License Renewal Update – Brokers, Managing Brokers

License Renewal Update – Brokers, Managing Brokers

By Betsy Urbance, IAR Legal Hotline Attorney and Carrie Elliott, IAR Education Manager

All broker licensees should have mailed or completed their renewal application online with the Illinois Department of Financial & Professional Regulation and paid the required renewal fee. They should keep proof of all completed CE in their personal/office files.

If they did not renew before the April 30, 2014 deadline, they should not practice real estate brokerage until they renew and reinstate their license. If they don't have their renewed license back before May 1, 2014, but they have completed all the necessary education, renewal application and paid the fee, they should maintain copies of all this documentation as proof until receipt of their license. (Keep CE records for 5 years).

Managing brokers may take regular CE at any time throughout their cycle which is May 1, 2013 through April 30, 2015. Managing brokers will need to take 6 hours of Core CE (3 Core A and 3 Core B) and 6 hours of elective.

The Broker Management CE course will be scheduled in late August in both classroom and webinar options available for this requirement. Check the IAR website for online and home study courses that are available now for both brokers and managing brokers.