Illinois Adopts Provisions under the Real Estate License Act of 2000
The state of Illinois adopted new provisions and amended many parts of the Real Estate License Act effective September 2, 2016; these changes were made as a result of statutory changes as well as industry requested changes. This article will discuss some of the new sections added to the act. The substantive changes in these new provisions include: removal of reference to the “salesperson” license, update the “broker” and “managing broker designations,” update the continuing education requirements for transferring licensees, and a new provision covering real estate auction certification. Many other non-substantive changes have also been made and reflect corrections to citations, clarifying language, and the creation of the Division of Real Estate within the Department of Financial and Professional Regulation. For purposes of this article the most relevant provisions added to the act discuss the termination of a license, dual licensure, and broker price opinions.
Termination of License
Section 1450.115 governs the termination of a license and states that, upon termination, a sponsoring broker must: endorse the licensee’s original license as provided for on that document, submit a copy of the endorsed license to the Division within 2 business days after termination, keep a copy until the license’s expiration date, and give the original endorsed license to the licensee. The licensee is then prohibited from engaging in licensed activities, and a licensed leasing agent is prohibited from engaging in leasing residential real property until the licensee is issued a properly completed sponsor card.
Dual Licensure
Section 1450.160 states that a licensee may not hold at the same time a license as a managing broker and leasing agent, a managing broker and broker, or broker and leasing agent. When a new license is issued, the prior license is cancelled.
Broker Price Opinions and Comparative Market Analysis
Section 1450.160 states that a broker that is also an appraiser must include the broker or managing broker’s name and license number rather than the appraiser’s license number of the initial page of the broker price opinion.
The full text of these provisions can be found in the Illinois Register Volume 40, Issue 36, beginning on page 12588 and concluding on page 12761:http://www.cyberdriveillinois.com/departments/index/register/register_volume40_issue36.pdf
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