New Real Estate Rules Go Into Effect
New Education Requirements
Illinois legislature recently changed the education requirements for brokers.
The pre-license education requirement is now 75 hours with 15 hours consisting of situational and case studies presented in the classroom or by live, interactive webinar or online distance education. 225 ILCS 454 Section 5-27(a)(5)
The post-license education requirement is now 45 hours consisting of three 15-hour courses, one each covering: applied brokerage principles, risk management and discipline, and transactional issues. Each course will require its own 50 question final exam. 225 ILCS 454 Section 5-50(b)
Those individuals receiving their first broker license within 180 days preceding the next broker renewal deadline will be allowed to complete the 45 hours of post license education prior to the second broker renewal deadline following the receipt of their license. 225 ILCS 454 Section 5- 50(b)
Physical sponsor cards are no longer required and are replaced by a valid sponsorship registered with the Department. 225 ILCS 454 Sections 5-10(b) and 5-27(c) 24 hours’ notice to the Department is required when establishing or terminating sponsorship with a licensee. 225 ILCS 454 Section 5-40 If a sponsorship is terminated, the licensee’s status will automatically become inactive until a new valid sponsorship is registered with the Department.
Whether the termination is initiated by the sponsoring broker or the licensee, the initiating party is responsible for notifying the Department within 24 hours of the termination. 225 ILCS 454 Section 5-40(b)
A business entity formed by a licensee for the purpose of receiving compensation from their Sponsoring Broker must either be owned solely by the licensee or by the licensee together with the licensee’s spouse, but only if the spouse and licensee are both licensed and sponsored by the same sponsoring broker or the spouse is not also licensed. 225 ILCS 454 Section 10-20(e)
IBA is an Illinois Licensed Education ProviderIBA Courses are Supervised by Our Lead Instructor, who is also an attorney and a CPA
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Courses Include Textbook, Over 20 Hours of Videos, and Online Quizzes
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