As the scope of your real estate brokerage practice, and the markets you serve grow, you may find yourself with opportunities to work on transactions involving property in other states. Unlike your Illinois driver’s license, your Illinois broker license won’t allow you to cross state lines and operate on your own. Different states have different rules, limitations, even prohibitions in some cases, that will apply to out of state licensees. Failure to observe those rules and limitations could cost you your commission, even worse, put your license at risk with the regulators.
CAR’s CommercialForum has secured the right to publish an up to date research chart on license portability, i.e., your right to work on transactions in other states. Jim Hochman, a partner with Schain Banks Kenny & Schwartz here in Chicago has researched all of the states’ laws, rules, and reported cases, and summarized his research in a chart which will help you to navigate the roads of interstate brokerage with some confidence. You will learn the difference between portability and reciprocity, and more important where you may or may not go, when to make referrals, and how to properly work on transactions in other states.