The Illinois Real Estate License Act: Looking to the Next Decade and Beyond

The Illinois Real Estate License Act: Looking to the Next Decade and Beyond

The Illinois Department of Financial and Professional Regulation, Real Estate Division has released “Looking to the Next Decade and Beyond: Updates to the Real Estate License Act," highlighting significant changes to the licensed practice of real estate. Includes changes in the Act relating to:

  • Advertising
  • Teams
  • Updated disciplinary actions
  • Real Estate Recovery fund
  • Designated managing brokers
  • Requirements for licensing
  • Restrictions on licensing
  • Sponsorship and compensation
  • Dual agency
  • Instructor Licensing
  • License status
  • Exemptions from licensing
  • Registration of Sponsorship
  • Licensed activities
  • Residential leasing agents
  • Changes in required education
  • Opens up the possibility of a virtual office

According to Acting Director Mario Treto, Jr. “The Real Estate Act rewrite is a comprehensive overhaul and effectively updates the Act to meet modern day standards, capture technological advances, adopt industry best practices, and strengthen consumer protections. While the Act is effective immediately, it is intended to endure the next decade.”

Download: “Looking to the Next Decade and Beyond: Updates to the Real Estate License Act"

The Illinois 4-hour Core Continuing Education Class outlines these changes and more. Class is available now! 


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