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All Illinois real estate licensees who plan to continue to practice in the profession must transition and renew or renew license by April 30, 2012.
At this late date, it is apparent that the process remains confusing and many licensees are in jeopardy of losing their license and will be unable to practice as of May 1, 2012.
Salesperson to Broker
If you hold a current salesperson's license, must transition to and renew a "new" broker license by April 30, 2012.
If you completed the required education by taking the the AMP testing service exam, you must have complete 18 hours of continuing education, file a transition/renewal application and pay renewal fees by April 30, 2012.
If you completed the required education by taking a 30 hour class, you must have received and submitted a certificate of completion issued by the educational provider, filed a transition/renewal application and pay required fees by April 30, 2012.
You must have a sponsoring broker at the time of renewal. If you do not transition in time, you will lose your license!
Broker Remaining Non-Managing Broker
If you are a broker and remaining a broker, you must have a sponsoring broker, complete 12 hours of continuing education and submit renewal application and fee by April 30, 2012. As of May 1, 2012, You will not be able to be a self-employed broker or manage a real estate office without obtaining a managing broker's license.
Broker to Managing Broker
If you are transitioning to managing broker, do not submit renewal form for broker license! You are transitioning to and applying for a completely new license with new license number.
If you completed the required education by taking the the AMP testing service exam, you must file a transition application and pay transition fees by April 30, 2012. You will receive a managing broker's license which will expire April 30, 2013 at which time you will need 30 hours of Continuing education to renew your license.
If you completed the required education by taking a 45 hour class, you must have received and submitted a certificate of completion issued by the educational provider, filed a transition application and pay required fees by April 30, 2012.
Sole proprietors or "self-sponsored" brokers must transition to manging broker in order to maintain self-employed status or must become sponsored by a sponsoring broker in order to remain active in the profession.
Need to check your CE status? Illinois Department of Financial and Professional Regulation CE Look-up .
The requirements can be confusing, but we are here to help. If you have any questions, please give us a call at 630-307-3493 or visit our website at http://www.yourhouseacademy.com/.
Due care has been taken to provide accurate and timely information in this update, however the content is subject to local, state and federal law. You are encouraged to consul competent legal counsel. Illinois real estate licensing is regulated by the Illinois Department of Department Professional Regulation and the Illinois Real estate License Act. These authorities should be consulted for any questions of a legal nature. This update should not be used as an alternative to competant legal counsel.
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Important Notice for all Illinois Real Estate Broker and Salesperson Licensees
According to the IDFPR and the Illinois Real Estate License Act, all real estate licensees must meet the following transition and renewal requirements prior to April 30, 2012.
Don’t lose your license! Complete your Transition and renewal now!
All licensed salespersons must transition to broker. Licensees must complete a 30 transition course, pass a class final, receive a certified certificate of completion mailed from a licensed pre-license school and mail application to the IDFPR. Please schedule the course final in order to complete the process prior to April 30.
All licensed brokers remaining brokers must complete 12 hours of continuing education and renew license prior to April 30, 2012. As of May 1, 2012 a broker may not self sponsor and must have a sponsoring broker at the time of renewal.
All brokers who plan on self sponsoring, or managing a real estate office must complete a 45 transition course, pass a class final, receive a certified certificate of completion mailed from a licensed pre-license school and mail application to the IDFPR. Please schedule the course final in order to complete the process prior to April 30. Do not renew current broker license. Licensees will receive a managing broker license with an expiration date of April 30, 2013.
If you have any questions, please call 630-307-3493 or visit
Your House Academy or the Illinois Academy of Real Estate
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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
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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.
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