What is the Illinois Real Estate License Holding Company?
Illinois Real Estate License Holding Company is a wholly owned subsidiary of Kale Realty LLC 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 an association of Realtors; 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/REALTOR® practice.
If my license is in a holding company, what are my continuing education requirements?
CE requirements are the same as if you were actively practicing real estate.
Will I have MLS access?
As your license will be taken out of active broker/REALTOR® practice, you will no longer have access to the MLS.
What if I want to hang my license with another broker?
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.
Can I work for my current broker while Illinois Real Estate License Holding Company has my license?
No, under Illinois law, you may only work for one broker.
How do referral commissions work?
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. The typical referral fee is 25% (but you are free to negotiate a different rate) 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. 25% of the commission is $2187.50 and from that number we pay you 80% or $1750.
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.