This just in, Illinois REALTORS® can now share new resources available through the Illinois Department of Professional Regulation’s (IDFPR) Division of Real Estate, that help explain recent changes to the Illinois Real Estate License Act (RELA).
RELA amendments became effective on Aug. 9, 2019. Industry members and licensees are anxious to get more details about the implementation of the RELA changes.
The booklet, Looking to the Next Decade and Beyond: Updates to the Real Estate License Act, covers most of the changes, some of which will be dependent upon the implementation of rules to clarify new or changed requirements. Your Illinois REALTORS® will be working with IDFPR in the coming months to influence rules prior to their publication. Realistically, rules will not be fully implemented for at least the next six months, perhaps longer.
One concern involves transition for new broker licensees. Illinois REALTORS® wishes to pay special attention to these requirements. The pre-license education changed from 90 hours to 75 for new broker licensees, and the post-license education requirements changed from 30 hours to 45 hours. The 45-hour course will consist of three 15-hour modules, where each module will culminate with a 50-question test, administered by the education provider.
IDFPR has produced a chart, Pre- and Post-License Education Changes, which outlines three different “buckets” depending on when the initial broker license was issued. Each “bucket” outlines which post-license curriculum requirements apply to the new broker licensee and what s/he will need to complete prior to either the April 30, 2020 or the April 30, 2022 broker renewal deadline.
For answers to your questions, you can contact the Illinois REALTORS® Licensing & Training Center online, by toll-free telephone number (800) 523-5077 or email at email@example.com.