Big changes for realtor licensing requirements coming

[September 04, 2010]  The Illinois Department of Financial and Professional Regulation has announced significant changes to the designations of real estate agents and to the education requirements to become a "Realtor."

Currently all are designated as either a "Real Estate Salesperson" or a "Real Estate Broker." The new designations will be "Broker" and "Managing Broker." Individuals with the current designations will be required to take additional education and pass tests to acquire the new designations.

Also, the requirements for an unlicensed individual to obtain a new license will increase significantly. The current pre-license requirement of 45 credit hours for the "Salesperson" will double to 90 credit hours. Presently, these credit hours can be obtained through accredited classroom training, home study courses or online courses. The new rules will require a portion of the course work to be completed in a classroom or similar interactive setting, which may require some individuals to travel. The new requirement goes into effect May 1, 2011.

For more information, contact David Alexander with Coldwell Banker in Lincoln, 217-732-8353.

[Text from file received from David Alexander]