IL Real Estate Continuing Education - Managing Broker to Broker Exchange Information

Suppose a Managing Broker requests to step down to a Broker license. In that case, the licensee must currently hold an active status on their license and file paperwork with the Illinois Department of Financial and Professional Regulation (IDFPR).

All licensees required to complete continuing education shall have renewed their Managing Broker license in the previous renewal period with the required continuing education. Therefore, no continuing education is needed before filling out the paperwork as long as the licensee is currently active. The licensee must complete a Managing Broker to Broker Exchange Application with the IDFPR and mail this application to the IDFPR along with a $150 fee. If the licensee needs to change sponsors, they must also complete the 45-Day Permit Sponsor Card and send an additional $35 fee.

After the paperwork is processed, the IDFPR will issue the Broker license and cancel the Managing Broker license. This license will then be in a Broker renewal, and the licensee will need to complete the standard continuing education requirements before their new deadline for their Brokers license. 

If a licensee decides to become a Managing Broker again, then the licensee must complete the 45-hour Managing Broker Pre-License course and pass the PSI exam.

The required application forms are available through the IDFPR here.

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