Last year, some important amendments to the Real Estate License Act took effect. While most of the changes were subtle, there was an impact for Illinois Real Estate Managing Brokers. As the license renewal deadline approaches for Managing Brokers, our customer service team has been fielding lots of questions about the changes. Here is the key question and answer…
Do the license law changes impact your 2019 Managing Broker license renewal?
Yes, but not in a significant way.
Although the amended license law made some changes to curriculum and the way courses can be offered, the real impact of those changes won’t be felt until the next license renewal period. That’s because the state needed to finalize administrative rules that describe how those changes will be implemented. The proposed rules (which may be final by the time you read this) defer the impact of the changes to avoid confusion about requirements during this renewal period.
However, the Illinois Department of Financial and Professional Education (IDFPR) determined that some aspects of the amended license law were very clear and could be implemented in advance of the rulemaking process. This contradiction led to some confusion among licensees.
How does this impact Managing Broker Continuing Education?
The current two-year Managing Broker renewal period began May 1, 2017, and ends April 30, 2019. As a reminder, most Illinois Managing Brokers must complete 24 credit hours of continuing education that includes: 12 hours of core and elective CE (via self-study, online distance education, classes or live webinars) plus 12 hours of interactive Broker Management CE (via classes or live webinars) before renewing their licenses.
You may be pleased to learn that if you attend a live, interactive CE course via classroom or webinar, you are no longer required to complete a final exam for that course. Keep in mind that you must attend the entire course. (Attending review classes for self-study CE courses is not permitted.) This applies to core, elective, and Broker Management CE.
When it comes to core and elective CE, attending live training is not for everyone, especially with the requirement to complete 12 hours of interactive Broker Management CE. You may be looking for another way to avoid taking a final exam. If you’re feeling a little adventurous and willing to try something new, “online distance education” may interest you. This new interactive course delivery method became available in 2018 as a result of the amended license law.
No one relishes the idea of taking a test. It’s important to know that although a final exam is not required with online distance education courses, there must be interactivity, which includes quizzes/knowledge checks along the way to make sure you’ve gone through the entire course.
Note: The state does not permit the 12-credit-hour interactive Broker Management CE course to be completed in an online distance education delivery method.
In summary, the course format you choose will determine whether a final exam is required.
The IDFPR will soon begin accepting license renewal applications, so it’s important that Managing Brokers complete their required CE now.
Real Estate Institute has been a leader in real estate education for over 25 years, offering top-rated Continuing Education and Pre-License courses in multiple formats: Classroom, Live Webinar and Online Distance Education. Real Estate Institute’s team of experts is standing by to answer questions about your requirements, our courses and the renewal process. Please don’t hesitate to contact us at 800-995-1700.