Everything you need to know about the April 30 Managing Broker license renewal

By IAR Education Manager Carrie Elliott and IAR Legal Hotline Attorney Betsy Urbance

By April 30, 2015 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).

Missed the Managing Brokers License Renewal Deadline? Read More

What’s required?

1. Managing Brokers first licensed after February 1, 2013. In this case since it will be your first renewal as a Managing Broker, you are required to take 12 hours of regular CE (a minimum of six Core and six Elective CE hours) before April 30, 2015. The Core hours should include one Core A and one Core B course. There is a maximum of six hours of Elective CE allowed. The 12-hour Broker Management CE course is not required.

2. Managing Brokers licensed prior to February 1, 2013. A total of 24 CE hours will be required. You will be required to take 12 hours of regular CE (a minimum of six Core and six Elective CE hours) before April 30, 2015. The Core hours should include one Core A and one Core B course. There is a maximum of six hours of Elective CE allowed. In addition to the regular CE hours, you will be required to complete 12 hours of Broker Management CE. The Broker Management continuing education is not available online or by home study. 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: https://iar.webex.com

3. Managing Brokers first licensed after February 1, 2015. Check your license issued by the Illinois Department of Professional Regulation for your expiration date. If licensed AFTER February 1, 2015 you should have a renewal date of April 30, 2017 and will not need to take CE or renew by the April 30, 2015 date.

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: When is the IDFPR renewal open?

Renewal is now open. Visit 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 www.idfpr.com/DPR/RE/Forms/recip.pdf

Q: I’m a licensed attorney in good standing in the State of Illinois. 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 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: www.illinoisrealtor.org/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 do

not wish to renew as a Managing Broker and would like to revert back to the Broker license. Is this possible?

The Illinois Department of Financial & Professional Regulation just released a new form that will allow managing brokers to revert to a broker license. 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 revert from managing broker to a broker license. The form and all the details provided by IDFPR can be found here. (Please Note: If you choose to revert back to the broker license category, you will be required to complete the course work (45 hours) and take the state exam again should you decide you wanted to upgrade to the managing broker license category in the future.)

Q: I took too many regular CE hours. Will they count toward my 2017 Managing Broker renewal?

If you took home study or online courses and have not fulfilled the requirement by taking the final exam, you can complete the exam after May 1, 2015 and the credits will apply to your 2017 renewal. All course exams that have been scored prior to May 1, 2015 are considered complete and the education credit will not carry over to the next cycle.

Q: I took the Broker Management course and did not need BMCE for the 2015 renewal. Will any of those hours count towards my 2017 renewal?

Yes, the 12 hours can be counted as regular elective CE hours toward your 2017 Managing Broker renewal.

Q: Can I still practice real estate as a Managing Broker after April 30 if I have not completed all the required CE and/or completed the renewal application and paid the fee to the Illinois Department of Financial and Professional Regulation?

No. Contact the Illinois Department of Financial & Professional Regulation to learn your options: IDFPR 1-800-560-6420 or FPR.realestate@illinois.gov .

Q: If I have completed my CE, my Broker Management CE, paid the fee and submitted the renewal form on or before April 30th but have not received my renewed license, may I practice now?

Yes. Make sure you keep records of your CE, renewal application and proof of payment in the case of an audit.

Q: What if I haven’t completed CE in time to meet the renewal date of April 30, 2015 for the Managing Broker license?

You should not renew your license until you have met the renewal requirements which does include continuing education. If you renew without completing the required CE you could face a monetary penalty of up to $75 per 3 hour course, or $25 per credit hour, that you were deficient (e.g. deficient 3 hours, $75 penalty). Link here to review the CE requirements for the 2015 Managing Broker license renewal .

Q: I have been ill and unable to complete the requirements for the Managing Broker license renewal, what can I do?

You can submit a letter requesting a waiver with a doctor’s note to the Illinois Department of Financial and Professional Regulation, Licensing Division, 320 W Washington Street, Springfield, IL 62786. Waivers must be reviewed by the Real Estate Education Advisory Council. Please allow at least 90 days for your request prior to the end of the cycle. NOTE: Until you hear otherwise from IDFPR, you should not practice real estate brokerage.

Q: I sent in my renewal application to IDFPR and found out I failed one of my CE classes. What’s the next step?

Retake the exam right away by contacting the CE school where you completed your education. Fines related to unfulfilled continuing education are determined by IDPFR.

Copyright Notice: All Rights Reserved by the Illinois Association of REALTORS®.

This information may not be distributed in whole or in part without permission and citing the source as follows: “Reprinted with permission by the Illinois Association of REALTORS®, 522 S. Fifth Street, Springfield, IL 62701. iaraccess@iar.org. 217-529-2600, www.illinoisrealtor.org”

Source: m.illinoisrealtor.org

Category: Forex

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