The Illinois Department of Financial & Professional Regulation just released a new form that will allow managing brokers to revert to broker status.
The form came in response to efforts by the Illinois Association of REALTORS® to gain clarity on a process for some of its members to switch the broker license. The form and all the details provided by IDFPR can be found here.
As part of the transfer process, those filing will have to have completed all 12 hours of the regular continuing education required to renew as a managing broker at the time of application.
In addition to the 12-hour CE guideline, managing brokers seeking to revert to broker status must:
- Have a sponsoring broker
- Have a managing broker’s license that is in active status
There is a $125 non-refundable fee to make the change, plus any other applicable fees.