Thursday
Jan142010
Understanding Illinois’ New License Law
Thursday, January 14, 2010 at 5:20PM Changes to the Illinois Real Estate License Act of 2000, signed into law Dec. 31, stand to benefit home buyers, sellers and Chicago REALTORS®. Key provisions in the new law include:
- Changing the category of “Salesperson” to “Broker” and “Broker” to “Managing Broker.” (These changes will be implemented through April, 2010. You have time to make the transition!)
- Increasing the education required for Illinios licensure.
- Enhancing consumer protection and enforcement measures.
As you might assume, new forms and amended language on some old forms accompany the law. It’s important that you use the correct forms. Find them, and additional information about the changes, at IAR, here.
If you’d like the original word on the new law, see the news release from Illinois Governor Pat Quinn.
-- C.A.R. Staff
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