Per the recent updates to the Real Estate License Act, 225 ILCS 454/1-1 et seq., designated managing brokers must serve as liaisons for newly licensed brokers who have not completed the post-license education.
…designated managing brokers shall directly handle all earnest money, escrows, contract negotiations and advertisements for broker who have not completed the 45-hour post-license education. 225 ILCS 454 Section 10-55(b)
In the fall of 2019, the post-licensing requirement for brokers changed from 30 Hours to 45 Hours. Details are as follows:
The post-license education requirement is now 45 hours consisting of three 15-hour courses, one each covering: applied brokerage principles, risk management and discipline, and transactional issues. Each course will require its own 50 question final exam. 225 ILCS 454 Section 5-50(b)
Who Must Complete 45 Hours?
You Need To Take This If: Your first broker’s license was issued by IDFPR on or between the dates of 8/9/19 and 11/1/19, with an expiration date of 9/30/20 [Extended from 4/30/20]. DO NOT take the 30-Hour Post-License course! This will not count towards your 45 Hours.
You Need To Take This If: Your first broker’s license was issued by IDFPR on or between the dates of 11/2/19 and 4/30/20, with an expiration date of 4/30/22. You may complete your 45-Hours Post-License course ASAP as it will count towards your 4/30/22 renewal.
What Should Managing Brokers Do?
Save yourself stress and prevent strained workloads by encouraging your newly licensed brokers to take their course immediately!
At RRES, our recommendation is that all newly licensed real estate brokers complete their 45 Hour post-licensing requirements as soon as possible instead of waiting for the approach of their license renewal deadline.
We have virtual offerings of the three 15-hour courses that compose the 45 Hour Post-license requirement.