Top Three Ways to Lose Your Illinois Managing Broker’s License

Pay Fine Here ImageJeopardizing your Illinois Managing Broker’s license could be very costly and can be prevented by following a few tips outlined below.

Failure to adequately train and supervise sponsored licensees
Most Managing Brokers know that one of their primary responsibilities and obligations is to adequately train and supervise sponsored licensees. The problem is that many fail to recognize that training is an on-going process. In the eyes of Illinois Department of Financial and Professional Regulation (IDFPR) and the Disciplinary Board, even seasoned licensees and top producers are not exempt from supervision. If a real estate licensee manages to get the attention of IDFPR, the department will come knocking on the Managing Broker’s door first. The first thing that IDFPR will be asking you is, “What kind of training and supervision does your company provide to its sponsored licensees?” IDFPR will expect you to have a detailed on-going supervision and training plan available for their review. Be ready to answer questions and explain the “who, what, when, and where” behind your plan or you might be subject to disciplinary action for failure to adequately train and supervise sponsored licensees.

Real Estate Institute’s Broker Management Continuing Education (BMCE) program provides  information that you can take back to the office to get your training and supervision program up and running. You will leave BMCE inspired with ideas to help you feel better prepared to create a training program that will satisfy IDFPR requirements and ensure your licensees are successful.

Aiding and abetting the unlicensed practice of real estate activities
This is real IDFPR disciplinary headline news … “(Unlicensed) ordered to cease and desist the unlicensed practice of real estate and assessed a civil penalty of $25,000.”

Don’t let this happen in your brokerage firm. There is a fine line between activities that require a real estate license and those that don’t.

Today, many companies are encouraging all individuals within the brokerage firm to obtain a Broker’s license.  At a minimum, companies that specialize in residential leasing are requiring all individuals to get their Leasing Agent licenses. Practicing real estate without a license is a big problem with hefty consequences and fines.
Assistants to top producers are frequently being required to get licensed. Even if an assistant’s assignment is primarily clerical in nature and does not require a license, having a license will allow your assistants to expand their level of service when servicing your clients.

Real Estate Institute offers Leasing Agent and Broker pre-licensing programs that are flexible and allow your team to start anytime. Our dedicated staff and instructors will give your employee the care and attention he/she deserves from registration all the way through to being licensed and beyond. Call our customer service team at 800-995-1700 to assess which program is right for them.

Failure to complete continuing education
With so many recent changes in Illinois license law and the continuing education (CE) requirements, it’s no surprise that there is much confusion. Most Managing Brokers require 24 credit hours of continuing education by April 30, 2015. This includes 12 hours of core and elective CE which can be completed in a self-study format plus 12 hours of interactive Broker Management CE. There are a few exceptions to the requirements. Real Estate Institute knows exactly how many hours and what type of continuing education you need. Our knowledgeable customer service team will guide you and help select the program that’s right for you.

By developing an adequate training and supervision plan for your company, ensuring that your staff has the necessary licensing to successfully do their job, and by completing your continuing education on time, you will be on the path for maintaining your Illinois Managing Broker license.  Don’t risk your business; make sure you’re prepared for anything that comes your way!  Real Estate Institute is here to support you, call with any questions on maintaining your license.

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