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Everything You Need to Know About the April 30 Managing Broker License Renewal

by Carrie Elliott and Betsy Urbance

managing-broker-license-renewal-illinois-real-estate-iar

By April 30, 2013 Illinois managing broker licensees must have completed the continuing education (CE) requirements and applied to renew their license through the Illinois Department of Financial and Professional Regulation (IDFPR).

What’s required?

That depends on how you transitioned your broker license last year to the new “managing broker” license or whether you’ve just become a licensed managing broker since May 2011.

1. Transitioned to Managing Broker by completing and passing the Proficiency Exam. In this case you are required to take 12 hours of interactive Broker Management Continuing Education (CE). In addition you must complete 18* hours of regular CE (a minimum of nine Core and nine Elective CE hours) before April 30, 2013. The Core hours should include one Core A and two Core B courses. There is a maximum of nine hours of Elective CE allowed. Note: The interactive component of this CE requirement for Managing Brokers is satisfied by live classroom courses or state-approved live webinars including Broker Management CE Webinars by the Illinois Association of Realtors Licensing and Training Center: www.illinoisrealtor.org/bmce.

2. Transitioned to Managing Broker by completing the 45-hour Managing Broker Transition Course. In this scenario you do NOT need to take the 12-hour Broker Management CE course. However, 18* hours of regular CE are still required. You will need a minimum of nine Core and nine Elective CE hours before April 30, 2013. The Core hours should include one Core A and two Core B courses. There is a maximum of nine hours of Elective CE allowed.

3. First licensed as a Managing Broker on or after May 1, 2011. You need 12 hours of continuing education credits by April 30, 2013 with a minimum six hours of Core CE (three hours Core A and three hours Core B) and a maximum of six hours Elective CE.

*Your renewal period was effectively three years since you last renewed in April 2010. So this CE requirement is at a rate of six hours per year.

And now, questions and answers:

Q: What if I have too many Core CE hours and not enough Elective?

Your Core hours will count towards Elective CE hours, however elective hours do not count towards your Core requirement. Keep in mind that credit hours for the same course cannot be repeated within the same cycle.

Q: I took CE before the transition deadline last year. Will that count for my renewal?

If you are a broker who has transitioned to managing broker, continuing education completed from 5/1/10 through 4/30/13 will count towards the 4/30/13 renewal.

Q: When is the IDFPR renewal open? It is open now.

Visit https://www.idfpr.com/renewals/RealEstateManagingBroker.asp. You can renew online with a credit card or print a paper copy and mail in your renewal to the Illinois Department of Financial and Professional Regulation, PO Box 7086, 320 West Washington Street, Springfield, IL 62791.

Q: I’m from another state, what do I need to do to be a Managing Broker?

Review IDFPR’s Reciprocity Application for Licensure Under the Real Estate License Act: https://www.idfpr.com/DPR/RE/Forms/recip.pdf.

What do I need to do to renew as a managing broker? You will just be required to complete the renewal forms and pay the license renewal fees required by IDFPR. You are EXEMPT from all continuing education including the Broker Management CE.

Q: How can I find out what continuing education hours I already have?

Use the Illinois Association of Realtors Education Lookup to check your EDUCATION CREDITS for courses taken AND PASSED through the Illinois Association of Realtors Licensing and Training Center.

Q: Why can’t I find my CE hours on your website?

If you took your CE through a provider other than the Illinois Association of Realtors Licensing and Training Center or your local association, your CE will not be reflected in IAR’s Education Lookup. You will need to contact the other school directly for your records.

Q: If my license is in a “holding company” do I still need CE?

Yes. Your “holding company” is your sponsoring broker so you hold an active sponsored real estate license. You are, thus, subject to CE requirements.

Q: I transitioned by taking the 45-hours and took the Broker Management CE by mistake. Can I use any of these hours?

Yes, you can use the Broker Management CE hours as Elective CE hours for your regular CE requirement.


betsy-urbance-iarBetsy Urbance, is an attorney with the law firm Sorling Northrup Attorneys in Springfield, Illinois, and has been Legal Hotline Attorney for the Illinois Association of REALTORS® for over 18 years. She received her undergraduate degree in Finance from Western Illinois University and her law degree from the University of Missouri School of Law. She is licensed in both Illinois and Missouri. As Legal Hotline Attorney, Betsy answers over 300 real estate-related legal calls and e-mails per month on real estate related legal topics. She writes articles for real estate publications and is a licensed continuing education instructor.

 

carrie-elliott-iarCarrie Elliott is Education Manager for the Illinois Association of REALTORS®. She manages the continuing education, pre-license, leasing agent, home study and online education programs for IAR. She provides assistance to IAR instructors and local associations regarding education programs and procedures and compliance with the Illinois License Law. She provides education licensing information to IAR members and the public. She also serves as the Association’s education liaison with the Illinois Department of Financial and Professional Regulation, as well as the IAR Education Working Group.

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Comments

  • allan borta says:

    i did not renew my brokens license the last time can i renew this time as long as i take my CEclasses

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