I Want to Be a LOAN OFFICER When I Grow Up!

As someone whose mortgage career is north of 20 years old, I can say with certainty that this statement doesn’t find its way into a lot of first grade classrooms on career day. Nevertheless, roughly 304,000 people in the United States have found their way into this segment of the financial services industry, a large number in my specialty of residential mortgage lending. There are many ways that people come to a career in lending, from academic studies to career fairs to pure chance (like me!) If you’re taking the time to read this blog post, you’re likely considering joining the ranks of residential mortgage professionals (called “Mortgage Loan Originators”, or “MLOs”) and are looking for more information on the business. So, let’s discuss some key factors you’ll want to consider when making your decision. If you decide to move forward, allow me to be the first to welcome you to the business and I hope to meet you personally should you decide to choose Real Estate Institute for your required education.

A career in mortgage can be lucrative

As of this writing, the mean annual wage for Loan Officers is $76,270 according to the Bureau of Labor Statistics. Many people make much more than this, some make less, but the mean income is very solid for a career that doesn’t require an advanced degree. Keep in mind that many Loan Officers work on commission only and don’t receive a base salary. If you accept employment at a company with this pay structure, you’ll have the highest earnings potential but might take a year or two to realize it.

Mortgage lending can offer more flexibility than other career paths

Like any job, you’ll have to put in the hours to reap the rewards. In the mortgage business, however, you might be able to structure your working hours around family and other commitments. Need to see your kid off to school in the morning? Start work later in the day. Want to take a vacation? Technology has made it much easier to work remotely, so bring the office with you. Keep in mind that it’s common for MLOs to work weekends, especially during peak homebuying season.

It’s a great place if you’re a people person

At the heart of it, being an MLO is very much a people-oriented, sales career. The great thing is, you’ll be selling MONEY (which everybody needs) and showing people how to achieve and maintain the American dream of homeownership. If the thought of talking to people who aren’t your friends or family makes you queasy, however, becoming an MLO is probably not the right career path.

Technology is making the job easier but not replacing it

Let’s face it, there are a lot of industries where automation is reducing the number of available positions. While it may be easier for consumers to shop for a loan online today, they overwhelmingly still want to talk through their options with a real, live person who has their best interests at heart. Today’s mortgage professionals are expected to adhere to a higher ethical standard than ever before, but their jobs are not going away. In fact, the Bureau of Labor Statistics projects 3% growth in the number of MLOs over the next 10 years.

If you’re still interested in a career as an MLO after reading this, keep in mind that you’ll very likely need to take pre-license education and an exam, as well as pass a criminal and credit check to work in the business. The good news? We can help with the education and testing piece!


Real Estate Institute offers NMLS-approved Mortgage Loan Originator Pre-License and Continuing Education courses in three formats: Classroom, Live Webinar and Online. These courses were designed BY loan originators FOR loan originators covering topics you need to know to navigate today’s ever-changing lending landscape. Please don’t hesitate to contact us online or at 800-995-1700 with any questions about loan officer training or requirements. 

The Mortgage Industry in the Era of COVID: 2020 Storylines and A Look Ahead to 2021

A calculator with the 2021 on the display

To say that 2020 was an eventful year for the mortgage industry could be the biggest understatement in history. A global pandemic that decimated many sectors of the economy fueled record low mortgage rates which, in turn, drove record high volume. Add to that the fact that lockdowns in many areas forced people to start working from home as pipelines were bursting at the seams and you have a recipe that gave everyone from frontline Mortgage Loan Originators to underwriters to ops and secondary-marketing managers heartburn.

So, as the dust settles on the strangest year of our lives, let’s take a look at some of the industry storylines that may not have received a lot of mainstream media attention and what they might mean for the future.

Technology Takes Center Stage

The mortgage industry has traditionally been slow to adopt to technological advances. For example, although the Federal E-SIGN Act became law in 2000 and Freddie Mac and Fannie Mae have been allowing electronic signatures on loan documents since 2005, they didn’t gain much traction with originators until just a few years ago. The pandemic prompted a very fast re-imagining of the entire loan process with a focus on limiting personal contact. This forced many companies – and states – to confront the issue of various forms of electronic notarization, up to and including full RON (Remote Online Notarization). As of this writing, 29 States have allowed some form of electronic notarization either permanently or temporarily.

What to look for in 2021:
Continued pressure on state legislatures from industry groups like the Mortgage Bankers Association to make temporary provisions permanent and expand RON to additional states.

Working from Home Requires More Than a Laptop

In addition to the enormous IT staff challenges to rapidly equip a largely in-office workforce for remote work, compliance and licensing professionals in many states had to deal with regulatory requirements that MLOs complete their work at a licensed branch location. To their credit, many of these states worked quickly to provide temporary regulatory relief of in-office work requirements where possible, but long-term questions remain.

What to look for in 2021:
A state-based regulatory system is one of the strengths of the modern non-depository financial services sector; what works in Texas may not work in Massachusetts, Oregon or Iowa and states have the freedom to address their own concerns in their own ways. That being said, should the demand for remote work continue for an extended period of time (or permanently), some states – especially those that license branch offices – will need to reevaluate their licensing regulation to ensure it remains effective and relevant to the current situation. Additionally, companies and MLOs in certain areas may need to determine whether it’s necessary to obtain a branch license for an individual originator’s home. Finally, with the constant threat of wire fraud (attempts up 62% in 2020) and other issues, expect a continued intense regulatory focus on cybersecurity. Now is a good time for your company to do a full review of your policies and procedures to ensure proper data integrity and security.

Servicing Lessons Learned From the Last Financial Crash Are More Relevant Than Ever

One of the cornerstones of the response to COVID-19 is a temporary moratorium on foreclosures on most Federally-related mortgage loans via the FHFA and HUD in addition to many state-level moratoria on foreclosures and evictions. Given the shift to a truly borrower-centric approach to handling distressed loans after the financial crisis of 2008, servicers are well-positioned to provide the support necessary to mortgagors who have taken advantage of the many loan forbearance options available to them via the CARES Act.

What to look for in 2021:
While deadlines for exiting/resolving forbearance have changed several times, one thing is certain: at some point, borrowers will need to resume making timely payments on their mortgage loans. Servicers will need to dust off their loss mitigation playbooks and provide loan modifications to a segment of the borrower population that has returned to work but with a long-term reduction in income. Additionally, there will undoubtedly be many borrowers who won’t be able to reinstate their loans even with a modification. It is likely we will see some form of federal relief to assist these individuals in their transition to alternative housing similar to post-2008 programs. As forbearance programs end, economists and financial analysts will be focused on how the expected increase in foreclosures and deeds-in-lieu will affect available housing inventory (which has been extremely tight in many places) and potentially slow the rate of appreciation.

In addition to the storylines discussed here, 2021 is going to bring a new administration with new priorities and new people leading critical entities affecting housing policy such as HUD, the CFPB, Treasury and (very likely) the FHFA. Expect a realignment of policies relating to fair lending, affordable housing and the ongoing conservatorship of Fannie Mae and Freddie Mac (which will also be getting a new CEO). We’ll certainly be keeping an eye on what transpires and will be ready to discuss critical issues in upcoming blog posts, courses and speaking engagements.

In the meantime, from our family to yours, have a wonderful and safe holiday season and a happy new year.

Peter


Real Estate Institute offers NMLS-approved Mortgage Loan Originator Continuing Education and Pre-License courses in all three formats: Classroom, Live Webinar and Online, Self-Study. These courses were designed BY loan originators FOR loan originators covering topics you need to know to navigate today’s ever-changing lending landscape. Please don’t hesitate to contact us online or at 800-995-1700 with any questions about loan office training or requirements. 

What Illinois Employers Need to Know About Sexual Harassment Training Before the Deadline

woman raised her hand for stopping sexual harassment

The “Me Too” movement has increased awareness against sexual harassment and prompted Illinois to enact sweeping new legislation that promotes safe and inclusive work environments.

What Does This Mean For Employers?

As part of the Workplace Transparency Act (IL SB75 ), the Illinois Department of Human Rights requires all Illinois business with one or more employees to provide Sexual Harassment Prevention training to their workers by December 31, 2020, and every year thereafter. Employers who fail to meet this new requirement will be subject to civil penalties imposed by the Department of Human Rights.

What Is Illinois Sexual Harassment Training?

As an employer in Illinois, you are required to train ALL EMPLOYEES ANNUALLY about the prohibitions against unlawful sexual harassment. Specifically, the mandatory training must include:

  1. the definition of unlawful sexual harassment and examples of the same;
  2. a summary of relevant federal and State statutory provisions concerning sexual harassment, including remedies available to victims of sexual harassment; and
  3. the responsibilities of employers in preventing, investigating, and taking corrective action in response to sexual harassment.

Other Considerations?

Although you already strive to maintain an appropriately professional workplace, we know you don’t always have time to formally document your policies and training in ways that not only protect your team but also manage your liability. With this new requirement in place, it’s more important than ever that your policies and documentation match your intentions! It’s essential to find a training resource to help navigate this new requirement and importantly provide the critical documentation that proves compliance.


Real Estate Institute has been a leader in training and compliance for Illinois professionals since 1992. Prior to this new requirement for all employers, Sexual Harassment Prevention training was already mandated for professionals who are licensed by the Illinois Department of Financial and Professional Regulation (IDFPR). As an IDFPR approved education provider, Real Estate Institute has provided state-compliant Sexual Harassment Prevention training to thousands of busy individuals. Visit us online or call today for more information about how our training options can help you comply with this new requirement.

What’s Changed for Illinois Real Estate Managing Broker Continuing Education?

paper plane leadership concept - red paper plane leading the row

Back in January 2018, changes to the Real Estate License Act became effective, including significant updates to “modernize” education and renewal requirements. While some changes took effect right away, much of the implementation was deferred until 2019, so the IDFPR had time to develop transition plans for these significant changes. Among other things, the IDFPR needed to approve schools and courses that satisfy the new requirements.

Brokers and Residential Leasing Agents were the first to experience the impact of these changes, as they prepared for their 2020 renewal. Managing Brokers are up next, as you complete the education required for your upcoming renewal.

Here’s what you need to know to be successful with your upcoming Managing Broker license renewal. As a reminder, Managing Brokers must complete 24 credit hours of education before renewing.

Core A and Core B Continuing Education Courses Have Been Retired

For the previous renewal, Managing Brokers had to complete 12 hours of Core and Elective CE before renewing their license. That included the following:

  • 3-Hour Core A (Required Subjects)
  • 3-Hour Core B (Legal Subjects)
  • 6-Hour Elective or Core B

Now, all Core A and Core B courses are no longer available. (The course approvals have expired, for all schools). The subjects that were formerly categorized as Core B may still be offered as Electives at a school’s discretion.

You Need to Complete a New “Core” CE Course

The former Core A and Core B requirement has been replaced by a single “Core” curriculum requirement. Managing Brokers must now complete:

  • NEW 4-Hour Core (Subjects required by state law)
  • 8-Hours of Electives

Online Distance Education Is the New Self-Study

As part of the new requirements, Core continuing education courses may only be completed in an interactive format. This includes classes, webinars, and online distance education courses. The good news is that all courses completed in an interactive format do not require a final exam.

Core credit cannot be earned with a self-study course, whether book-based or online (such as PDFs). This means that only Electives may be completed in the traditional self-study format.

Sexual Harassment Prevention Training Is Required

Effective January 1, 2020, every Illinois professional licensed by the IDFPR, including real estate licensees, must complete at least one hour of sexual harassment prevention training before renewing their license. The training must be provided by a division-approved education provider.

All real estate licensees must be sure that their Elective CE hours include sexual harassment prevention training before renewing their license.

Broker Management CE Is Still Required

Managing Brokers must complete 12 credit hours of Broker Management, which may only be completed in an interactive format (live webinar, class, or online distance education). Self-study is not permitted.

More to Come

There are more changes on the horizon. If you need help, Real Estate Institute is available to guide you to a successful license renewal. Here’s another resource that provides a summary of the significant education changes. For future updates, subscribe to the Real Estate Institute blog and you’ll receive an email with the latest posts.


Real Estate Institute has been a leader in real estate education for over 25 years. Our team of experts is standing by to answer questions about your requirements, our continuing education courses and the renewal process. Please don’t hesitate to contact us online or at 800-995-1700.

 

Last-Minute Tips for Brokers and Leasing Agents to Beat the September 30 Renewal Deadline

Deadline Clock

In response to the COVID-19 pandemic, the Illinois Department of Financial and Professional Regulation (IDFPR) previously announced that all professional licenses with expirations between March 30, 2020 and July 31, 2020 were extended through September 30, 2020. As a result, the deadline to complete post-license and/or continuing education was also extended through September 30, 2020. For real estate licensees, this change impacts Brokers (formerly 4/30/2020) and Residential Leasing Agents (formerly 7/31/2020).

The license renewal deadline for Brokers and Residential Leasing Agents is only weeks away. For those who have yet to renew their licenses, this can cause panic. But it doesn’t have to.

Follow the steps below to maintain your license. Each step offers tips on the fastest way to stay compliant (so you can keep working).

Complete Your Education

Brokers and Residential Leasing Agents in Illinois are required to complete education before renewing their license. The type and amount of education depends on when your license was issued. Find out the original issue date of your license using the IDFPR license lookup.

  • Brokers whose licenses were issued before 2/1/2018 require 12 hours of core/elective continuing education (CE). The specific CE requirements have changed for the 2020 renewal and include two new required courses: 4-Hour Core and Sexual Harassment Prevention training. All of Real Estate Institute’s CE courses are compliant with new education requirements. While live classes are permitted and remain available, online distance education is the fastest and most flexible option.
  • Brokers whose licenses were issued from 2/1/2018 – 11/1/2019 are renewing for the first time and must complete a Broker Post-License program (instead of continuing education).
  • Brokers whose licenses were issued after 11/1/2019 were issued licenses that expire on April 30, 2022. While renewal is not required at this time, there are compelling reasons to complete a 45-hour Broker Post-License program sooner, rather than later, including increased supervision requirements until post-license is completed.
  • Residential Leasing Agents whose licenses were issued before 5/1/2018 require 6 hours of core continuing education (CE). Those licensed after 5/1/2018 are exempt from CE because this is their first renewal.

Renew Your License

Most Brokers and Residential Leasing Agents know that they must pay the renewal fee to the IDFPR but are unsure of the exact process. Read the following for specific details about the renewal process:

  • After completing your required education, you may renew the license. The IDFPR license renewal fee is $150 for Brokers and $100 for Residential Leasing Agents for the two-year period.
    (Tip: This close to the deadline, it is important to find an education provider that will quickly issue your certificate of completion.)
  • The IDFPR strongly encourages Brokers to renew online. You may have received a PIN via e-mail from the IDFPR.
    (Tip: It’s not needed to renew. The license number, plus one of the following is needed to renew: Social Security number, date of birth or the IDFPR-issued PIN. A paper-based renewal form is also available to print with this information.)
  • Licensees who completed a change of sponsor or updated any of their personal contact information after 2/1/2020 may not be able to renew online. If you are unable to renew online, you will need to print a paper renewal form and mail it in with your payment. Mailed renewal forms must be received prior to the renewal deadline to be considered on-time.
  • Reminder: Renewing a license without completing the required education will likely lead to penalties or fees. Make sure your education is complete prior to submitting your renewal.
  • You can begin the renewal process by visiting the IDFPR website.

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 courses and the renewal process. Please don’t hesitate to contact us at 800-995-1700.

 

Why It’s Important for Newly Licensed Brokers to Tackle 45-Hour Post-License Education NOW

Two hands in chains

Even with our normal lives on hold, there’s still license renewal education to be tackled by many.

The amended Real Estate License Act includes a new 45-hour Post-License education requirement for new Illinois real estate Brokers (licensed after August 8, 2019). After the state’s announcement of this new requirement, new Brokers were in a holding pattern until the curriculum was released by the Division of Real Estate. (If you find yourself craving more details—the kind of stuff schools like us love—you can read the 45-hour curriculum notice from the IDFPR.) Then, it was a waiting game until March 1, when the department began licensing courses. Fast forward to the end of March, and now Real Estate Institute is among the first education providers with approved courses.

This may lead Brokers to wonder whether they should complete the education now or wait until sometime closer to their renewal deadline.

Requirements for Brokers Licensed on or after Aug. 9, 2019

45 credit hours of Post-License education, consisting of three 15-credit-hour courses:
    • Applied Brokerage Principles – 15 credit hours
    • Risk Management & Discipline – 15 credit hours
    • Transactional Issues – 15 credit hours

Brokers must complete at least 1 hour of Sexual Harassment Prevention training before renewing their licenses, which is included in the Risk Management & Discipline course.

Each course requires its own 50-question final exam, which must be administered by the education provider delivering the course. (No exam exemptions for live training or online distance education.)

License Renewal Deadline for Brokers Licensed BETWEEN Aug. 9, 2019 – Nov. 1, 2019

To remain active, Brokers must normally complete their required education and renew their licenses before expiration (by April 30 of even-numbered years). However, Brokers have an extended license renewal deadline of September 30, 2020, which is part of IDFPR’s response to the COVID-19 pandemic. The entire 45-hour Post-License education program must be completed prior to the extended renewal date for this group of Brokers.

What Happens if You Wait to Complete 45-Hour Post-License Education?

Whether your license renewal deadline is in 2020 or later, Illinois license law requires new Brokers to have additional supervision until they complete their 45 hours of Post-License education. Until Post-License is complete, a licensee’s Designated Managing Broker must:

  • Directly handle all earnest money
  • Directly handle contract negotiations
  • Approve all advertisements involving the newly licensed Broker

The additional oversight on newly licensed Brokers’ business activities could slow things down when we shift into our new normal, which will presumably include an upswing in real estate transactions during the spring and summer months. Completing this education now while there may be a lull in business could put new Brokers on better footing once the market picks up.

Now is the time for learning that allows you to chip away as time permits (like when your kids are e-learning or when you’re considering deep cleaning your refrigerator and need a reason to procrastinate). You’ll be able to break free from these restrictions once you’ve satisfied this education requirement.

Real Estate Institute is pleased to offer ALL ONLINE 45-hour Post-License education so Brokers can work from the comfort and safety of their homes, anytime! Easy financing is also available if you’re feeling the economic crunch.

Be well. Be safe. Be productive!


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.

Are COVID-19 Losses Covered by Insurance?

Coronavirus surgical mask doctor wearing face protective mask against corona virus banner panoramic medical professional preventive gear.

Along with the obvious public health concerns, the COVID-19 pandemic raises several questions about insurance. Will my health insurer cover testing? Can my business make a claim for lost income?

Although the answers from carriers, regulators and courts might change as the situation evolves, here’s how some of the most common insurance products are expected to respond to coronavirus-related losses.

Health Insurance

Federal and state governments will pay for lab tests associated with COVID-19. However, hospitals might charge their own fees for collecting specimens and can pass those expenses along to consumers. For health plans regulated by the Illinois Department of Insurance, emergency care from an out-of-network provider (including ambulatory services and hospital care) must be billed as if it were from an in-network provider. Similarly, patients at an in-network facility who are treated by an out-of-network provider can’t be charged higher copayments (assuming no qualified in-network provider is available at the facility). In an effort to promote social distancing, telehealth services from medical providers must be covered as if they were part of an in-office visit.

Life Insurance

Purchasers of life insurance may have been asked to disclose recent travel to other countries. If a consumer misrepresented this information on an application and contracted a terminal case of COVID-19 while in a high-risk area, the insurer might be able to deny death benefits. Otherwise, life insurance policies generally don’t have exclusions that would pertain to the present crisis. Policies with a cash-value component might decrease in value due to the pandemic’s impact on the economy but are usually subject to a minimum guarantee.

Workers Compensation

Workers compensation insurance pays for medical care and a portion of lost wages when an employee becomes injured or ill as a result of his or her job duties. Although eligibility differs by state, compensation for illnesses generally only applies when job duties or work environments made employees significantly more susceptible to illness than the general population. Historically, for example, ill workers have received benefits after being exposed to hazardous chemicals but not when catching the flu from a co-worker. Whereas most workers are unlikely to qualify for workers compensation due to COVID-19, hospital workers (and perhaps grocery store employees) might qualify due to their elevated exposure. Time will tell.

Commercial General Liability Insurance

This insurance is intended to respond when a member of the public is harmed by a business’s work or by unsafe conditions at an insured location. Although some coverage might exist if a customer were to contract the virus from someone at a business, it’s possible that the insurance would only respond in cases of negligence (such as a business continuing to remain open to the public after being ordered to close). Although some policies might provide benefits regardless of fault, those amounts are generally limited to no more than a few thousand dollars.

Business Interruption Insurance

This insurance compensates businesses for lost income and extra expenses when they’re forced to shut down through no fault of their own (including by emergency order of the government). Unfortunately for policyholders, coverage is typically dependent on “direct physical loss” or damage to property, such as a fire at either the insured’s business or a neighboring building. Interruptions that result in lost income but aren’t caused by a “direct physical loss” or property damage are generally excluded. Although COVID-19-related lawsuits have already been filed against insurers based on this language, carriers might still be able to deny claims based on other parts of the policy. For example, since the early 2000s, most business interruption policies specifically exempt losses due to viruses and bacteria.

As in all cases regarding claims, policy language can differ from product to product and carrier to carrier. Insurance professionals should carefully read the applicable coverage forms before advising the public about a specific loss.


Real Estate institute offers insurance continuing education approved by the Illinois Department of Insurance. Thousands of Illinois insurance producers complete our webinar, classroom and self-study continuing education courses each year. 

What You Need to Know About Illinois Broker License Renewal in 2020

junge Frau beobachtetThe Illinois Department of Financial and Professional Regulation (IDFPR) recently e-mailed Brokers, announcing that these licensees are officially “In Renewal,” which means the department is now accepting online license renewal applications.

If you didn’t receive this e-mail announcement, you may need to update your contact information with the state to receive future notices. To easily update or add your e-mail address, click here.

Remember, you cannot renew your real estate license until you complete required education.

Step 1 – Complete Continuing Education or Post-License

Brokers licensed before February 1, 2018 must complete 12 hours of core/elective continuing education (CE). The specific CE requirements have changed for the 2020 renewal and include two new required courses: 4-Hour Core and Sexual Harassment Prevention training. All Real Estate Institute’s CE courses are compliant with new requirements. To learn more about the recent education changes.

Brokers licensed from February 1, 2018 through November 1, 2019 are renewing for the first time and must complete a Broker Post-License program (instead of continuing education).

Brokers licensed after November 1, 2019 were issued licenses that expire on April 30, 2022 – so no action is required at this time. However, there are compelling reasons to complete a Broker Post-License program sooner, rather than later. Call us to learn more!

No matter when you were licensed, it’s important to retain documentation of your course completions. When licensees complete courses with Real Estate Institute, we promptly report their completions to the IDFPR.

Step 2 – Submit Your New License Application

After you have completed your CE or Post-License education requirement, you must renew your license with the IDFPR. There are two ways to renew your license:

  1. Renew Online – The IDFPR permits online license renewal applications to be submitted up to 90 days before the license expires. This option allows you to complete the entire renewal application and pay online. Click here to apply online.
  2. Mail Your Application – The application can be completed online, printed and mailed with payment. If you use the paper application, we strongly recommend that you send it to the IDFPR via USPS Certified Mail so that you receive confirmation of delivery. Delivery confirmation will be critical in the event of a delay in license renewal. It will likely take the IDFPR several weeks to process your paper application.

Step 3 – Print Your New License

Once the IDFPR has processed your license renewal application, you should receive an e-mail indicating that your new license is available. Upon receiving this e-mail, you may log in and download or print a copy of your license. Note: Brokers are required to carry a printed or electronic copy of their license.


Real Estate Institute has been a leader in real estate education for over 25 years. Our team of compliance 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.

IDFPR Announces Broker 45-Hour Post-License Requirements and Curriculum

House model on wood table. Real estate agent offer house, property insurance and security, affordable housing concepts

The Real Estate License Act was recently amended, and newly licensed brokers have different education requirements, depending on the date of license issuance. Yesterday the IDFPR Division of Real Estate announced details about the new 45-hour Post-License curriculum that will enable schools to begin developing courses to satisfy the requirement.

Requirements for Brokers Licensed BETWEEN Aug. 9, 2019 – Nov. 1, 2019

  • 45 credit hours Post-License education, consisting of three 15-credit-hour courses:
    • 15 hours of Applied Brokerage Principles
    • 15 hours of Risk Management/Discipline
    • 15 hours of Transactional Issues
  • Brokers must complete at least 1 hour of Sexual Harassment Prevention training before renewing their licenses, which will be included in one of the above courses.
  • Each course requires its own 50-question final exam, which must be administered by the education provider delivering the course. (No exam exemptions for live training or online distance education.)

License Renewal Deadline

  • To remain active, Brokers must renew their license before expiration (by April 30, 2020).
  • Due to delays in the 45-hour curriculum announcement, the IDFPR may grant an extension until November 1, 2020 to complete the Post-License education requirement. They will continue to evaluate whether this is necessary, based on the actual availability of these courses. For now, Brokers should plan to complete their post-license requirement as soon as courses become available.
  • There is no extension for the 1-hour Sexual Harassment Prevention training. This portion of the education requirement must be completed for the April 30, 2020 license renewal deadline.

Course Availability

The announcement indicates that the department will begin licensing courses on March 1, 2020.  With the course requirements only published yesterday, it will take education providers time to review, plan, create and receive state approval for all three new 15-hour courses. Therefore, it’s unlikely that education providers will be able to create quality courses and acquire the required approvals so quickly.

Real Estate Institute has been offering an opportunity for brokers to pre-register for the 45-Hour Post-License program at a discounted price. This will give these students immediate access to the program once it is approved by the IDFPR.


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.

NAR Announces Changes to Code of Ethics Training

Code of Ethics

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.