Preparing for Transition: Keeping My Broker's License

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Broker choosing to
remain a Broker:

All brokers as of April 30, 2011 who want to remain as a broker and not obtain a managing broker license will just need to complete 12 hours of CE to renew their broker license at April 30, 2012.

There will be no transition requirement and no broker management CE will be necessary at April 30, 2012 to renew the broker license.Link here for IAR Education for CE options.

Q: Must a partner hold a “managing broker” or “broker” license?
Any partner in a licensed real estate partnership must be a managing broker or broker. In an LLP or LLC, any managing partners or members must hold a managing broker or broker’s license. No salesperson, leasing agent or group of salespersons or leasing agents may own more than 49% of a licensed real estate company. So, after April 30, 2012, this limit will apply to leasing agents only because the salesperson’s license goes away. Also note that if a licensed real estate brokerage entity is owned by broker licensee(s), there must be a managing broker licensee in place to manage the real estate brokerage business of that entity. Also, if the licensed real estate brokerage is a sole proprietor, that individual must hold a managing broker’s license.

Q: What are requirements for a broker license?
Must be at least 21 years old. After April 30, 2011, this requirement can be waived if 18 years old and have met certain educational requirements:

  • Good moral character
  • High school degree or its equivalent

Before May 1, 2011:

  • 120 classroom hours
  • 45 hours are those to become salesperson plus 15 hours in brokerage administration; and
  • If salesperson, 75 hours above the 45 to become a salesperson.

After April 30, 2011:

  • 90 hours of instruction – 15 of which are case studies/situational type in classroom or some interactive delivery method.
  • Take and pass written exam
  • Application with sponsor card and fee
  • 30 hours of post-license education taken before first renewal

Illinois attorneys in good standing are exempt from the pre-license education requirements.

 

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