Illinois Brokers Managing a Real Estate Office Need New License!

The Illinois Real Estate License Act has created a new licensing catagory, "managing broker".  Anyone wishing to manage a real estate office will need to be a licensed "managing broker."

The year 2011 - 2012 is a transitional year for the change to take place. The transition will affect currently licensed real estate brokers who manage an office.  Those on file with the Illinois Department of Financial and Professional Regulation as managing broker as of April 30, 2011 will be able to take advantage of the transition provisions. 

The current managing broker of an Illinois real estate office will have until April 30, 2012 to complete either a proficiency exam or a state licensed 45 hour course, prior to renewing their license by April 30 2012 as a "managing broker". 

 The proficiency exam is being developed by Applied Measurement Professionals, the service which currently provides the state exam for salesperson and broker licensing. The licensee will have one attempt in which to pass and if he does not pass, must take the 45 hour class.

 In the event that the licenses passes the exam, 24 hours of licensed real estate continuing education will be required prior to the 2012 renewal; 6 hour core, 6 hour elective and 12 hour broker management.

The licensee may opt to take the class and would need to pass the course exam prior to the 2012 renewal as a broker. In the event the licensee completes the class, 12 hours of continuing education is required prior to the 2012 renewal; 6 hour core and 6 hour elective.

The proficiency exam and 45 hour class are in the process of being developed and will probably not be available until some time in 2011. The Illinois Academy of Real Estate will be offering the exam and course when they become available.

Any currently licensed broker who does not qualuify or chose to be a managing broker would simply need to complete 12 hours of continuing education prior to the 2012 renewal.  As of May 1, 2012, they would be a  "broker" but unable to mange an office without completing a 45 hour class to obtain a "managing broker" license.

Anyone wishing to become a real estate sales professional as of May 1, 2011would need to meet the requirements of a real estate broker which include 90 hours of pre-license education, 30 hour post license prior to first renewal and association with a real estate firm that has a "managing broker" This "broker" then needs 2 years experience before he can take a 45 hour class to qualify as a managing broker.

If you have any questions, please feel free to contact us.

RE: Illinois Brokers Managing a Real Estate Office Need New License!

Why is it so difficult to get the liscense?

RE: Illinois Brokers Managing a Real Estate Office Need New License!

The stated purpose of the Illinois Real Estate License Act is to protect the public and to evaluate the competency of those engaged in the real estate business.

These increased educational requirements were passed by the General Assembly and are now part of the License Act that regulates the real estate industry.  Apparently it was determined that this is in the best interest of protecting the public.

This would be a good question to ask your representatives in Springfield.