Broker licensing requirements eased under new law

Instead of needing a state license for every office they do business in, agents now will need only one

(Credit: iStock)
(Credit: iStock)

A new law in Illinois will eliminate the need for some real estate agents to hold multiple licenses.

Gov. Bruce Rauner this week signed into law a bill that removes the state requirement that agents get a license for every office they do business in, according to the governor’s office. Instead, agents will need to secure just one license and notify state regulators of the various offices where they work.

The law will help agents who do business out of multiple branches of their brokerage by saving agents money and lessening the regulatory hurdles to doing business, said Jon Broadbooks, spokesperson for the Illinois Realtors Association.

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“Those costs add up over time,” he said.

The bill also clarifies that licensed agents can establish a limited liability corporation to receive commissions, which will allow more agents to get more favorable tax liabilities than they would while operating as individuals, according to the governor’s office.

The law also pushes back continuing education deadlines for licensed agents, Rauner’s office said.