Document Diligence: Safeguarding Your Transactions
A veteran broker once said, "No one ever failed in this business because of the paperwork." It's true: Real estate is a relationship-based business. However, to protect consumers and yourself, knowing how to manage the paperwork--whether it's cotton bond and ink or bits and bytes--is integral to your role. Maintaining detailed and organized records, even for transactions that don't close, not only satisfies regulatory requirements, it also protects your license. It proves you did what you were supposed to do when you were supposed to do it.
We can't do anything about paper cuts, but if you're ready to become more comfortable selecting and using documents to ensure on-time, accurate, and litigation-free real estate transactions, let's do this.
Course highlights include:
- Typical transaction documents
- Standard clauses, addenda, and contingencies
- How to practice within the scope of your license (but avoid unauthorized practice of law)
- How to field and manage multiple offers
- Managing signatures, notarizations, and identification
- Best practices in transaction management
- Best practices in document retention
- Keeping documents secure, both hard copy and digital
- Wire fraud prevention
State Requirements For Illinois
Illinois State Requirement Details for Real Estate Managing Broker Continuing Education
Renewal Date: April 30th of odd-numbered years
Hours Required by the State: 24 hours
- 12-hour Broker Management CE course
- 6-hour core course
- 6 hours of elective courses including
- 1-hour course in Sexual Harassment Prevention Training
Note: A managing broker renewing their license for the first time may use the 45-hour managing broker pre-license brokerage administration and management course to satisfy the 12-hour broker management CE requirement. If the current term of the managing broker license ends within the 90 days after the initial managing broker license is issued, a licensee is not required to complete CE for that managing broker license term but shall complete all CE requirements before the next managing broker renewal deadline.
Illinois Department of Financial and Professional Regulation Division of Real Estate
Street Address: 320 West Washington Street, 3rd Floor, Springfield, Illinois 62786
Mailing Address: 320 West Washington Street, 3rd Floor, Springfield, Illinois 62786
Telephone: (800) 560-6420
Email: fpr.realestate@illinois.gov