| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
1 | AN ACT concerning regulation.
| |||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| |||||||||||||||||||
3 | represented in the General Assembly:
| |||||||||||||||||||
4 | Section 5. The Real Estate License Act of 2000 is amended | |||||||||||||||||||
5 | by changing Section 5-27 as follows: | |||||||||||||||||||
6 | (225 ILCS 454/5-27) | |||||||||||||||||||
7 | (Section scheduled to be repealed on January 1, 2020) | |||||||||||||||||||
8 | Sec. 5-27. Requirements for licensure as a broker. | |||||||||||||||||||
9 | (a) Every applicant for licensure as a broker must meet the | |||||||||||||||||||
10 | following qualifications: | |||||||||||||||||||
11 | (1) Be at least 21 years of age. After April 30, 2011, | |||||||||||||||||||
12 | the minimum age of 21 years shall be waived for any person | |||||||||||||||||||
13 | seeking a license as a broker who has attained the age of | |||||||||||||||||||
14 | 18 and can provide evidence of the successful completion of | |||||||||||||||||||
15 | at least 4 semesters of post-secondary school study as a | |||||||||||||||||||
16 | full-time student or the equivalent, with major emphasis on | |||||||||||||||||||
17 | real estate courses, in a school approved by the | |||||||||||||||||||
18 | Department; | |||||||||||||||||||
19 | (2) Be of good moral character; | |||||||||||||||||||
20 | (3) Successfully complete a 4-year course of study in a | |||||||||||||||||||
21 | high school or secondary school approved by the Illinois | |||||||||||||||||||
22 | State Board of Education or an equivalent course of study | |||||||||||||||||||
23 | as determined by an examination conducted by the Illinois |
| |||||||
| |||||||
1 | State Board of Education which shall be verified under oath | ||||||
2 | by the applicant; | ||||||
3 | (4) Prior to May 1, 2011, provide (i) satisfactory | ||||||
4 | evidence of having completed at least 120 classroom hours, | ||||||
5 | 45 of which shall be those hours required to obtain a | ||||||
6 | salesperson's license plus 15 hours in brokerage | ||||||
7 | administration courses, in real estate courses approved by | ||||||
8 | the Advisory Council or (ii) for applicants who currently | ||||||
9 | hold a valid real estate salesperson's license, give | ||||||
10 | satisfactory evidence of having completed at least 75 hours | ||||||
11 | in real estate courses, not including the courses that are | ||||||
12 | required to obtain a salesperson's license, approved by the | ||||||
13 | Advisory Council; | ||||||
14 | (5) After April 30, 2011, provide satisfactory | ||||||
15 | evidence of having completed 90 hours of instruction in | ||||||
16 | real estate courses approved by the Advisory Council, 15 | ||||||
17 | hours of which must consist of situational and case studies | ||||||
18 | presented in the classroom or by other interactive delivery | ||||||
19 | method presenting instruction and real time discussion | ||||||
20 | between the instructor and the students; | ||||||
21 | (6) Personally take and pass a written examination | ||||||
22 | authorized by the Department; | ||||||
23 | (7) Present a valid application for issuance of a | ||||||
24 | license accompanied by a sponsor card and the fees | ||||||
25 | specified by rule. | ||||||
26 | (b) The requirements specified in items (4) and (5) of |
| |||||||
| |||||||
1 | subsection (a) of this Section do not apply to applicants who | ||||||
2 | are currently admitted to practice law by the Supreme Court of | ||||||
3 | Illinois and are currently in active standing. | ||||||
4 | (c) No applicant shall engage in any of the activities | ||||||
5 | covered by this Act until a valid sponsor card has been issued | ||||||
6 | to such applicant. The sponsor card shall be valid for a | ||||||
7 | maximum period of 45 days after the date of issuance unless | ||||||
8 | extended for good cause as provided by rule. | ||||||
9 | (d) All licenses should be readily available to the public | ||||||
10 | at their place of business.
| ||||||
11 | (e) An individual holding an active license as a managing | ||||||
12 | broker may return the license to the Department along with a | ||||||
13 | form provided by the Department and shall be issued a broker's | ||||||
14 | license in exchange. Any individual obtaining a broker's | ||||||
15 | license under this subsection (e) shall be considered as having | ||||||
16 | obtained a broker's license by education and passing the | ||||||
17 | required test and shall be treated as such in determining | ||||||
18 | compliance with this Act. | ||||||
19 | (Source: P.A. 98-531, eff. 8-23-13.)
|