On November 11, the National Association of REALTORS® announced changes to their Code of Ethics training requirement. These changes were recently approved by the presidential advisory group (PAG) and the NAR Leadership Team.
This news has created a flurry of social media comments and questions from REALTORS® trying to understand the changes.
Here are key changes that were announced:
- Code of Ethics training required for REALTORS® will be required every THREE years rather than every two years. The deadline for the current enforcement period has been extended to December 31, 2021 (was December 31, 2020).
- After December 31, 2021, only courses and equivalencies provided by local, state or national REALTOR® associations can satisfy the Code of Ethics training requirement.
- There will be changes to the learning objectives.
What does this mean for Illinois real estate brokers?
This will not impact the upcoming April 30, 2020 broker license renewal (and April 30, 2021 managing broker license renewal). Historically, nearly all local REALTOR® associations have allowed their members to satisfy this training requirement by completing Code of Ethics training with state-licensed education providers. The National Association of REALTORS® has indicated that this practice may continue through December 31, 2021.This seems reasonable, given the large number of brokers (throughout the country) who have already completed Code of Ethics training from state-licensed education providers and intended to satisfy the requirement for the current enforcement period.
Real Estate Institute has been a leader in real estate education for over 25 years. Our team of experts is standing by to answer your questions about your requirements, our continuing education or post-license courses and the renewal process. Please don’t hesitate to contact us online or at 800-995-1700.