Illinois Real Estate License Act Update
Public Act 100-188 will become effective January 1, 2018. The Act updates the Illinois Real Estate License Act with changes intended to streamline and modernize various aspects of the law. The major modifications impact leasing agent licenses and education requirements. Here are some of the significant changes.
- The Real Estate Education Advisory Council (EAC) and The Real Estate Administration and Disciplinary Board (READ) have been merged into one board. Real Estate Education will be administered as a subcommittee of the Board.
- Investigations – named managing brokers may be notified of a pending action against a sponsored licensee. Managing broker and sponsoring broker will receive copies of any final order.
Leasing Agent Licensing Provisions:
- Leasing agent may continue to operate under a 120-day permit; but must be enrolled in a leasing agent pre-license course no later than 60 days after beginning to engage in residential leasing activities. Must be licensed within time frame of 120 day permit.
- Leasing agent may only engage in activities within the definition of leasing agent and may not engage in any activity requiring a broker license including referrals for sales or the leasing of commercial real estate.
- Leasing agent CE curriculum will be established by READ Board. The CE requirement for leasing agents shall consist of a single core curriculum established by the Board and the leasing will be required to complete no less than 6 hours of continuing education core curriculum for each 2-year renewal period.
- Section 20-20 (a) Disciplinary Actions amended to include potential discipline for permitting a leasing agent licensee to act outside the scope of the leasing agent license.
Education – Schools and Instructors
- The distinction between pre-license schools and continuing education schools has been eliminated. The new term is “education provider” provider. An education provider and licensed instructors will be able to provide pre-license, post license, and continuing education instruction.
Education – Curriculum
- 30-hour broker post licensing. 15 hours must consist of situational and case studies presented in a classroom or a live interactive webinar, online distance education courses, or home study course. Credit for courses taken though a home study course shall require passage (75%) of an examination approved by the Department. (no final exam, live classes)
- The continuing education requirement for brokers and managing brokers shall consist of a single 4 hour core curriculum established by the Board.
(No Core A and B) The remaining 8 hours will continue to be elective credits.
- Credit for courses completed in a classroom or through a live, interactive webinar or online distance education format shall not require an examination.
- Credit for courses provided through correspondence, or by home study, shall require the passage of an in-person, proctored exam (75%)
- 45-hr managing broker education with focus on brokerage administration and management and leasing agent management and include at least 15 hours in the classroom or by live, interactive webinar or online distance education courses.
There are many details that remain to be worked out and The Illinois Department of Financial and Professional Regulation is currently in the rulemaking process.
Most likely, these changes will not impact Brokers during this current renewal period. We will keep you posted us the rulemaking process continues.
Complete copy of changes Illinois Department of Financial and Professional Regulation.
Posted on Tue, October 24, 2017
by Mike Fair filed under