Attention Brokers in Renewal: There Is Still Time, But Not Much

April 30, 2014 Renewal Deadline

April can be a stressful time for Illinois Real Estate Brokers.  Not because of rising interest rates, income taxes, or hay fever, but because of the biennial continuing education requirement due on April 30 every even-numbered year.

But continuing education doesn’t have to be stressful.  Actually, it can be done quickly and painlessly.  First, let’s break down who needs what.

  • A Broker who has renewed his/her license before, either as a Salesperson (who transitioned) or as a Broker, must complete 12 hours of core and elective continuing education.
  • A Broker who is renewing for the first time must complete a 30-hour post-license course.

The quickest and easiest way to complete your education is with a self-study program.  That way, YOU DECIDE how much time you spend studying.

  • Brokers who must complete continuing education can complete THE ENTIRE program via self-study.
  • Brokers renewing for the first time can do HALF of the 30-hour post-license requirement via self-study.  The other half must be in an interactive environment, which usually means a physical classroom or a live broadcast webinar.

Once you’ve completed the above, you are required to pass a proctored exam.  Perhaps this is the most stressful part of the educational requirement.  Maybe learning the facts will help you breathe a little easier.

  • IDFPR rules stipulate that for every 3-hour continuing education course, there must be a minimum of 25 questions on the exam, and Brokers must achieve a score of at least 70%.  That means, if you are taking a 25-question test, you can miss SEVEN and STILL PASS.
  • IDFPR rules stipulate that post-license exams must contain at least 25 questions for each 15- credit-hour course, with a passing score of 75%.  That means you can miss SIX on each test and STILL PASS.

Feel better?  If not, maybe this will help you relax.  Most Brokers successfully pass the first time when taking the exam with our school. But, in the rare event that you fail, you’re permitted to retake the exam.

While we know that most people don’t enjoy taking exams or required education, we hope that knowing the facts will help you relax a bit.  For questions about your licensing requirements, give us a call at 800.995.1700.

If you need last-minute CE or post-license education, visit our website or call us. Real Estate Institute offers programs specifically designed for busy professionals.

Why Brokers Cannot Renew Their Illinois Real Estate Licenses

You’ve renewed your Illinois real estate license in the past, so you know it’s not complicated to complete the online renewal process at the IDFPR website. Why is this year different?

Brokers call our compliance experts every day with this question. As the April 30, 2014 deadline nears, the anxiety level for Brokers is bound to increase. We’ve uncovered one of the stumbling blocks to a successful renewal.

Follow these steps and you’ll be on the right track.

  1. Complete your 12-credit-hour continuing education requirement. Real Estate Institute offers last-minute CE. Click here for details.
  2. Print out this instruction sheet with tips from the IDFPR on how to pay by credit card.
  3. Renew Online. The IDFPR allows you to complete the entire renewal application and pay online.
  4. Track down your pocket card with your license number. Here’s where the problem lies. With the license transition, all licenses with the prefix “476” were eliminated and will not be accepted. You must use your new Broker license number, which begins with “475.”
  5. Decide which identifier you will enter (PIN, SSN, or Date of Birth) along with your license number.
Remember: your license number will start with 475, NOT 476
Remember: your license number will start with 475, NOT 476

6.  Once you successfully log in, complete the requested information and submit your $150 renewal fee to the state.

Remember, it’s important to renew before April 30 to avoid late fees.