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.
It’s time to take back the lead!
If you need help understanding transition education and the related state forms, give us a call at 800-995-1700 or visit our website.
The final rules implementing the Illinois license law transition requirements allow an ALL self-study format for transition education programs. (Originally, a 15-hour live/interactive class component was required.) Under these rules that are in effect, agents can now study and test at a time and place convenient for them.
This change to the transition rules provides a tremendous benefit to licensees. By completing this new transition education program, salespersons transitioning to the broker license only require ONE-STEP! The 30-hour self-study program satisfies the transition requirements and EXEMPTS licensees from having to complete continuing education for their first renewal.
There’s good news for brokers transitioning to the managing broker license too. By completing the 45-hour self-study program, which satisfies their transition education requirements, they are EXEMPT from having to complete a live/interactive Broker Management Continuing Education class for their first renewal. If you have taken BMCE in the past, you know that an exemption from this program offers a huge time and cost savings.
Real Estate Institute Leads the Way … AGAIN!
Real Estate Institute immediately responded to the IDFPR’s announcement as the first approved school to offer the new transition courses. According to Alan Toban, Director at the Real Estate Institute, “I firmly believe that there is no question about how to transition now. Taking a high-stakes, one-attempt exam adds unnecessary stress to the already stressful and confusing real estate changes. Over the years, we’ve found self-study to be the most desired and popular option for our students. We’re strongly recommending this new transition solution to all licensees.”
Apparently Alan’s recommendation is working. Most offices and individual licensees that were originally enrolled to take the proficiency exam have switched to the preferred transition education program instead.
As you may have heard, beginning April 30, 2011, the Illinois Department of Financial and Professional Regulation (IDFPR) will no longer issue new real estate salesperson licenses. The original deadline for a new salesperson candidate to pass the state exam was March 15, 2011, to allow the state sufficient time to process and issue the new licenses.
For many of you who have been pulling all-nighters to meet this looming deadline, your stress levels were taken to new heights when you found out that most test centers around the state were full. Real Estate Institute has fielded so many calls from panicked students.
Good news is here! Real Estate Institute was notified by the IDFPR yesterday that they have authorized Applied Measurement Professionals (AMP) to extend the deadline for salesperson examinations as follows:
- Testing will now be permitted through Saturday, March 19, 2011.
For more information visit the IDFPR’s website. http://www.idfpr.com/dpr/re/REALEST.asp