Frequently Asked Questions
Illinois Real Estate License Holding Company is a wholly owned subsidiary of Kale Realty meant as a service to keep agent and broker licenses active while they are not currently practicing real estate. While in the holding company licensees are not required to join a local association; however, they are also not able to practice real estate actively, but instead can work on a referral basis only.
Placing your license in holding takes your license out of active broker or REALTOR® practice.
There is an annual fee of $109 to hold your license. There is also a one-time processing fee (only for your first year) of $49. The $49 one-time charge includes the $25 transfer fee the IDFPR requires whenever a broker moves to a new firm.
Click here and download and print out the enrollment paperwork. Then, simply mail them to our office in Chicago and we’ll do the rest. We process everything same day and will send you a welcome email to inform you everything is up and running!
If you have a client ready to make a real estate transaction you can contact our office and we will pass along the information to one of our top agents or brokers. You may also choose any non-Kale broker if you prefer. You and the other agent can choose whatever percentage you both agree upon for your referral split and Illinois Real Estate License Holding Company will pay out to you as the referring agent or broker 80% of that total commission.
For example, your client makes a purchase or sale of a $350,000 home. Illinois Real Estate License Holding Company, at the closing, receives a check for $8,750. If you had negotiated 25% as the referral split, 25% of the commission is $2,187.50 and from that number we pay you 80% or $1,750. Again, please remember you can negotiate any referral split that you and the other agent agree upon.
As your license will be taken out of active REALTOR® practice, you will no longer have access to the MLS.
CE requirements are the same as if you were actively practicing real estate.
You should join the holding company if you are not actively producing real estate at the present but would like to keep your license in an active status. It’s perfect for brokers that have referral clients but want to get paid on the referrals.
If you’re a broker who is actively producing (working with clients) in real estate, a holding company is NOT the right fit for you.
You can transfer your license to another broker as if you were still on active status. At your request, we will provide you with your signed off license. You can then complete the transfer paperwork with your new broker. If you’re in the Chicago area, please consider our firm Kale Realty. We pay the highest real estate commissions in Chicago!
No, under Illinois law, you may only work for one broker at a time.
Awesome! That’s what we’re here for. Please call us anytime at 312.238.9796. 95% of the time we answer the phone live, but if you get our voicemail, simply leave a message and we’ll call you right back.