There are major changes on the horizon that will impact Illinois real estate licensees and education required for license renewals.
License Law Amendment
On Friday, August 18, 2017, Gov. Bruce Rauner signed HB3528 into law. This updates the Real Estate License Act with changes intended to streamline and modernize various aspects of the law. Some highlighted changes include a restructuring of the Education Advisory Council (EAC), new requirements for school and instructor licensing and requirements for education program content and methods of delivery.
Upcoming Broker License Renewal
With a Real Estate Broker license renewal quickly approaching, we should first take a closer look at how the license law amendments impact (or may not impact) this large group of licensees.
In summary, continuing education requirements will be updated as follows:
- The mandatory 3-hour “Core A” curriculum will be replaced by a 4-hour “Core” course. Brokers and Managing Brokers will be required to attend this course via classroom, live webinar or online distance education (a new option for which details are not yet available). The good news – a final exam will not be required!
- The remaining 8 hours will continue to be elective credits. A variety of delivery options will be available. Delivery methods with mandatory final exams will require a passing score of 75%. (Currently, a passing score of only 70% is required.)
The Illinois Department of Financial and Professional Regulation (IDFPR) still has many details to sort out before any changes to license law can be implemented. For example, the new “Core” curriculum needs to be clearly outlined before schools can create, seek approval and offer the new course. It will take the Real Estate Division many months to complete the rulemaking process, which won’t officially begin until January 1, 2018.
This means that most likely the full impact of these changes will not impact Brokers during their current renewal period.
What Should You Do?
We strongly recommend that Brokers stay on track and complete currently approved programs in a timely manner.
Real Estate Institute will continue to provide updates as the IDFPR develops implementation plans for the changes. Be sure to JOIN OUR MAILING LIST if you have not done so already.