FAQs

Frequently Asked Questions

General

What is Professional Referral Network, Inc.?

Professional Referral Network, Inc. is a real estate license holding company that allows licensed brokers to maintain an active license while not actively working in real estate.

How do I join?

Click here for enrollment forms and instructions on how to transfer your license.

How much does it cost?

The annual membership fee is $100, but dues are prorated the first year depending on which month you join. Professional Referral Network, Inc. will refund half of the annual fee paid by the Referral Associate for each referral fee collected up to a maximum of $100 per year.

Will I have MLS access?

No. Because you will not pay MLS or Association dues, you will no longer have access to the MLS.

Permitted Real Estate Activities

Can I directly represent buyers, sellers, or other clients?

NO. Referral Associates are specifically prohibited from engaging in any other real estate activity, including, but not limited to: listing, selling, buying, auctioning, leasing, renting, conducting open houses, or negotiating real estate contracts on behalf of others.

Can I still work for my current Company, Managing Broker, or Sponsor?

No. Illinois law prohibits working for more than one broker at a time.

Licensing

Do I still have Continuing Education Requirements while my license is in the holding company?

Yes. The requirements are the same as if you were actively producing real estate. Click here for Continuing Education classes and details.

How do I transfer my license to Professional Referral Network, Inc.?

License transfers are made on the IDFPR online portal. Click here for instructions.

What if I want to go back to actively producing real estate?

Your license may be taken out of holding or placed with another sponsor at any time. Transfers are made on the IDFPR online portal.

Referrals

What are the referral fees?

Professional Referral Network, Inc. will charge the broker receiving the referral a 30% referral fee on either the listing or selling side of closed transactions. The Referral Associate will be entitled to 50% of all referral fees collected by Professional Referral Network, Inc., on referrals placed by the Referral Associate and acknowledged in writing by Professional Referral Network, Inc.

Can I make referrals for commercial real estate?

Yes. You may make commercial as well as residential referrals.

May I request a specific real estate agency and/or sales associate for referrals?

If a Referral Associate specifically requests a particular real estate agency and/or sales associate, Professional Referral Network, Inc. will make every effort to fulfill the request.