Aug
14

Stricter Requirements, Fewer Illinois Real Estate Brokers

August 14, 2012

less illinois real estate brokersAccording to the recent Chicago Tribune article, Number of Illinois real estate brokers drops 22% since April, 7,900 real estate agents in Illinois are without licenses. This number is made up of individuals who either let their licenses lapse or made mistakes on their license applications, and the applications are still being processed.

This means a 22% decline in licensed brokers (real estate brokers and managing brokers) within the state since April 30.

If a broker does not have a current license, they cannot practice. Doing so could result in discipline and a fine of up to $25,000, according to a spokesperson from the Illinois Department of Financial and Professional Regulation.

The Department expects some drop off, as individuals leave the profession, but 22% is higher than normal, “due to new state rules that took effect earlier this year that required agents who were classified as salespeople to take additional education and transition to real estate brokers.” Managing brokers must take even more training.

These changes follow a 2009 state law upgrading the necessary requirements for working in the industry, “in an effort to better protect consumers and raise professional standards.” These changes also put Illinois on par with other states’ requirements.

Agents had over two years to upgrade their licenses.

The Department said that there may be thousands of applications that contained mistakes, known as “deficient applications,” that are still being processed.

The Illinois Association of Realtors’ membership has dropped 15%, and the organization estimates three to four percent of that decline is due to the new requirements.

Illinois and Chicago real estate shoppers can check on the status of an agent’s license at www.idfpr.com.

About The Author

Amanda Winters

Read All Stories By Amanda Winters

Amanda Winters joined the mRELEVANCE team in 2007 as an account manager focusing on real estate clients. With extensive experience in the homebuilding industry, having served as the communications representative at a nonprofit that builds housing for the homeless, she is a perfect fit for the team.

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