Brokertomanagingbroker2012

294 views

Published on

Published in: Education, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
294
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Brokertomanagingbroker2012

  1. 1. Broker Requirements for License Renewal 2012 Information contained here is subject to change without notice and will update when IDFPR provides the Administrative Rules for License Act 2010 What’s changed? What are my options? Deadline? Costs? Brought to you by: With permission from:
  2. 2. What has changed? Brought to you by: With permission from:
  3. 3. Broker Licensees (who own, manage, are independent, or plan to be) What has changed? <ul><li>Category of Licensure </li></ul><ul><ul><li>Effective April 30, 2012, Illinois will recognize the following categories of licensure for real estate: </li></ul></ul><ul><ul><ul><li>Broker </li></ul></ul></ul><ul><ul><ul><li>Managing Broker </li></ul></ul></ul><ul><ul><li>The Illinois Real Estate License Act no longer includes the category of salesperson. </li></ul></ul><ul><ul><li>All broker licensees who own, manage, are independent, or plan to be are required to obtain a managing broker license on or before April 30, 2012. </li></ul></ul>Brought to you by: With permission from:
  4. 4. Broker Licensees (who own, manage, are independent, or plan to be) What has changed? <ul><li>Transition Period begins May 1, 2011, and ends April 30, 2012 </li></ul><ul><ul><li>The transition period lasts one year. </li></ul></ul><ul><ul><li>You may use the transition period to obtain one license </li></ul></ul><ul><ul><li>In other words, you won’t be able to transition from salesperson to broker and then transition from broker to managing broker. </li></ul></ul>Brought to you by: With permission from:
  5. 5. What are my options? Brought to you by: With permission from:
  6. 6. Broker Licensees (who own, manage, are independent, or plan to be) What are my options? <ul><li>Options # 1 and 2 </li></ul><ul><li>Become a Managing Broker DURING Transition Period </li></ul><ul><li>Through proficiency prep (Option #1) </li></ul><ul><li>January 2011 until March 15, 2012 </li></ul><ul><li>Through 45-hour transition course (Option #2) </li></ul><ul><li>May 1, 2011 until April 30, 2012 </li></ul><ul><li>IDFPR will allow individuals with a broker license to transition to managing broker license now until April 30, 2011 </li></ul><ul><li>A broker may obtain a managing broker license, however cannot advertise themselves as a managing broker UNLESS they hold those responsibilities within their office. </li></ul><ul><ul><ul><li>more detail on next slide… </li></ul></ul></ul>Brought to you by: With permission from:
  7. 7. <ul><li>There are 2 ways to complete requirements during </li></ul><ul><li> Transition Period </li></ul><ul><ul><li>Proficiency Exam (Option # 1) </li></ul></ul><ul><ul><li>45 Hour Transition Course (Option # 2) </li></ul></ul>Broker Licensees (who own, manage, are independent, or plan to be) What are my options? Brought to you by: With permission from:
  8. 8. <ul><li>Option #1 </li></ul><ul><li>Proficiency Exam </li></ul><ul><li>All individuals licensed as a broker on or before April 30, 2011 are eligible to sit for proficiency exam </li></ul><ul><ul><li>Select a proficiency prep class with RANWC (click here for registration) </li></ul></ul><ul><ul><li>Take and pass proficiency exam on or before March 15, 2012 </li></ul></ul><ul><ul><li>Proficiency exam available from January 2011 to March 15 th , 2012 </li></ul></ul><ul><li>PASS and also complete 30 hours of CE Credit (you have until April 2013 to finish CE) </li></ul><ul><ul><li>9 CORE and 9 Elective </li></ul></ul><ul><ul><li>One 12 hour broker management class (must be taken live or interactive, no home study option for this) </li></ul></ul><ul><li>Apply for broker license with IDFPR after receiving proof of passing proficiency </li></ul><ul><ul><li>Fees: </li></ul></ul><ul><ul><li>Transition to broker: $150.00 </li></ul></ul><ul><ul><li>Renew broker license: $200.00 </li></ul></ul><ul><li>Deadline to complete CE and renew managing broker license: </li></ul><ul><li>April 30, 2013 </li></ul>Broker Licensees (who own, manage, are independent, or plan to be) What are my options? Brought to you by: With permission from:
  9. 9. Broker Licensees (who own, manage, are independent, or plan to be) What are my options? <ul><li>Proficiency Exam </li></ul><ul><li>What if I fail? </li></ul><ul><li>No retakes allowed for proficiency exam </li></ul><ul><li>Must complete 45 hour broker to managing broker transition course </li></ul><ul><li>Transition courses expected to roll out May 1 st , 2011 </li></ul><ul><li>All RANWC broker to managing broker transition courses expected to include 12 hrs required broker management CE for renewal </li></ul>Brought to you by: With permission from:
  10. 10. <ul><li>Option #2 </li></ul><ul><li>45 hour broker to managing broker transition course </li></ul><ul><li>Take Transition Course and pass related exam(s) </li></ul><ul><ul><li>If you fail the related exam(s), retakes are allowed </li></ul></ul><ul><ul><li>All transition courses expected to include 12 hrs required broker management CE </li></ul></ul><ul><ul><li>Transition course not available until May 1, 2011 </li></ul></ul><ul><li>After passing exam(s), apply for broker license </li></ul><ul><ul><li>Transition to managing broker license: $150.00 </li></ul></ul><ul><ul><li>Renewal of managing broker license: $200.00 </li></ul></ul>Broker Licensees (who own, manage, are independent, or plan to be) What are my options? Brought to you by: With permission from:
  11. 11. <ul><li>What is my deadline? </li></ul>Brought to you by: With permission from:
  12. 12. <ul><li>Deadlines </li></ul><ul><li>your deadline depends on which option you choose </li></ul><ul><ul><ul><li>Proficiency Exam </li></ul></ul></ul><ul><ul><ul><li>Must pass proficiency exam on or before March 15, 2012 </li></ul></ul></ul><ul><ul><ul><li>Pay fees to IDFPR for transition to managing broker license </li></ul></ul></ul><ul><ul><ul><li>Must complete 30 hours of CE before April 30, 2013 </li></ul></ul></ul><ul><ul><ul><li>Pay fees to IDFPR to renew broker license by April 30, 2013 </li></ul></ul></ul><ul><ul><ul><li>45 Hour Broker to Managing Broker Course </li></ul></ul></ul><ul><ul><ul><li>Must complete and pass on or before April 30, 2012 </li></ul></ul></ul><ul><ul><ul><li>Pay fees to IDFPR for transition to managing broker license </li></ul></ul></ul><ul><ul><ul><li>Pay fees to IDFPR to renew broker license </li></ul></ul></ul><ul><ul><ul><li>18 hrs additional CE needed by April 2013 (9 core, 9 elective) </li></ul></ul></ul>Broker Licensees (who own, manage, are independent, or plan to be) What are my options? Brought to you by: With permission from:
  13. 13. What are my costs? Brought to you by: With permission from:
  14. 14. <ul><li>1 st quarter 2011 proficiency prep courses are discounted for the early birds </li></ul><ul><li>Proficiency prep course pricing increases $10 per quarter </li></ul><ul><li>Transition course pricing expected in spring 2011 </li></ul>What are my costs? i nformation contained here is subject to change without notice Brought to you by: With permission from:
  15. 15. What are my costs? (RANWC Member Pricing) i nformation contained here is subject to change without notice <ul><li>IDFPR does not offer discounts for license renewal fees </li></ul>Brought to you by: With permission from: Proficiency prep class w/exam & 3 hrs CE credit @ RANWC 18 hrs CE in a classroom $35 per 3 hrs 18 hrs CE via self study $22.95 per 3 hrs 12 hr Broker Management Class Total $99.00 (1 st qtr 2011) $210.00 if CE was taken with proficiency prep class 15 hrs of CE= $175 $137.70 not available yet You decide Fees to IDFPR to receive managing broker license after passing exams (this license expires in 2012) Fees to renew managing broker license in 2013 Total $150.00 $200.00 $350.00
  16. 16. Questions? <ul><li>RANWC Members are encouraged to email their questions to the RANWC Education Department: [email_address] </li></ul><ul><li>You can also call Ramona Ruskuls , RANWC Director of Education, for clarification of contents contained in this slideshow. (847) 506-5030 </li></ul>Brought to you by: With permission from:

×