I have been teaching Illinois Broker Management Classes for several months now and am hearing a common question. "Why Me?" The short answer is, "because you have a managing broker license."
The short answer is not always the best answer for all who ask the question, so, "Why me?"
The course is required by the Illinois Department of Professional Regulation - Real Estate Division whom regulates real estate licensing and administration of the Illinois Real Estate License Act. The purpose of the License Act is to evaluate the competency of persons engaged in the real estate business and to regulate the business for the protection of the public. (Source: P.A. 91-245, eff. 12-31-99.)
The goal of the course is to provide attendees with the skills and the methods to
- train employees
- implement sound real estate business practices
- manage office on the basis of Real Estate License Act
In order to achieve this goal, IDFPR-Real Estate Division issued a 12 Hour Broker Management Continuing Education Course Outline that all licensed continuing education schools must use in ordered to license the course.
Not all licensed managing brokers practice as a managing broker. Under the License Act, a sponsoring broker must designate a managing broker. IDFPR is notified of this designation and there can only be one sponsored managing broker. Any other individual sponsored by the sponsoring broker may only act in the capacity of a broker.
However, even though the sponsored licensee is only acting as a broker, he is required to complete the 12-hour managing broker continuing education, because he could act as a managing broker at any time.
Because the major emphasis of the course is on training, a sponsored managing broker acting as a broker might not immediately apply what is taught in the course. In fact, if a licensed managing broker determines that he may never act as a managing broker, it is possible to "roll back" to a broker license and managing broker CE would not be required.
A one man shop, a managing broker whom is the only sponsored licensee under the sponsoring broker is also required to take the class. Here again, if the managing broker does not manage other sponsored licensees, he also might not be able to immediately apply the content of the course, however, would have some basic knowledge in the event that he did sponsor additional licensees.
There is no "best" course to take. The main thing that you need to do is to make sure that the provider offering the education is a licensed continuing education school. A licensed school will be offering a licensed course based on the State curriculum.
I personally recommend Your house Real Estate Academy, but the choice is yours.
Posted on Mon, January 23, 2017
by Mike Fair filed under