TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.550 MANAGING BROKER LICENSE TRANSFER TO BROKER LICENSE


 

Section 1450.550  Managing Broker License Transfer to Broker License

 

a)         An individual licensee holding an active Managing Broker license may exchange the Managing Broker license for a Broker license only if the Managing Broker license is eligible for renewal.

 

1)         An individual licensee who applies to exchange a Managing Broker license in the first year of the Managing Broker term shall complete six  hours of Broker CE, and shall not be required to complete any additional CE in the first Broker renewal following the exchange, provided the Broker renewal occurs within 12 months after the Managing Broker renewal.  Thereafter, the Broker shall complete 12 hours of broker CE by each subsequent Broker renewal as set forth in Section 1450.450(a)(1).

 

2)         An individual licensee who applies to exchange a Managing Broker license in the second year of the Managing Broker term shall complete 12 hours of Broker CE, and shall be required to complete six hours of additional Broker CE for a total of 18 hours in the first Broker renewal following the exchange.  Thereafter, the Broker shall complete 12 hours of Broker CE by each subsequent renewal as set forth in Section 1450.450(a)(1).

 

b)         To transfer a managing broker license to a broker license an applicant shall submit to the Division:

 

1)         A signed and completed application on forms provided by the Division; and

 

2)         The required fee set forth in Section 1450.130(b)(5).

 

c)         Upon the transfer of a managing broker license to a broker license, the managing broker license shall be cancelled. Disciplines may be added to the new broker license.

 

d)         To obtain a managing broker license after transferring to a broker license, a transferee shall meet the requirements of a new applicant for a managing broker license as set forth in the Act and this Part.

 

(Source:  Amended at 40 Ill. Reg. 12588, effective September 2, 2016)