Frequently Asked Questions

Education | Designations | Housing/Market Stats | Member Services | Complaint Procedures | Licensure | NAR Ethics Compliance

REAL ESTATE EDUCATION

Q. I just got my license, do I need Continuing Education and what are the requirements?

A. A salesperson renewal applicant is not required to comply with the continuing education requirements for the first renewal following original licensure if the initial salesperson's license was issued less than one year prior to the expiration date.

A salesperson renewal applicant is required to complete 6 hours of continuing education if: (1) That licensee's initial license was issued more than one year prior to that licensee's first expiration date and less than two years prior to the first expiration date.

A salesperson renewal applicant is required to complete 12 hours of continuing education if that licensee's initial license was issued two or more years prior to the expiration date. The requirement is six hours of core and six hours of elective credit to be completed within the two-year renewal period.

In addition to the already required continuing education, a broker renewal applicant is required to complete 6 hours of broker management education within 180 days of licensure unless they received their initial license within 90 days of the broker renewal period. See broker requirement matrix.

Q. How do I find out how many CE hours I have?

A. If you have taken your CE courses from IAR, you may go to the IAR Web site and click on "Education." You will be able to look up your record of classes taken through IAR sponsored classes. If you have any questions regarding the information, you may call Bethany Barnes at 217/529-2600. If you need information regarding classes taken at other sponsored schools, you will need to contact the Illinois Department of Financial and Professional Regulation (IDFPR), Division of Professional Regulation, Bureau of Real Estate at 217/785-9300 or visit their Web site.

Q. How do I become an appraiser? Where may I find Pre-License appraisal classes?

A. To find information regarding obtaining an Appraisal License, contact the Illinois Property Assessment Institute at www.ipaionline.com or 309/828-5131. They may also be reached at 217/782-3274.

Q. What are the requirements for obtaining my Real Estate License in Illinois?

A. Below is some information that may be helpful to you in deciding on the program appropriate for you.

Requirements for Salesperson Licensing

• at least 21 years old,
• have successfully completed a 45-hour basic transactions course,
• be sponsored by a licensed broker (you can take the classes and get sponsored after you have completed),
• have passed the state exam, and
• have a high school diploma or equivalent (G.E.D.).

In order to become licensed as a salesperson in the State of Illinois, you would need to complete the 45-hour Basic Transactions course and pass the state exam. The 45-hour course is available in the classroom setting, by text-based home study and on-line home study. All program choices are $295.00. Once you have completed the 45-hour course, the State of Illinois does require a proctored exam for online and home study programs. IAR will e-mail your exam to a local Board for proctoring. Once you pass the exam, you are issued a transcript, which will enable you to sit for the state exam, which is administered by Applied Measurement Professionals (AMP) www.goamp.com. Upon successful passage of the state exam, you may then apply with the Ill. Dept. of Financial and Professional Regulation, 217/785-9300.

For a list of classes, or home study options, go to www.illinoisrealtor.org and click on education and then pre-license. If you have any other questions, please feel free to contact Carrie Elliott or Stacy Owens at 217/529-2600.

Q. With which states does Illinois have license reciprocity?

A. The State of Illinois currently has reciprocity with the following states:

• Colorado
• Connecticut
• Georgia
• Indiana
• Iowa
• Kentucky
• Nebraska
• South Dakota
• Wisconsin

If you are currently licensed in one of these states, you may obtain a reciprocal license by taking and passing the state portion of the Illinois exam. Study material is available on the IAR Web site under Pre-License Store. This exam is administered by Applied Measurement Professionals (AMP) www.goamp.com. For licensing questions, you may contact the Illinois Department of Financial and Professional Regulation, 217/785-9300. For their latest reciprocity updates, visit IDFPR's License Reciprocity Web page.

Q. Is the salesperson pre-license course listed on the IAR Web site for online use approved for the 45-hour requirement?

A. The online course is the course that is approved for the 45-hour requirement. When the student signs up for the course, he/she needs to make sure that the email address is his/her own because, once the program is started, it will only recognize the computer and email address from which it was initially logged onto as enrolled. The online course is done completely online and no materials are mailed to you. A proctored exam is required to pass the course.

Q. I would like information on broker home study courses.

A. We do offer broker courses through self-study. If you are already licensed as a salesperson, you would need to complete 75 additional hours of course work to include 3 mandatory courses:

• Brokerage Administration
• Contracts & Conveyancing
• Advanced Principles 2000

and any two of the following elective courses:

• Sales & Brokerage
• Appraisal
• Principles Review
• Finance

These courses may be ordered through the Members' IAR REALTOR® Store online (log-in requred) or at 800/529-2696. You have 9 months to complete the courses and you would need to test for each of the five modules. IAR will email your exam to a local Association for proctoring. The course does have an on-line instructor available whom you may call or e-mail with questions. If you purchase a broker's package, the cost is approximately $650 for the 75 hours of course work.

Courses are also now available in an online format through RECampus. To register, click on Pre-License and then Online Pre-License Courses.

Q. Are Broker courses offered online?

A. If you prefer online home study, classes are available from:

IAR Online Prelicense Broker Courses (requires Java)

Q. How do I become a pre-license or continuing education instructor?

A. In order to become a pre-license instructor or continuing education instructor, you would need to apply through the Illinois Department of Financial and Professional Regulation. They have downloadable forms on their Web site that list the criteria needed to be able to be certified. Click on Real Estate Professions and then forms. The pre-license instructor license does require taking an exam. Exam information may be found through the Applied Measure Professional's Web site at www.goamp.com.

DESIGNATION INFORMATION

Q. How do I obtain my GRI designation?

A. Courses to obtain your GRI designation are offered twice a year by the Illinois Association of REALTORS®. Some local associations offer Course I through Home Study and many office training programs qualify as equivalent credit for Course I. For additional information, contact 800/252-2910.

Q. How do I obtain my CRS designation?

A. Information concerning the CRS designation requirements and classes to obtain the CRS designation may be found at www.crs.com. If you have other questions or are interested in becoming a member of the Illinois Chapter, visit www.illinoiscrs.com.

HOUSING MARKET/DATA

Q. How can I find information on the average price of a home in a specific Illinois community?

A. IAR does not track home prices for specific communities in the state. We do track the statewide, county and Chicago PMSA figures for median prices and the number of homes sold (single-family and condos).  For specific neighborhood or community market data, contact a local REALTOR® or the local REALTOR® Association in your area.

Q. What kind of data does the Illinois Association of REALTORS® have on housing?

A. IAR issues monthly and quarterly market statistics reports for the median price and number of homes sold (single-family and condominiums) by:

• Illinois
• Chicagoland PMSA (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties)
• County data is issued on a quarterly basis for all counties reporting

Q. What is the source of the data?

A. Sales and price information is generated from a survey of Multiple Listing Service (MLS) sales reported by 37 participating Illinois REALTOR® local boards and associations.

IAR MEMBER SERVICES/DISCOUNTS

Q. Does IAR have health insurance for members?

A. Health insurance and other programs such as life, dental, and disability are available through a third party administrator, REGIT, Inc., sponsored by IAR. You may contact REGIT, Inc. by calling 800/537-9786 or at www.regitinc.com/aspiar.

Q: What is the Health Savings Account (HSA) I keep hearing so much about?

A: An HSA combines a high-deductible health insurance policy with a tax-exempt savings account established exclusively to pay qualified medical expenses. The insured person controls the savings account, using it to pay health care and related expenses, such as dental, vision, and prescription drugs. It is particularly attractive because contributions to the savings account are tax-deductible.

Q: Who is eligible to establish an HSA?

A: To receive a tax deduction for contributions to the account, an individual must be covered under a qualified high deductible health plan. The person must also be below Medicare eligibility age (65) and not be covered under any other health plan with benefits similar to their qualified plan.

Q: Who contributes to the HSA and how much may be contributed?

A: Any eligible individual may contribute to an HSA. (In the case of an employer-sponsored HSA, the employer and/or employee may contribute.) The maximum annual contribution to an HSA is determined by number of months covered by the qualified plan, but on annual basis it is the amount of the annual deductible to a maximum of $2,700 for an individual and $5,450 for a family.

Q: What is the tax treatment?

A: Contributions made by an eligible individual to their health savings account are deductible by the individual in determining adjusted gross income (i.e., an "above the line" deduction). Interest accrues tax free in qualified HSAs and any unused balance in the account accumulates as long as the individual is covered by a qualified plan.

Q: What can the HSA funds be used for?

A: Account distributions are tax free for qualified medical expenses and prescription drugs, as well as dental and vision expenses. In addition, HSA funds can be used to pay premiums for long-term care insurance, COBRA continuation, and health insurance while unemployed.

Q: Where can I get more information?

A: Contact IAR's insurance partner, REGIT, at 800-537-9786 or www.regitinc.com/aspiar. They will provide complete details on HSAs, traditional medical plans, as well as life and dental plans.

Q. Who does IAR recommend for Errors and Omissions insurance?

A. IAR sponsors a third party administrator, Capital Professional Insurance Managers, Inc. (CPIM), who writes E & O coverage through CNA. CPIM may be reached by phone at 800/922-4626 or at www.cpim.com.

COMPLAINT PROCEDURE

Q. I want to file a complaint against a REALTOR®, what should I do?

A. First, I would contact the agent's broker or manager and see if they can help solve the problem. If this isn't possible or if you want to file a grievance against the agent, then each local association has a complaint process for individuals wishing to file complaints for alleged violations of the REALTORS® Code of Ethics. A list of local associations may be found at the Illinois Association of REALTORS® Web site. Once you have determined that the individual you wish to file a complaint against is a member of that local association, your complaint should be filed in writing and in a timely fashion.

Q. How do I file a complaint against a non-REALTOR®?

A. If you believe the individual with whom you are working has violated the License Law, a written complaint should be forwarded to the Ill. Dept. of Financial and Professional Regulation, 217/785-9300.

REALTOR® LOCATION/LICENSURE VERIFICATION

Q. How may I verify that someone has a Real Estate License?

A. In order to determine if someone has a current Real Estate License in Illinois, you should visit Illinois Department of Financial and Professional Regulation or contact them at 217/785-9300

Q. How may I find a REALTOR® located in Illinois?

A. The Illinois Association of REALTORS® Web site has a REALTOR® search function that will assist you in finding a REALTOR® by name or location.

NAR ETHICS REQUIREMENT COMPLIANCE

Q. What is needed to comply with the NAR Code of Ethics Requirement?

A. NAR implemented a Code of Ethics training policy on January 1, 2001, which requires quadrennial ethics training under two different schedules, depending on when an individual's NAR membership began. Those who were REALTORS® before January 1, 2001 must complete a NAR-approved course sometime before December 31, 2004. The next deadline for this group will be December 31, 2008, and so on. Members who joined after January 1, 2001 must take a Code of Ethics orientation course during the provisional membership period. After completion, this group is subject to the next, full quadrennial cycle, which is from January 1, 2005 through December 31, 2008. In this way, new members are phased into the same ethics training schedule as existing members.