Stepping Down from an Illinois Managing Broker License to an Illinois Broker License
Under the Illinois Real Estate License Act, there are only two major reasons that for which you really need an Illinois managing broker license.
- You are a self-employed sponsoring broker. (Actively in business for yourself)
- You are employed by a sponsoring broker other than yourself to manage a real estate brokerage business.
There are presently 17,464 managing brokers licensed in the state of Illinois. In order to maintain that status, these brokers must renew their managing broker's license by April 30, 2015. However, many of these brokers are not-self employed or managing an office for a sponsoring broker as described above and never intend to act in those positions.
And yet, must meet the licensing requirements for managing broker which include 24 hours of continuing education and paying higher licensing fees every 2 years. 12 of the CE hours must be completed that specific to being an active managing broker, something they might never plan on doing.
Perhaps you find yourself in this position and simply want to be a licensed real estate broker.
The Illinois Department of Financial and Professional Regulation has just released a new form that will allow you to "step down" from a managing broker's license to a brokers license. As part of the process, you will need to complete 12 hours of the regular CE requirements required to renew your managing broker license.
In addition, your managing broker's license must be active at the time you "step down" and you must have a sponsoring broker.
There is a $125.00 non-refundable fee plus any other applicable fees in order to process the application.
Still need your CE? Classes are still available.
Posted on Fri, February 27, 2015
by Mike Fair filed under