Prior to renewing a license, the licensee shall be required to complete the continuing education between May 1, 2008 and April 30, 2010.
(There is no longer a CE exemption for licensees that were “grandfathered”).
• Licensed as a Broker on or before 4/30/2008, Or Brokers previously licensed as a Salesperson - 18 hours of CE is required:
6 hours core/mandatory, 6 hours elective, and 6 hours of the Broker Management Course.
• Licensed as a Broker between 5/1/2008 and 4/30/2009, if NOT previously licensed as a Salesperson, 12 hours of CE is required:
3 hours core/mandatory, 3 hours elective, and 6 hours of the Broker Management Course.
• Licensed as a Broker on or after 5/1/2009 and not previously licensed as a Salesperson, 6 hours of the Broker Management Course.
You may access the Real Estate License Act of 2000 and Administrative Rules Website at http://www.idfpr.com/DPR/RE/REALEST.asp
Accelerated Discount Learning Centers, Inc. offers a Broker Management 18 Hour Package for Real Estate Brokers to fulfill the requirements to renew their license before April 30th. The courses offered are:
6 hours of Broker Management
6 hours of Core A & B
6 hours of Ethics and Real Estate
Accelerated Discount Learning Centers, Inc. has updated the Continuing Education mandatory Core A & B course and it has been sent to the IDFPR for approval through the year 2020.
New Federal RESPA rules became effective on January 16, 2009 and new forms are required to be used as of January 1, 2010. Lenders are required to use a new Good Faith Estimate form (GFEs) and a new HUD-1 Settlement Statement (HUD-1).
RESPA (Real Estate Settlement Procedures Act) is a HUD consumer protection statute which covers closing costs and procedures. It also requires that consumers receive disclosures at various times concerning fees involved in a closing and also prohibits cost inflating “kickbacks.”
These new rules standardize the Good Faith Estimates of Closing Costs, promote transparency, and allow buyers to make educated decisions when shopping for a lender. These new rules apply to all residential contracts.
As of January 1st, 2010 the amended Act created some new forms and amended some of the old forms. It is increasingly important that you are using the most recent forms. The forms can be downloaded at the Illinois Association of Realtors® website store.
Effective January 1, 2010 Section 5-41 the Act clearly requires licensees to notify IDFPR of any change of office address.
Section 10-30 of the Act has been amended to clarify that advertising requirements apply to all methods of advertising employed by licensees. This would include advertising using any medium including the Internet or social media.
New provisions contained in Section 10-35:
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Licensees must not use metatags, keywords or other devices that would mislead consumers or deceptively drive them to the licensee’s website.
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Licensees must not frame another real estate brokerage or multiple listing service website in a deceptive manner or without authorization from the owner of the site.
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Licensees must not use a URL or domain name that is deceptive or misleading.
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Licensees must tell consumers if they are going to share or sell information that they collect.
As of January 1, 2010, the Act requires a written office policy for real estate brokerage offices. The written policy should include, but not limited to the following topics: Agency, Fair Housing, non-discrimination and harassment, clients’ confidential information, advertising, Sponsored licensees’ supervision and training, disclosures, risk management, earnest money and escrow handling as well as any other provisions the managing broker deems pertinent.
As of January 1st, 2010, the Act was modified to state that a licensee can be disciplined based on a guilty plea regarding a crime, even if it is unrelated to the real estate business. A licensee can be disciplined if he/she is determined to be unable to practice with the necessary degree of skill and judgment, which might be determined by a hearing.
Accelerated Discount Learning Centers, Inc. is one of the first to offer Broker Management as a self-study format. We offer courses which fulfill the State of Illinois Continuing Education requirements.
Self-Study courses are ready for you any time—no waiting for the next seminar or webinar that fits into your schedule. All of our classes are Online. The distance learning format allows you to read at your own pace, when it is convenient for you. Sign up today and if you decide you would rather sit in a classroom, we will refund your money. No questions asked.
The Illinois Real Estate License Act of 2000 is intended to protect the public through the regulation of all real estate licensees. Although the Act was passed in 2000, it is amended each year.
On January 1st 2010 The Illinois Human Rights Act was amended by Public Act 96-447 (HB 721) which added “order of protection status,” as a protected class. What this means for housing is that housing cannot be denied to a person based on the fact that the person is covered by an order of protection in Illinois, or any other state.
