By IAR Education Manager Carrie Elliott and IAR Legal Hotline Attorney Betsy Urbance
By April 30, 2013 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).
That depends on how you transitioned your broker license last year to the new “managing broker” license or whether you’ve just become a licensed managing broker since May 2011.
1. Transitioned to Managing Broker by completing and passing the Proficiency Exam. In this case you are required to take 12 hours of interactive Broker Management Continuing Education (CE). In addition you must complete 18* hours of regular CE (a minimum of nine Core and nine Elective CE hours) before April 30, 2013. The Core hours should include one Core A and two Core B courses. There is a maximum of nine hours of Elective CE allowed. Note: 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: www.illinoisrealtor.org/bmce
2. Transitioned to Managing Broker by completing the 45-hour Managing Broker Transition Course. In this scenario you do NOT need to take the 12-hour Broker Management CE course. However, 18* hours of regular CE are still required. You will need a minimum of nine Core and nine Elective CE hours before April 30, 2013. The Core hours should include one Core A and two Core B courses. There is a maximum of nine hours of Elective CE allowed.
3. First licensed as a Managing Broker on or after May 1, 2011. You need 12 hours of continuing education credits by April 30, 2013 with a minimum six hours of Core CE (three hours Core A and three hours Core B) and a maximum of six hours Elective CE.
*Your renewal period was effectively three years since you last renewed in April 2010. So this CE requirement is at a rate of six hours per year.