Illinois Real Estate License Law Transition FAQ
Salesperson to Broker FAQ
What will be different about my new role?
Your real estate transaction responsibilities with the new Broker license will be essentially the same as they are today, as a Salesperson. The difference is largely in your title and the level of continuing education that will be required.
Will I be able to oversee a brokerage?
Your Broker license will differ from the current Broker license. You will not be granted managerial abilities to sponsor your own license or that of fellow licensees – and you will not be able to formally oversee a brokerage. Managerial responsibilities will transfer to the new Managing Broker license.
Why would I opt to take the 30-hour transition course instead of the proficiency exam?
The 30-hour course is ideal for:
- Salespeople who aren’t comfortable with test-taking and would prefer a face-to-face education experience before an exam;
- Salespeople who haven’t been working daily in the field and would like a refresher on rules and regulations;
- Salespeople who did not pass the proficiency exam.
If I hold a Salesperson license but want to be a Managing Broker, what are my next steps?
Your most efficient route would be to study the broker pre-license program, pass the state exam and obtain your Broker license prior to April 30, 2011. Then you may complete the Broker to Managing Broker transition before April 30, 2012.
Broker to Managing Broker FAQ
What is the difference between Managing Broker and my current Broker license?
Broker licensees will no longer be able manage the real estate business of brokerages, sponsor their own licenses or sponsor other licensees. The new Broker license is more equivalent to the current Salesperson role.
Who should transition from Broker to Managing Broker?
Brokers should transition to Managing Brokers if they sponsor other licensees, are self-sponsored and/or manage the actions of other licensees within a brokerage.
Must every brokerage have a Managing Broker?
Every brokerage will be required to have a licensed, IDFPR-registered Managing Broker in place to manage its real estate business.
Why would I opt to take the 45-hour transition course instead of the proficiency exam?
The 45-hour course is ideal for:
- Brokers who aren’t comfortable with test-taking and would prefer a face-to-face education experience before an exam;
- Brokers who did not pass the proficiency exam.
Attorney Transition FAQ
Are attorneys exempt from the license law transition? Attorneys wishing to retain Illinois real estate licensure must transition from Salesperson to Broker or Broker to Managing Broker, depending on their current license status, by taking and passing the appropriate proficiency exam. Licensed attorneys who fail the proficiency exam must take the 30-hour (Salesperson to Broker) or 45-hour (Broker to Managing Broker) exam prep course before retaking and passing the exam. Once the exam is passed, licensees will receive a transcript to demonstrate transition coursework completed.
What if I’m a leasing agent?
Residential leasing agents are not significantly affected by changes to the Illinois Real Estate License Law.
Will reciprocal licenses still be available?
Yes, reciprocal licenses will still be available to qualified Salespeople, Brokers and Managing Brokers from states that have a reciprocity agreement with the State of Illinois. A list of states with reciprocity agreements is available from IDFPR here.