Illinois Association of Realtors

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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

April 24, 2012

Time is Running Out to Meet April 30 Transition Deadline

The deadline is less than a week away and salespersons who don’t transition in time will lose their license. Brokers need to transition to the Managing Broker license or stay a Broker and renew. Find more information on the transition and renewal deadline below in the Latest on License Law section.


Market Stats and Research

March Illinois Home Sales Best in Four Years
Statewide home sales totaled 9,575, the best March performance since 2007, according to the latest IAR report. The statewide median price held steady at $130,000, marking the first time the median price hasn't decreased since June 2010. Find county-by-county statistics, market talking points and the U of I forecast in Members Only Market Stats (login required). Watch a new video with Dr. Geoffrey Hewings.

IAR in the News
IAR's March home sales report garnered favorable media coverage including: "Illinois March home sales best in four years," "Home sales and prices rise in Chicago in March," and "Chicago home sales, prices surge in March." Interviewed by Chicago's WBBM Newsradio, IAR President Loretta Alonzo said now is the time for buyers to get off the sidelines and start looking. Find more headlines in this IARbuzz blog post.


Legislative & Advocacy

IAR Call To Action: Oppose Lake County $5 Surcharge
Take action and urge the Illinois Senate to vote "NO"on SB 3167, a bill that would authorize Lake County to enact a $5 surcharge on the recording of real estate related documents to fund an affordable housing trust fund. IAR opposes the surcharge because there are many state and federal resources that Lake County could maximize without turning to another real estate transfer fee, which only makes housing less affordable. 

Enterprise Zone Extension Bill Advances
An IAR-supported bill to extend several existing enterprise zones for another 25 years and give the Department of Commerce and Economic Opportunity authority to certify 10 more zones passed out of committee last week and now heads to the full Senate. Get the details in the latest State Capitol Report


Industry News and Trends

Cross-Border Selling: REALTORS® Hear from Experts on International Strategies
More than 100 real estate professionals attended last week's IAR Multicultural Summit on European/Russian Markets. Topics covered everything from practical tips for working with international clients to corporate relocations and Illinois' allure to foreign buyers. Find speaker presentations, Web resources and more

New Short Sale Directives for Fannie/Freddie
The Federal Housing Finance Agency (FHFA) has announced new servicing timelines for Fannie and Freddie loans aimed at streamlining the process.  


Latest on License Law

Don't forget this key step in the transition process - apply to IDFPR by April 30!
In addition to education/exam required for Salesperson to Broker and Broker to Managing Broker transition, all licensees must file your transition and/or renewal application with the Illinois Department of Financial and Professional Regulation (IDFPR) postmarked by April 30, 2012. It is a good idea to send the paper application via certified mail so you have receipt of the time of mailing and a record of delivery. If, for any reason, your information is incomplete, file your application by April 30 anyway. IDFPR link for the transition applications.

  • For Salesperson Transitioning to Broker - Complete and postmark the IDFPR transition/renewal form by April 30, 2012 including the $125 one-time transition fee and the $150 renewal fee. Link to the paper application (pdf) for Salesperson to Broker Transition/Renewal Application Form. 
  • For Broker Transitioning to Managing Broker - File the IDFPR transition application with the $150 transition fee included by April 30, 2012. Link to the paper application (pdf) for Broker to Managing Broker Transition. 
  • For Broker Staying Broker - No transition required. Complete renewal application; pay $150 renewal fee and send in to IDFPR, either online or by paper application, no later than April 30, 2012. Link to the Broker Renewal section of the IDFPR website.

License Application Backlog
IDFPR is working to process a backlog of license applications as April 30 approaches. Want to see if yours has been processed? Click here.

Still Need to Schedule a Proctored Exam?
Contact the IAR partner local boards that are still scheduling exams through Friday, April 27.

Learn More:
New IDFPR Q & AIDFPR Transition Guide | IDFPR Transition Help Line 217-782-3414 | FPR.realestate@illinois.gov

Need to Check Your CE Status?
If you are unsure about your continuing education (CE) credits currently logged by IDFPR, use the Department's CE Lookup.


Legal Issues

April 26 Legal Webinar: "What If" Questions After the April 30 Transition Deadline
In Thursday's webinar, IAR Chief Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance will answer post-transition questions that might arise beginning on May 1, such as what to do if a listing agent failed to transition; what happens if you've sent your information post-marked April 30, but haven't received your license from IDFPR; what if your managing broker is a sole proprietor who did not transition to the managing broker license? The webinar begins at 9:30 a.m. and space will be limited so join promptly.


Events

April 28-29
Nationwide Open House Weekend is April 28-29
Join REALTORS® around the country and showcase your listings during this year's Nationwide Open House Weekend, April 28-29. 

May 2-3
IAR Spring Conference & Expo in Collinsville

Walk-in registration still available for IAR Spring Conference. Get motivated with speakers Buzz Sutherland and Terri Tucker. Earn CE with IAR Legal Hotline Attorney Betsy Urbance and credit expert Chandra Hall. Check out the up to 60 vendors at the Real Estate Expo. #iarcon. The Illinois YPN is challenging its members to a "can-up." Bring canned goods to the orange YPN booth and get your "I Can" sticker. All donated items will go to benefit the victims of the tornadoes in Harrisburg, Ill.

May 17
REALTORS® Plan Rally to Protect the American Dream

Wear REALTOR® blue and join your colleagues in Washington, D.C., May 17 to promote property rights and homeownership. The Rally to Protect the American Dream will be held on the National Mall in the shadow of the Washington Monument. It's part of the NAR Midyear Legislative Meetings and Trade Expo.

June 1
Interested in Serving on an IAR Committee, Working Group or Task Force in 2013?

Download the committee sign up form. Complete the form and return by June 1, 2012.

June 18-22
LANDU Education Week in Chicago

Take up to five classes in one week toward the Accredited Land Consultant designation during the REALTORS® Land Institute's LANDU Education Week, June 18-22 in Chicago.


Sales and Marketing

Six Don'ts After Applying for a Mortgage
Share these practical tips from the KCM blog with your buyers and help them avoid bad money moves that could jeopardize their mortgage. One tip: Don't close credit accounts as it can negatively impact your score.

What's Hot in Home Design Trends
Formal home offices are being eschewed for "pocket" offices that can be tucked into smaller spaces and more homeowners want laundry rooms off the master bedroom. Find other new home design trends in this NAR Styled, Staged and Sold blog post.

FREE! Form and Brochure Downloads for IAR Members
Access the many free contracts and forms, manuals, brochures, consumer handouts and more available to you as an IAR member.


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