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
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.