On Mar. 14, ILL FPR proposed rule changes regarding broker licensing.
ILL FRP proposed amendments to Real estate license act of 2000 (ILL LEG 68-1450).
Aim to employ best practices in interpretation and administration of Act changes.
Proposed Amendments
Amends definition of brokerage agreement and requires such agreements be in writing
Permits education providers to maintain virtual offices and specifies the characteristics of a virtual office and the manner in which records may be stored and/or exchanged.
Phases out the issuance of broker and managing broker licenses through reciprocity.
Endorsement process for licensure in IL for brokers and managing brokers licensed in another jurisdiction, by expanding option of a virtual office to education providers.
The amendments also enhance clarity and transparency in licensee-client relationships.
Clarifies the time periods applying to restoration of a license following successful completion of a disciplinary term or after license inactive/expired over 2 years.
Details notice to education provider if education provider license will be denied.
Required core curriculum expanded to include at least 2 hours of fair housing training.
Includes diversity, equity, and inclusion as permissible continuing education courses.
Consultation
Comments on proposed rulemaking due 45 days after publication, i.e. Apr. 28, 2025.
