Illinois Compiled Statutes 225 ILCS 454/5-15 – Necessity of managing broker, broker, or residential leasing agent license; ownership restrictions
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(a) It is unlawful for any person, as defined in Section 1-10, to act as a managing broker, broker, or residential leasing agent or to advertise or assume to act as such managing broker, broker or residential leasing agent without a license issued in accordance with this Act and a valid sponsorship registered with the Department, either directly or through its authorized designee.
(b) No corporation shall be granted a license or engage in the business or capacity, either directly or indirectly, of a broker, unless every officer of the corporation who actively participates in the real estate activities of the corporation holds a license as a managing broker or broker and unless every employee who acts as a managing broker, broker, or residential leasing agent for the corporation holds a license as a managing broker, broker, or residential leasing agent. All nonparticipating owners or officers shall submit affidavits of nonparticipation as required by the Department. No corporation shall be granted a license if any nonparticipating owner or officer has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(c) No partnership shall be granted a license or engage in the business or serve in the capacity, either directly or indirectly, of a broker, unless every partner in the partnership who actively participates in the real estate activities of the partnership holds a license as a managing broker or broker and unless every employee who acts as a managing broker, broker, or residential leasing agent for the partnership holds a license as a managing broker, broker, or residential leasing agent. All nonparticipating partners shall submit affidavits of nonparticipation as required by the Department. In the case of a registered limited liability partnership (LLP), every partner in the LLP that actively participates in the real estate activities of the limited liability partnership must hold a license as a managing broker or broker and every employee who acts as a managing broker, broker, or residential leasing agent must hold a license as a managing broker, broker, or residential leasing agent. All nonparticipating limited liability partners shall submit affidavits of nonparticipation as required by the Department. No partnership shall be granted a license if any nonparticipating partner has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(d) No limited liability company shall be granted a license or engage in the business or serve in the capacity, either directly or indirectly, of a broker unless every member or manager in the limited liability company that actively participates in the real estate activities of the limited liability company holds a license as a managing broker or broker and unless every other member and employee who acts as a managing broker, broker, or residential leasing agent for the limited liability company holds a license as a managing broker, broker, or residential leasing agent. All nonparticipating members or managers shall submit affidavits of nonparticipation as required by the Department. No limited liability company shall be granted a license if any nonparticipating member or manager has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(e) (Blank).
(f) No person, partnership, or business entity shall be granted a license if any owner, officer, director, partner, limited liability partner, member, or manager has been denied a real estate license by the Department in the previous 5 years or is otherwise currently barred from real estate practice because of a suspension or revocation.
(b) No corporation shall be granted a license or engage in the business or capacity, either directly or indirectly, of a broker, unless every officer of the corporation who actively participates in the real estate activities of the corporation holds a license as a managing broker or broker and unless every employee who acts as a managing broker, broker, or residential leasing agent for the corporation holds a license as a managing broker, broker, or residential leasing agent. All nonparticipating owners or officers shall submit affidavits of nonparticipation as required by the Department. No corporation shall be granted a license if any nonparticipating owner or officer has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
Terms Used In Illinois Compiled Statutes 225 ILCS 454/5-15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(c) No partnership shall be granted a license or engage in the business or serve in the capacity, either directly or indirectly, of a broker, unless every partner in the partnership who actively participates in the real estate activities of the partnership holds a license as a managing broker or broker and unless every employee who acts as a managing broker, broker, or residential leasing agent for the partnership holds a license as a managing broker, broker, or residential leasing agent. All nonparticipating partners shall submit affidavits of nonparticipation as required by the Department. In the case of a registered limited liability partnership (LLP), every partner in the LLP that actively participates in the real estate activities of the limited liability partnership must hold a license as a managing broker or broker and every employee who acts as a managing broker, broker, or residential leasing agent must hold a license as a managing broker, broker, or residential leasing agent. All nonparticipating limited liability partners shall submit affidavits of nonparticipation as required by the Department. No partnership shall be granted a license if any nonparticipating partner has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(d) No limited liability company shall be granted a license or engage in the business or serve in the capacity, either directly or indirectly, of a broker unless every member or manager in the limited liability company that actively participates in the real estate activities of the limited liability company holds a license as a managing broker or broker and unless every other member and employee who acts as a managing broker, broker, or residential leasing agent for the limited liability company holds a license as a managing broker, broker, or residential leasing agent. All nonparticipating members or managers shall submit affidavits of nonparticipation as required by the Department. No limited liability company shall be granted a license if any nonparticipating member or manager has previously been publicly disciplined by the Department resulting in that licensee being currently barred from real estate practice because of a suspension or revocation.
(e) (Blank).
(f) No person, partnership, or business entity shall be granted a license if any owner, officer, director, partner, limited liability partner, member, or manager has been denied a real estate license by the Department in the previous 5 years or is otherwise currently barred from real estate practice because of a suspension or revocation.