Illinois Administrative Code
Title 68 - PROFESSIONS AND OCCUPATIONS
Part 1450 - REAL ESTATE LICENSE ACT OF 2000
Subpart A - GENERAL
Section 1450.110 - Sponsorship

Universal Citation: 68 IL Admin Code ยง 1450.110

Current through Register Vol. 48, No. 38, September 20, 2024

a) Residential Leasing Agent

1) Except for an individual working under a residential leasing agent permit (see Section 1450.240), no residential leasing agent license applicant may engage in leasing residential real estate (see Section 1450.200) until a valid sponsorship of the applicant has been registered with the Division by the sponsoring broker.

2) A sponsoring broker shall certify to the Division that the applicant whose name appears on the registration is employed by or associated with that sponsoring broker.

3) Within 24 hours after establishing the sponsorship, the sponsoring broker shall notify the Division, in a format provided by the Division, that the residential leasing agent is employed by, or associated with, the sponsoring broker.

4) A sponsoring broker may sponsor a residential leasing agent or applicant only upon the sponsoring broker's receipt of any of the following:
A) A residential leasing agent examination pass score report stating that the applicant passed the exam;

B) Termination of sponsorship by the sponsoring broker who previously employed or was associated with the residential leasing agent;

C) A current inactive residential leasing agent license; or

D) A residential leasing agent license expired for less than 2 years.

5) The applicant or licensee shall, within 24 hours after establishing sponsorship, submit to the Division, in a format provided by the Division, the following:
A) Residential Leasing Agent Applicants
i) A copy of the applicant's transcript evidencing compliance with the education requirements, if applicable;

ii) A residential leasing agent examination pass score report stating that the applicant passed the exam;

iii) A signed and completed residential leasing agent license application; and

iv) The required residential leasing agent license application fee set forth in Section 1450.130.

B) Residential Leasing Agent Licensee
i) Confirmation of sponsorship in a format provided by the Division; and

ii) The required sponsorship fee set forth in Section 1450.130.

6) A sponsoring broker shall maintain a register of all sponsored residential leasing agents and shall make the list readily available to the public (see Section 1450.730).

b) Broker and Managing Broker

1) Within 24 hours after establishing the sponsorship, the sponsoring broker shall notify the Division, in a format provided by the Division, that the broker or managing broker is employed by, or associated with, the sponsoring broker.

2) A sponsoring broker may sponsor a broker, managing broker, or applicant only upon the sponsoring broker's receipt of any of the following:
A) For applicants, a broker or managing broker real estate examination pass score report stating that the applicant passed the exam;

B) Termination of sponsorship by the sponsoring broker who previously employed or was associated with the broker or managing broker licensee;

C) A current inactive broker or managing broker license; or

D) A broker or managing broker license expired for less than 2 years.

3) The applicant or licensee shall, within 24 hours after establishing sponsorship, submit to the Division, in a format provided by the Division, the following:
A) Broker and Managing Broker Applicants
i) A copy of the transcript evidencing compliance with the education requirement, if applicable;

ii) A real estate examination pass score report stating that the applicant passed the exam;

iii) A signed and completed broker or managing broker application and other documentation set forth in Sections 1450.430 and 1450.520; and

iv) The required broker or managing broker license application fee as set forth in Section 1450.130.

B) Broker and Managing Broker Licensees
i) Confirmation of sponsorship in a format provided by the Division; and

ii) The required sponsorship fee set forth in Section 1450.130.

4) A managing broker may practice as a sole proprietor. A person or persons may form and practice as a corporation, limited liability company, partnership, limited partnership or limited liability partnership provided that, prior to engaging in licensed activities, the entity complies with the licensing requirements set forth in Section 1450.600 and submits to the Division, in a format provided by the Division, the following:
A) Confirmation of the person serving as the designated managing broker;

B) The required fee set forth in Section 1450.130;

C) A completed consent to examine and audit special accounts form; and

D) A signed and completed license application.

c) If an applicant or licensee fails to complete the requirements of this Section:

1) The sponsorship shall be void;

2) The applicant or licensee shall be considered to have never been authorized to practice; and

3) The applicant or licensee may be subject to discipline.

d) Within 30 days after registration of sponsorship, and receipt of the required fees and appropriate documentation, the Division shall issue a license to the applicant or licensee or may notify the applicant or licensee, designated managing broker, and sponsoring broker of the basis for denial.

e) Licensees shall carry a properly issued license or an electronic version of the license and shall display the license or provide evidence of licensure upon request when engaging in any licensed activities.

f) Whenever any provision of Section 5-40 of the Act or any provision of this Part requires that any license be surrendered, sent, obtained, delivered or issued by or to a licensee (including a sponsoring broker) or the Department, the manner of doing so may include electronic transmission, including the use of any electronic portal maintained by the Department.

Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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