It is the responsibility of each licensee to properly renew their license. The licensee must accurately fill-out a renewal application and send the renewal application, together with the fee, to the Licensing Department in Springfield before the renewal date. If a renewal form is not received in the mail, it remains the responsibility of the licensee to file the renewal application. The licensee will also have the option to renew via Internet or telephone using a credit card.
Renewal Dates: April 30, 2010
Note - A person whose license has been expired for more than 2 years shall be required to meet the requirements for a new license, including completing all pre-license education and passing the exam. See Section 5-55(a) of the Act.
If you need additional information, please visit: http://www.idfpr.com/faq/BRE/toggleBRERealEstateFaq.asp
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.
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.
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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.
