Gil Kerbashian - Illinois Home Loans

A person needs a real estate license if they provide assistance which is in any way intended to result in the sale or lease of real estate. The definition of the word "broker" under the Act provides 11 examples of the types of "assistance" that require a real estate license. Included are: representing clients in the negotiation of real estate sales contracts or leases, and issuing advertisements for the sale, purchase or lease of real estate.

The assistance must be provided for others. Accordingly, a person who buys, sells or leases real estate as a "principal" does not need a real estate license.

Compensation is required. Therefore, a person who provides assistance on a real estate transaction to a friend or relative, without compensation, does not need a license.

Yes. Exemptions from the license requirement are set forth in Section 5-20 of the Act. In other words, some individuals and entities who engage in the “practice of real estate” in Illinois do not need to obtain a real estate license from DPR.

Included in the exemptions are owners of real estate and the employees of the owners of real estate. See Section 5-20(1) of the Act. Accordingly, owners of real estate and their employees may advertise the sale or lease of their property and negotiate real estate contracts and leases without a license. Note that for this exemption to apply, (i) the “practice of real estate” must be limited to those properties “owned,” (ii) the employment relationship must be per a “W-2" wage basis, not per an independent contract basis, and (iii) the employer must hold title to the real estate, not just have a financial interest in the real estate (there must be a direct connection between the unlicensed employee and the holder of title).

Also included in the exemptions are (i) attorneys acting under an executed and recorded power of attorney and (ii) attorneys whose services for a real estate consumer are limited to the practice of law. See Section 5-20(2) of the Act. Note that attorneys who engage in the practice of real estate must obtain a real estate license (attorneys are exempt from the pre-license education but attorneys still must pass the exam and obtain a real estate license to practice real estate).

DPR issues three kind of real estate licenses for individuals: leasing agent licenses, salesperson licenses, and broker licenses.

DPR issues three kind of "business entity" licenses: real estate broker corporation licenses, partnership licenses, and limited liability company licenses. Note that the business must be properly registered with the Illinois Secretary of State office before an application for a license is filed with DPR. The procedures for filing an application for a business entity licenses are found in Section 5-15 of the Act and Rule 1450.85. The procedures for renewing a business entity licenses are found in Rule 1450.105(c).Ownership: Individuals with a real estate license may own a brokerage business. In this regard, licensed brokers may own an unlimited amount of a brokerage business. However, a salesperson or group of salespersons may own only up to 49% of a brokerage business. Also, unlicensed individuals or unlicensed entities may own an unlimited amount of a brokerage business, as long as all unlicensed owners file Affidavits of Non Participation.

Management: Any officer of a broker corporation, manager of a limited liability company, and general partner of a partnership, who are involved in any way in the brokerage activities of the business, must have a broker license.

Note - A broker may also operate a real estate business as a sole proprietor. A sole proprietor business does NOT require a sole proprietor license from DPR. However, a sole proprietor broker must maintain an “office”and must comply with all other applicable provisions of the Act and Rules. Please see the question below in the General Practice Issues section regarding operating a real estate office.

An individual who wants to obtain an Illinois real estate license must complete the required pre-license education (subject to the few exemptions below), pass a test, and file an application with the required fee.

Pre-license Education Requirements:

Leasing agent license = 15 hours of instruction in an approved course of study relating to the leasing of residential property.

Salesperson license = 45 hours of instruction in approved courses, and a minimum of 15 of these hours must be in the areas of Article 15 of the Act (agency), disclosure and environmental issues, or any other current topic as determined by the Education Advisory Council.

Broker license for a person who does not already have a salesperson license = 120 hours of instruction in approved courses, 45 of which shall be those hours required to obtain a salesperson license, plus at least 45 hours of mandatory courses as outlined in Section 1450.60 of the Rules.

Broker license for a person who does already have a salesperson license = 75 hours of instruction in approved courses (not including the 45 hours required to obtain the salesperson license).

Yes. Salespersons must complete 12 hours of CE every 2 years. Brokers must complete 18 hours of CE every 2 years (6 hours core/6 hours elective/6 hours of the Broker Management Course).

Exemptions include: an individual who served in the armed services of the United States during the renewal period and a real estate licensee who is also an Illinois licensed attorney. See Section 5-70(b) of the Act.

If you received your initial license less than one year before the first renewal date for the license, please check Section 5-70(c) of the Act to determine if you are exempt from completing the continuing education for the first renewal period.

It is the responsibility of each licensee to properly renew their license. The licensee must accurately fill-out a renewal application and send the renewal application, together with the fee, to the Licensing Department in Springfield before the renewal date. If a renewal form is not received in the mail, it remains the responsibility of the licensee to file the renewal application. The licensee will also have the option to renew via Internet or telephone using a credit card.

Renewal Dates:

Salespersons must renew their license by April 30 of every odd numbered year (ex. April 30, 2007, April 30, 2009, etc).

Brokers must renew their license by April 30 of every even numbered year (ex. April 30, 2008, April 30, 2010, etc.)

Yes. The current list of states having Reciprocity with Illinois appears on the DPR web site. Note that even those out-of-state licensees who qualify for reciprocity still must pass a test on Illinois specific real estate brokerage laws and obtain an Illinois license before practicing in Illinois. See Section 5-60 of the Act.

In order to terminate sponsorship, the sponsoring broker should:

Sign the license of the sponsored licensee, indicate "terminated," and mark the date of the termination.

Submit a copy of the endorsed license to DPR within 2 business days after termination by signature restricted mail delivery.

Retain a copy of the endorsed license at least until the next renewal date; and

Give the original endorsed license to the licensee.

The scope of this question is very broad. All brokers operating their own real estate brokerage business should carefully review the Act and Rules. By way of overview, consider the following:

In the case of corporations, partnerships, and LLCs, the main office and each branch office must be licensed. The main office for a sole proprietor does not need a main office license (the individual broker license of the sole proprietor constitutes the main office license) but each branch office of a sole proprietorship must have a branch office license.

Every real estate office must have a managing broker of record. The managing broker does not need to be the owner of the business. The same individual who serves as the managing broker of a main office may serve as the managing broker of each branch office, or a different individual may serve as the managing broker of some or all of the branch offices. The managing broker of each office is responsible for the supervision of all of the real estate activities performed by the office. See Rule 1450.130

The license of every sponsored licensee must be displayed in the office. The “display” of a license may be satisfied by hanging the license on a wall in the office that is open to the public, or by including the license in an album or binder which is kept on a desk or shelf in the office that is accessible to the public. In the case of a business with a main and a branch office(s), a license should be posted in the office out of which the licensee “predominately” works. See Rule 1450.155.

Each office must have a “sign.” The sign must be outside the office and must be of a size and nature that will be reasonably readable by the public (a listing on a building directory fulfills this requirement). The sign must include the name of the sponsoring broker. The sign must be professional in appearance and meet all applicable zoning restrictions and restrictive covenants - in other words, if you live in a subdivision that does not allow commercial signs, you CANNOT maintain your office out of your home. Each branch office must also have a sign that meets with these same requirements. The sign for the branch office should include the same name as the main office or clearly delineate the branch office's relationship with the main office (e.g. “Affiliated with”). See Rule 1450.150.

Consumers and clients must be welcome in the office.

The managing broker must maintain all of the required records at the office. Please see Rule 1450.180 for record keeping requirements. The required records include a written employment agreement with each sponsored licensee. See Rule 1450.160. If escrow monies are maintained, the managing broker must ensure that the proper Consent to Audit forms are filed with the Licensing Department in Springfield and must ensure compliance with every provision of the Escrow Rule 1450.175.

Other businesses may be operated out of the same office location. However, the real estate business must be physically separated from the other businesses. The intention here is to ensure that real estate consumers know where they can meet with their real estate broker and know where their real estate records will be maintained. The real estate business may use a shared reception area and may use other common areas at a multi-business location.

If an assumed business is used, please see the question below addressing the Assumed Business Name Act.

All compensation earned by a licensee must be paid through the sponsoring broker.

Note - as a general rule, a commission is earned at the time the real estate contract or lease is executed. Therefore, even if the licensee's license is not active at the time of closing, the licensee can still receive the commission. The commission should be paid through the sponsoring broker of record at the time the commission was earned. Or, if a licensee has changed sponsoring brokers by the time of the closing, the commission can be paid either through the sponsoring broker of record at the time the commission was earned or through the new sponsoring broker.

A Corporation for Indirect Payment of Compensation was authorized in the Real Estate License Act of 2000 to allow licensees to gain certain tax advantages regarding their compensation earned as a licensee. All licensees (leasing agents, salespersons, brokers) qualify. If properly set up, a sponsoring broker may pay compensation earned by a licensee directly to the corporation rather than to the licensee individually. Note the following:

It is a corporation, and therefore the licensee must register the corporation with the Illinois Secretary of State. Questions on how to register the corporation should be placed to the Illinois Secretary of State, not DPR.

The licensee must be the SOLE shareholder of the corporation. Accordingly, licensees who are related (ex. husband/wife) or who work together as a team may NOT use the same corporation for receipt of each licensees' compensation.

After the corporation is registered with the Illinois Secretary of State, the licensee must file a copy of the certificate of incorporation with the Licensing Department in Springfield.

The corporation does NOT require a real estate broker corporation license issued by DPR.

The licensee may NOT use the corporation to perform real estate activities, associate other licensees with the corporation, or advertise to the public under the corporation's name.

The licensee may use the corporation for receiving compensation earned by the licensee arising out of activities unrelated to the practice of real estate.

No. Only exclusive brokerage agreements are required to be in writing. See Rule 1450.195(b) and (c) for a list of the provisions that are required to be included in a written exclusive brokerage agreement. It is certainly recommended that even non-exclusive brokerage agreements be in writing.

Rule 1450.200(a) requires that a licensee make sure that a real estate contract or lease does NOT contain any blanks to be filled in after signing or initialing. For example, it is important for a licensee to make sure that a real estate contract include a date of acceptance, which is normally established by including the date next to the seller's signature.

Rule 1450.200(b) requires that a licensee obtain the written consent of all principals to a real estate contract or lease before making any modification to the contract or lease. In addition, if a modification is made to a contract or lease, a licensee must make sure that each principal initial the modification. It is also strongly recommended that a licensee make sure that the principals' initials are dated.

Yes. Section 10-15(c) of the Act authorizes the offer or payment of compensation (“prizes, merchandise, services, rebates, discounts or other consideration”) to an unlicensed person who is a party to a contract or lease. Of course, such compensation is not required. The payment of such compensation should be pursuant to the negotiations on the transactions. The payment of such compensation is not limited to payment by a licensee to the licensee's client - in other words, a seller's agent may pay compensation to an unlicensed buyer.

Yes. Section 10-15(d) of the Act authorizes the offer or payment of compensation (“cash, gifts, prizes, awards, coupons, merchandise, rebates or chances to win a game of chance”) to a consumer as an inducement to that consumer to use the services of a licensee, even if the consumer and licensee ultimately do not enter into a client relationship. Any advertisement under this Section must also comply with all requirements regarding real estate advertisements. Also, care should be taken not to offer compensation to unlicensed persons for referrals of clients - this is prohibited.

A licensee must disclose to a client the sponsoring broker's policy with regard to paying compensation to cooperating brokers who represent other parties in a transaction.

A licensee must disclose to a client all sources of compensation related to the transaction received by the licensee from a third party.

If a licensee refers a client to a third party in which the licensee has greater than a 1% ownership interest, the licensee must disclose the ownership interest to the client at the time the referral is made.

A licensee must disclose in writing to a client in any transaction in which the licensee is being paid by both the buyer and seller or lessee and lessor.

See Section 10-10 of the Act.

Licensed Personal Assistants must be sponsored by the same broker that sponsors the licensee being assisted. The license of the Licensed Personal Assistant must be displayed in the office of the sponsoring broker.

The sponsoring broker must have a written employment agreement with the Licensed Personal Assistant. The written employment agreement must set forth the employment or independent contractor terms, supervision, duties, compensation and termination terms. See Section 10-20(d) of the Act.

All compensation earned by the Licensed Personal Assistant must be paid through the sponsoring broker. See Section 10-5(c) of the Act.

A Licensed Personal Assistant MAY serve as an assistant to a licensee sponsored by a broker AND actively practice real estate for the same sponsoring broker.

A Licensed Personal Assistant may NOT assist a licensee sponsored by one broker and also practice real estate for another sponsoring broker. This prohibition applies even if the “assistant” duties are only administrative or clerical.

An Unlicensed Assistant may not engage in licensed activities. An excellent list of examples of what an Unlicensed Assistant may and may not do appears in Rule 1450.165 paragraphs (b) and (c).

An Unlicensed Assistant may be employed directly by the licensee being assisted. The licensee being assisted is responsible for the actions of the Unlicensed Assistant.

Compensation for an Unlicensed Assistant does NOT need to pass through the sponsoring broker of the licensee being assisted.

See Rule 1450.165

It is illegal for an Illinois real estate licensee to pay a fee for the referral of a real estate client to any individual or business entity that does not have a real estate license. For example, an Illinois real estate licensee cannot pay a referral fee to an unlicensed friend or neighbor. Nor can an Illinois real estate licensee pay a referral fee to an unlicensed professional otherwise involved in real estate transactions, e.g., to an unlicensed employee of a mortgage company.

It is legal for an Illinois licensee to pay or receive a referral fee to/from another Illinois real estate licensee. It is also legal for an Illinois real estate licensee to pay or receive a referral fee to/from a person who has a real estate license in another state. See Rule 1450.205(a).

Referral fees must be paid through a sponsoring broker.

Five years. Please see Rule 1450.180 for the specific requirements on record retention.

Any licensee (whether sponsored or inoperative) CAN sell their property "by owner," provided the licensee is "sole owner" of the property. In this context, the licensee is a "sole owner" if the licensee (i) has a 100% ownership interest, (ii) has ownership as a joint tenant or tenant by the entirety, or (iii) holds a 100% beneficial interest if the property is held in a land trust. A licensee who qualifies to sell property "by owner" must include in all advertisements (including yard signs) the words “agent owned” or “broker owned.” See Section 10-30(c) of the Act.

Yes. Every time a licensee is a principal (the seller, buyer, landlord or tenant) in a real estate transaction, the licensee must disclose in writing his or her status as a real estate licensee. The best way to comply with this requirement is to write the disclosure (e.g. “Illinois real estate licensee,” “real estate salesperson,” “real estate broker,” etc.) next to the licensee's signature on the real estate contract or lease. Another way to comply is to add the disclosure as a printed provision within the contract or lease. Disclosure may also be made by a separate writing (e.g. via a letter to all of the other principals) tendered prior to the execution of the contract or lease. However, simply providing the licensee's business card to all of the principals is insufficient disclosure.

If a licensee signs a real estate contract or lease as an employee of the principal (e.g. as an officer of a corporation that is the seller), the licensee must make the same disclosure.

See Sections 10-27 and 10-30(c) of the Act and Rule 1450.190.

The Act and Rules do not prohibit this dual role. Accordingly, an individual may represent the same client both as a real estate agent and as a mortgage broker or loan officer, even on the same transaction. However, Sections 10-10(b) and (c) of the Act may require that some disclosures be made (a real estate licensee must disclose to a client all sources of compensation related to a transaction and disclose any ownership interest in any entity with whom the client may do business). Also, it is the responsibility of the individual in this dual role to comply any other applicable laws, local, state or federal, regarding their mortgage activities.

Yes. This a new provision under the Real Estate License Act of 2000. Accordingly, the same broker may serve as the managing broker of the main office and serve as the managing broker of any number of its branch offices. In addition, one broker may serve as the managing broker for the main office, and a different broker or brokers may serve as the managing broker of any number of its branch offices. Other variations are permissible.

The sponsoring broker license is responsible for the supervision of all managing brokers.

Note - Having the same broker serve as managing broker of multiple offices is not a requirement. If desired, a different broker may serve as the managing broker for each different office.

Note also - The same broker may NOT serve as the managing broker for multiple offices under different sponsoring broker licenses. For example, the same broker cannot serve as the managing broker of the main offices of two broker corporations.

Registration for an assumed business name is required any time a real estate business is marketed to the public under a name that is IN ANY WAY different than the name appearing on the sponsoring broker license. A sole proprietor registration must first be made in each county in Illinois in which the sponsoring broker is doing business. A corporation, limited partnership, general partnership or limited liability company must register with the Illinois Secretary of State. Copies of the registration documents must then be filed with the Licensing Department in Springfield. See Rule 1450.90.

The answer to this question depends upon the specific types of property management services provided.

Property management activities that involve general administration, like contracting for property maintenance (garbage pick-up, etc.) and paying general expenses (utilities, etc.), do NOT require a real estate license. Serving as an accountant for association dues also does not require a real estate license.

Only those property management activities that involve a conveyance of real estate by contract or lease require a real estate license. Accordingly, property management activities that require a real estate license include: showing a unit for sale or lease, negotiating lease or real estate contract terms, maintaining security deposits, rent payments or earnest money deposits.

Real estate advertisements are governed by Section 10-30 of the Act and Rule 1450.140. Advertisements on the Internet are also governed by Rule 1450.145

All real estate advertisements must be supervised by the managing broker. The name of the sponsoring broker must appear in each advertisement. It is recommended that the sponsoring broker's address and telephone number also appear in each advertisement. The name and telephone number of a sponsored licensee may appear in an advertisement along with the information regarding the sponsoring broker. In other words, a sponsored licensee may not advertise in his or her name only - this includes a listing in a telephone directory. Subparagraph (f) of Section 10-30 states: “Nothing in this Act shall be construed to require specific print size as between the broker's business name and the name of the licensee.” Also, note that business cards are advertisements and must comply with these requirements.

Generally defined, escrow money is any money in the possession of a broker that does not belong to the broker. Refer to Section 1-10 of the Act and paragraph 1450.175(a) of the Escrow Rule for the complete definition.

No. Only sponsoring brokers may hold real estate escrow money. The managing broker of each office is responsible to ensure compliance with the Escrow Rule. Branch offices have the option to either maintain escrow money or to forward escrow money to the main office. Managing brokers of branch offices should refer to paragraph 1450.175(k) of the Escrow Rule for the requirements regarding branch offices.

Leasing agents, salespersons, or brokers who are sponsored by another broker may NOT hold real estate escrow money.

Unlicensed persons, leasing agents, salespersons, or brokers who are sponsored by another broker may assist in the escrow bookkeeping duties in the office.

No. The Act and Rules do NOT require that a sponsoring broker accept escrow money. It is the choice of the sponsoring broker whether to accept escrow money. The sponsoring broker may recommend to the principals to the transaction that an attorney, or closing agent, or other professional serve as the escrow agent. The sponsoring broker should ensure that the real estate contract, or any other document, does not contain language in conflict with the sponsoring broker's choice not to accept the escrow money.

Paragraph 1450.175(m) of the Escrow Rule requires that a managing broker file with the Licensing Department in Springfield a Consent to Audit All Escrow Accounts form at the time of application for license and at every renewal date. In addition, in between renewal dates, the managing broker must file a new Consent to Audit All Escrow Accounts form within 10 days after adding new escrow account(s) with the existing bank, changing signatories on an existing escrow account(s), or changing or adding a new bank at which escrow accounts will be maintained. However, a new form is not required if a new escrow account is opened which falls under an umbrella escrow account which has already by identified in a prior form.

No. Paragraph 1450.175(b)(1) of the Escrow Rule provides that the escrow money must be deposited into a non-interest bearing escrow account unless all of the principals to the transaction provide written instructions requiring the deposit into an interest bearing escrow account, or unless some other law requires a deposit into an interest bearing escrow account (e.g. security deposits for leases at some types of buildings).

First, note that absent any other written agreement, earnest money deposits should NOT be deposited until a real estate contract is executed.

Deposits - Once a real estate contract or lease is executed, escrow monies should be deposited into an escrow account not later than the end of the next business day following the broker's receipt of the escrow money. Accordingly, if an earnest money check is tendered days prior to the execution of a contract, the check must be deposited into an escrow account not later than the end of the next business day after the date of the execution of the contract. If subsequent installments of earnest monies are received, those earnest monies must be deposited not later than the end of the next business day following their receipt.

Disbursements - If a transaction closes and the managing broker is directed to forward the escrow money to the closing agent, the managing broker must forward the escrow money to the closing agent as instructed. If a transaction closes and the managing broker is directed to pay commissions (either the broker's own commission or a cooperating commission) directly from the escrow deposit, the escrow money must be transferred out of the escrow account not later than the end of the next business day after the closing. This is true even if there is a dispute regarding commissions - the escrow money must be moved out of the escrow account by the end of the next business day after closing (unless of course a possession escrow is in issue). If a transaction does not close, the managing broker must keep the escrow money in the escrow account until the broker receives written authorization from all of the principals to the transaction (or their attorneys) showing agreement as to how the escrow money is to be disbu rsed, or until receipt of a court order (see below). Upon receipt of the written authorization or court order, the broker must disburse accordingly by no later than the end of the next business day.

Paragraph 1450.175(e) of the Escrow Rule requires that the managing broker notify all principals in writing.

Only escrow money related to real estate transactions and broker funds (funds the broker may deposit into the escrow account to avoid or to pay bank service charges) may be deposited into an escrow account. Mixing escrow money in an account with personal or business funds constitutes commingling. Great care should be taken to avoid commingling.

It is recommended that managing brokers use escrow accounts that have check writing ability to allow for direct disbursements from the escrow accounts. However, if the escrow account does not have check writing ability, the managing broker may transfer the escrow money to a business account with check writing ability for immediate disbursement from the business account (e.g. on the day of closing). This type of transfer, as long as the escrow money is immediately forwarded from the business account to the authorized recipient of the escrow money, does NOT constitute commingling.

Please refer to paragraph 1450.175(i) of the Escrow Rule for a description of the required escrow records. Managing brokers of branch offices should also refer to paragraph 1450.175(k). Great care should be taken to ensure that all of the required data is included in each required escrow record.

DPR has samples of a ledger card, journal, and reconciliation worksheet. The sample escrow records may be obtained by mailing a request, with a return, self addressed, stamped enveloped (.60) to:

Illinois Department of Financial and Professional Regulation
Division of Professional Regulation
Attn: Docket Administrator
100 West Randolph Street, 9th Floor
Chicago, IL 60601

Paragraph 1450.175(h) of the Escrow Rule sets forth the options when there is a dispute. The options consist of:

(1) hold the money in the escrow account until the managing broker receives written direction from all principals to the transaction showing agreement as to disbursement;

(2) hold the money in the escrow account until the managing broker receives a court order providing for disbursement of the escrow money. Some courts in Illinois allow the managing broker to turn the escrow money over to the court during the tendency of the proceedings.

(3) hold the money in the escrow account until the funds are turned over to the State Treasurer. Note that the State Treasurer can only accept the funds pursuant to the Uniform Disposition of Unclaimed Property Act which requires that the escrow money be abandoned for five years. The term “abandoned” is satisfied if the managing broker is unable to contact a principal for five years or is unable to obtain the written direction from all principals for five years.

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