Illinois Real Estate Salesperson’s Must Become Illinois Real Estate Brokers

The real estate license category of salesperson is being replaced by a new category, "real estate broker". This new license class of "broker" is not the same as broker licensing in the past. The new "broker" will not be able to manage a real estate office as has been the case in the past, but must be associated with an office that has a "managing broker", another new classification.

The year 2011 - 2012 is a transitional year for the changes to take place. The transition will affect approximately 44,000 licensees and must be completed by April 30, 2012. Most of those affected will not need to complete the additional 75 hours of pre-license education now required for broker licensing, but will be able to take advantage of special transition rules.

The current category "real estate salesperson" will not be renewed when these licenses expire on April 30, 2011. The "real estate salesperson" will have a one year extension to practice and will need to complete either a proficiency exam or a state licensed 30 hour course, prior to renewing their license by April 30 2012 as a "broker". Remember, this "broker" may not manage a firm, as a current broker may do, but must be associated with a firm that has 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 30 hour class.

In the event that the licenses passes the exam, 18 hours of licensed real estate continuing education will be required prior to the 2012 renewal.

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, no additional continuing education is required prior to the 2012 renewal.

The proficiency exam and 30 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.

Anyone wishing to become a real estate sales professional prior to April 30, 2010 would need to meet the current requirements for real estate licensing which include 45 hours of approved education, passing the state exam and being sponsored by a licensed broker. They then would need to fulfill the transition requirements listed above.

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 Real Estate Salesperson’s Must Become Illinois Real Estate Brokers

Can I retain my broker license without joining a managing broker?  Can I sell my own property as a broker without joining a managing broker or an association?

RE: Illinois Real Estate Salesperson’s Must Become Illinois Real Estate Brokers

As of May 1, 2012 (the day after broker renewal) all brokers must be associated with a business entity that has a managing broker.

 You may operate as a sole proprietorship (self sponsor), but would have to appoint yourself or someone else as managing broker.

That managing broker is required to have a managing broker’s license.

 You could sell your own property as a by owner, as any owner, but could not receive compensation.  Only properly licensed individuals may receive compensation from licensed activities.

 Mike Fair