Q: How much am I saving in a license holding company verses a fully active agent of a firm?
A: Believe it or not you can be saving an upwards of $700+ a year. When in a license holding company you are not part of the MLS and local Assoication therefore don't pay these fees.
Q: Will I have MLS access?
A: No, you as the agent are not with an active broker/REALTOR practice when in a license holding company.
Q: Can I hang my license with another brokerage firm?
A: NO, under Illinois law you can only work for one broker.
Q: What are my continuing education requirements in a license holding company?
A: CE requirements are no different from an agent actively practicing real estate.
Q: Am I required to maintain my license?
A: Yes, Even if a broker or company/firm sponsors your license; you're required as "the agent" by the state to complete continued education and requriements. For more information please contact the IL state or visit the IDFPR.com web site.
Q: Is my license valid once it expires?
A: No, once it is expired it isn't valid.
Q: May I keep my original license with me?
A: No, Per IDFPR your original license must stay with your sponsoring broker; however, the pocket card portion is kept with you at all times.
Q: My license is expiring, what do I do?
A: As the agent you are responsible for your license, contact the IL state or visit the IDFPR.com web site on how to renew your license.
Q: My address changed, what do I do?
A: You are required to notify your sponsor, the IL state (IDFPR), including others of any address changes.
Q: How do I quit/terminate my sponsorship?
A: Depending on your signed agreement with your broker and or company/firm, some circumstances require a thirty day signed written notice. Others don't, please contact your direct sponsor (not state) in regards to your agreement.
Q: How do referral commissions work?
A: If you have a client whom is ready to make a real estate transaction you can contact our office or affiliate offices; and, we will pass along the information to one of our top agents or brokers. You may also choose a brokerage firm not associated with us as well. The typcial referral fee is 25%; but, you are free to negotiate a different rate. Once the transaction closes our firm will then pay you as the referring agent or broker 70% of that total commission.
Q: What is the fee structure of the license holding company?
A: Our fees are just a fraction of what the combined amount of what the MLS and association charge. And they are upwards of $700+. We only charge a small amount, there is an annual fee that is charged on the 1st of each year and a small monthly fee due on the 1st of each month.