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.
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.
In our completely unscientific study this week, it looks like broker licensees are in the lead. We’ve had considerably more inquiries and more transition enrollments from brokers than salesperson licensees. Since salesperson licensees significantly outnumber brokers in Illinois, we found this surprising.
We’re still scratching our heads trying to figure out why. With all the time and effort that has been spent to obtain and maintain the salesperson license, letting it go just doesn’t make sense. We assume a lot of salespersons still do not understand the change. Salespersons do not have the option of renewal. Transitioning from the salesperson license to the NEW broker license is the only option. So what’s the holdup!?!
Are salespersons waiting until closer to the deadline?
Are they waiting for the market to recover?
Are they hoping the state will change the rules?
The bottom line is that if the transition requirements (education and submitting the paperwork and fees to the state) haven’t been met by April 30, 2012, you can no longer work as an agent – no more commissions, no more referrals, no more license. When an average commission would pay for 10 transitions, keeping an active real estate license seems like the right thing to do. We know that the market will get better. We know that there will be referral opportunities. It would take legislation to change this law, and it’s just not changing.