Public Act No. 23-84 - Real Estate Licensing Summary

• Changes real estate license renewal from annual to biennial (two-year) cycle, effective April 1, 2024, with corresponding fee increases for brokers ($1,130 initial, $750 renewal) and salespersons ($570 initial and renewal).

• Establishes school registration requirements with the Department of Consumer Protection for entities offering prelicensing and continuing education courses, including course-specific registration fees and instructor qualification standards.

• Creates "associate broker" category as a new type of real estate licensee affiliated with a supervising licensee, subject to same advertising requirements and compliance standards as brokers.

• Introduces "custodial broker" appointment process allowing temporary management of deceased or incapacitated brokers' business matters for up to 180 days, with possible extension for hardship reasons.

• Increases enforcement penalties for real estate license violations from $2,000 to $5,000 per violation and establishes new provisions governing leasing agents, interpreter disclosures, and out-of-state real estate professional compensation.