Licensure as a managing broker, the person must personally take and pass a written examination on Illinois specific real estate brokerage laws authorized by department.
Approved pre-license education for licensure as managing broker, broker, residential leasing agent is valid for 2 years after satisfactory completion of required education.
Nonresident broker who meets certain requirements may also operate a virtual office.
On Jan. 1, 2026, repeals provision concerning reciprocity for managing brokers.
After Jan. 1, 2026, applications for licensure on reciprocal agreements not accepted.
Licenses granted under reciprocal agreements prior to Jan. 1, 2026 to remain in force.
May be renewed in same manner as provided for broker, managing broker license.
Requires fair housing training as part of the continuing education requirements.
Sets forth provisions concerning licensure of managing brokers and brokers licensed under laws of another State or jurisdiction of US and authorizing virtual offices.
Legislative History
On Feb. 9, 2024, bill introduced in the Senate; on Apr. 12, 2024, bill passed in Senate.
On Apr. 15, 2024, bill introduced in House; on May 24, 2024, bill was passed in House.
Effectiveness
Upon approval, effective Jan. 1, 2025, except certain provisions effective immediately.
Aug. 2024 ILL LEG Governor Approval
On Aug. 9, 2024, ILL LEG governor approved SB 3740, assigned Public Act 103-1039.
