If you are an Illinois real estate salesperson transitioning to the new broker license, make sure you complete ALL three simple steps, or you will lose your license on May 1.
- ENROLL. If you have not done so already, immediately sign up for the 30-credit-hour transition course. This course can be completed by self-study. (You are exempt from CE for this renewal period.)
- TEST. Schedule your proctored exam. Spaces are filling up fast.
- SUBMIT. You must submit your transition and renewal application, including fees and certificate to the IDFPR. It must be postmarked by April 30.
Remember, there is no “late transition.” If you miss the deadline, you will no longer be able to earn referrals or commissions and will need to start the licensing process all over again. That means having to complete a 90-credit-hour broker pre-license program. Don’t pass up transitioning to broker status. Luckily, you still have a few more weeks. There’s still time!
Today, the Illinois Department of Financial and Professional Regulation (IDFPR) updated the online license renewal page at their website to include Real Estate Broker renewal. Agents who hold a license number that begins with 475 may submit their renewal application and $150 fee to the state. Broker renewals are due by April 30, 2012.
If you are transitioning your license and have not submitted your transition application, you must use the combined transition/renewal form found here.
If you are a Salesperson who has transitioned and have received your new Broker license or are a Broker who is NOT transitioning to the new Managing Broker license, click here to go to the IDFPR for access to the online license renewal information.
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.