details may be found in Section 5-10 of the Illinois Real Estate License Act.

Real Estate Broker

The Real Estate Broker License has replaced the Illinois Real Estate Salesperson's License.  The real estate broker must now be employed by a sponsoring broker and work under the direct supervision of a managing broker. 

The real estate broker must successfully complete 90 hours of pre-license education.  The 90 hours consists of 2 individual courses, a 75 hour broker pre-license topics course and a 15 hour Applied Real Estate Principles classroom/interactive course.

In addition, the real estate broker must complete 30 hours of post license education prior to first renewal of license.  The 30 hours consists of 2 individual courses,  a 15 hour Topics Course and a 15 hour Applied Real Estate Principles classroom/interactive course.

Complete details may be found in Section 5-27 of the Illinois Real Estate License Act.

Managing Broker

The Illinois Real Estate Managing Broker License is required for any licensee that wishes to manage a real estate firm or to be a self sponsored broker.

An applicant for this license must be a licensed agent for 2 out of the 3 past years and complete 45 hours of pre-license education.  The 45 hours consists of 2 individual courses, a 30 hour Topics Course and a 15 hour Applied Real Estate Principles classroom/interactive course.

Complete details may be found in Section 5-28 of the Illinois Real Estate License Act.

Illinois Real Estate Licensing

Illinois Real Estate Licensing Requirements

The Illinois Real License Act requires individuals who assist others in the sale, leasing, management, or exchange of real estate to hold an Illinois real estate leasing agent license, broker license or managing broker's license.

A broker is any person who for compensation or valuable consideration is employed either directly or indirectly by a licensed real estate brokerage firm to perform certain acts: to sell, offer to sell, buy, offer to buy, negotiate the purchase, sale exchange of real estate; or to negotiate leases thereof or improvements thereon. A real estate broker must work under the direction a managing broker at all times.

A brokerage firm is one who acts as an intermediary between parties to a transaction. A the firm is a properly licensed party (individual, corporation or partnership) who, for a valuable consideration or promise of consideration, serves as a special agent to others to facilitate the sale or lease of real property. A managing broker has the choice of working on their own (their own firm) or working under the sponsorship of another brokerage firm as a broker.

Each applicant shall be at least 21 years of age, be of good moral character, have a high school education or GED and successfully complete state required education.

The minimum age of 21 years shall be waived for any applicant for a broker's license who has attained the age of 18 and can provide evidence of at least 4 semesters of post-secondary study with a major emphasis on real estate courses in a school approved by the Illinois Department of Financial and Professional Regulation.

Applicants for a broker license shall complete an approved course of at least 90 hours of pre-license education and 30 hours of post license education prior to first renewal of the license.

Managing Broker applicants shall complete 120 hours of approved course work, 120 hours of which shall be the 120 hours required to obtain a broker's license and must have been a real estate licensee for 2 out of the last three years. In addition, 45 hours of broker mangement pre-license courses must be completed.

Illinois applicants who are currently admitted to practice law by the Illinois Supreme Court and currently in active standing are exempt from the educational requirements.

Complete Illinois Real Estate Licensing information may be found at the Division of Real Estate.