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Buy a home in 2011, or you may miss out!

It amazes me, how many people continue to rent when the best deals of the decade are out there.  Don’t they know renting is like throwing your money into a black hole?  No tax deductions, no future investment opportunities, no stability, no gain. 

If you have a decent credit score, have a little money saved, and are currently renting, now is the time to call a lender to see if you qualify.   I know many are waiting for the bottom to drop more, but the interest rates may go up, or your favorite home may be gone, if you continue to wait.  In the current market, where home prices and interest rates are incredibly low, there is no reason why people should continue to rent.  Unless of course, they are not in the position to purchase. 

It would be a shame if you waited so long, that you missed out.  So call a lender today to see if you qualify for a home purchase, they may suprise you!

 
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Posted by on January 3, 2011 in REAL ESTATE

 

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HOW DOES THE NEW REAL ESTATE LICENSE LAW AFFECT YOU!

On December 31, 2009 the ILLINOIS REAL ESTATE ACT OF 2000 was approved. This will affect anyone seeking an Illinois Real Estate license and current Real Estate Agents. It will be important to know how this law will impact your license. If you have not yet become an Illinois real estate agent but have been contemplating getting your license, it would be wise to do this prior to the change in law which essentially doubles the course requirements!  I would assume this also means an increase in costs for licensing.

ILLINOIS REAL ESTATE LICENSE LAW
Information provided by IAR
Proficiency

Highlights for the license changes which will begin in 2011 include:

Once the transition is complete, there will be only two license categories in IL: Managing Broker and Broker. The salesperson license will no longer exist after 4/30/12. All existing licensed salesperson will need to transition to the broker license category before 5/1/2012. Existing broker licenses will remain the same, and some brokers will transition to managing brokers.

The transition period begins 5/1/2011 and IAR will publish info to assist licensees with the transition.

BROKERS

For brokers, your renewal this year will remain the same: Pay your fee plus 12 hours of CE + 6 hours of broker management CE for the two year renewal period ending 4/30/10.

-For existing brokers who do not choose to act as managing brokers with the IDFPR,
no transition will be necessary.

For brokers who are on record as managing brokers with the IDFPR on 4/12/2011, they will have until April 30, 2012 to either pass a proficiency examination, given by a course provider OR take 45 hours of education and pass an exam.,

SALESPERSONS

For salesperson, your license will be extended for another year and will expire on 4/30/2012, instead of 4/30/2011.

As of April 30, 2011, salespersons will need to transition to the broker category and will have until April 30, 2012 to either pass a proficiency examination given by a course provider OR take 30 hours of education and pass an exam.

INFORMATION PROVIDED BY THE ILLINOIS REAL ESTATE ACT OF 2000
Before April 30, 2011 Requirements for Sales Person license
Provide satisfactory evidence of having completed at least 45 hours of instruction in real estate courses approved by the advisory council, except applicants who are currently admitted to practice law by the Supreme Court of Illinois and are currently in active standing.
Prior to May 1, 2011 Requirements for licensure as a Broker
Provide (i) satisfactory evidence of having completed at least 120 classroom hours, 45 of which shall be those hours required to obtain a salesperson’s license plus 15 hours in brokerage administration courses, in real estate courses approved by the Advisory Council or (ii) for applicants who currently hold a valid real estate salesperson’s license, give satisfactory evidence of having completed at least 75 hours in real estate courses, not including the courses that are required to obtain a salesperson’s license approved by the Advisory Council.

After April 30, 2011 Requirements for licensure as a Broker
(No new salesperson licenses shall be issued after April 30, 2011)

Provide evidence of having completed 90 hours of instruction in real estate courses approved by the Advisory Council. 15 hours of which must consist of situational and case studies presented in the classroom or by other interactive delivery method presenting instruction and real time discussion between the instructor and the students.

IAR will be publishing more information as the transition period approaches in 2011.

 

 
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Posted by on July 31, 2010 in REAL ESTATE

 

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