Illinois License Law Changes

On Dec. 31 Gov. Quinn signed into law the rewrite of the Illinois Real Estate License Act of 2000 (Public Act 096-0856); the section of the bill containing the Act took effect Dec. 31, 2009. Key provisions include:

Changes the Illinois license categories from “Salesperson” to “Broker” and from “Broker” to “Managing Broker.” NOTE: Requirements related to these changes will be implemented over the next two years (through April 30, 2012) giving Illinois licensees plenty of time to make the transition.
Increases coursework requirements to obtain licensure in Illinois.
Additional consumer protection and enforcement provisions.

One important reminder – an amended license law means there are new forms and amended language to some of old forms. As of December 31, members of the Illinois Association of REALTORS® (IAR) must take care to use the correct forms, available from www.IARlicenselaw.org.

"On behalf of the IAR leadership team, I would like to thank all of the members who worked so hard over the past several years in putting together and advocating for the passage of this milestone rewrite of the Real Estate License Act," said Michael Onorato, GRI, president of the Illinois Association of REALTORS®. "I am proud to announce its enactment into law, for the benefit of the real estate consumer and the industry."

Added Onorato: "The Illinois Association of REALTORS® has created a special IAR member's only Web site, www.IARlicenselaw.org featuring important updates, questions and answers about the license law changes, links to new forms that must be used and more tools and resources."

What else can Illinois REALTORS® find at www.IARlicenselaw.org?