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Time Ticking Toward Real Estate Licensing Transitional Deadline

April 15th, 2012 at 4:11 am

With time ticking toward the April, 2012 law change, Illinois relators are scrambling to meet all new requirements. According to the Illinois License Law Rewrite, all realtor licenses will expire at the end of April next year, requiring professionals to either complete new requirements or surrender their license during the transition.  One tenant of the new requirements is that all salespersons’ licenses will expire, and no new ones will be issued. This means that there will only be Brokers and Managing Brokers in the state of Illinois after the transition period comes to a close next April.

This is an issue for several licensed Real Estate Salespeople in Illinois. According to the Illinois Association of Realtors, this means that all licensees who will be transitioning must take the proficiency exam NO LATER than March 15, 2012. Any partner in a licensed real estate partnership who is currently a licensed salesperson must make the transition to a managing broker or broker. The full details of Administrative Rules of the Illinois License Law Rewrite can be downloaded here. Despite complications of new licensing requirements, there hasn’t been much outrage from the community of Illinois realtors.

If you require assistance making the transition in your license type or would like to speak to a professional regarding the future of your real estate career, contact our experienced team of real estate lawyers at Discipio Law. Transitions are never easy, but with the guarantee of respected and professional experts on your side, can be made much simpler.

 

Posted in Real estate

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