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Illinois Real Estate License Act |
Illinois Real Estate License Act of 2000 comes under the Professions and Occupations and was established by the Real Estate and Office of Banks to administer the real estate sector. The Real Estate Education Advisory Council is also created by this IL Real Estate License Act. All the professionals in the real estate sector need to get thorough knowledge of Illinois Real Estate Law so that they can give legal and ethical services.
Illinois Real Estate License Act: Overview
Article 1, General Provisions, covers all the definitions and also gives the legal explanation of the same. Compensation and Business Practices are defined in Article 10 of this Act. Further for Disciplinary Provisions and Loss of License check the Article 20 of Illinois Real Estate License Act of 2000. The following penalties are imposed for any violation:
- Revoke of suspend license
- Place a license on probation
- Reprimand or Censure the real estate license
- Renewal or issuing of license can be refused
- Civil penalty of not more than $25,000 can be imposed
Further according to IL Real Estate License Law, any change in the address, name or contact information must be informed to the OBRE as per Section 1450.110.
This act has also made the renewal of the license mandatory, which is done according to Section 1450.115. For this renewal fee, requirement of continuing education must be fulfilled. Any license that has been expired for more than two years cannot be renewed.
Illinois Real Estate License Act of 2000 also defines the continuing education exemptions and waivers. This is covered in the Section 5-70, Rules, Section 1450.115a, 2. According to this, person having experience of 15 or more number of years is exempted from the requirement of continuing education. Candidate from another state can also get the exemption after approval from the Education Advisory Council.
IL Real Estate License Law
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Non Resident and Reciprocity is explained in Section 5-60 of Illinois Real Estate License Law. In this case broker must hold the active license in his or her native state, must posses minimum education as required by the Illinois license, broker must have business in his or her state and should have experience of two years as licensed broker in his or her home state.
Illinois Real Estate License Act 2000 also covers the license exam very extensively. Article 5, Section 35 explains this fully. Candidate without license exam is not at all eligible for the license and start the profession. So all the real estate and license related things are covered in IL Real Estate License Law. This makes the whole real estate sector very professional. TO learn more on other aspects of Illinois Real Estate License visit the pages of Realestatezing.com
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