Real Estate Disciplines

Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. Visit their website for more details and the most current disciplinary action.

  • Real estate managing broker license, real estate broker corporation license and real estate managing broker license fined $3,000, owed jointly and severally, for failure to have a written listing agreement with the seller and for giving earnest money to the seller after a transaction had failed and the parties to the contract for sale had agreed that the money was to be returned to the buyer.
  • Real estate salesperson license revoked and fined $10,000 for engaging in the practice of real estate without a license and failing to cooperate in the Department’s audit of her sponsoring broker.
  • Real estate broker license fined $4,000 and placed on probation for two years due to unprofessional conduct that involved presenting a corporate tenant to a landlord without advising that she had been both an incorporator and a former officer of the corporation and that her husband maintained an interest in the corporation.
  • Real estate broker license indefinitely suspended for a minimum of six months and fined $2,500 because he acted as a dual agent without the informed written consent of all clients, submitted an offer to the owner of a property on behalf of his client without his client’s authorization, and failed to respond to the Department’s request for documents within 30 days of the request.
  • Real estate broker license suspended for six months, followed by being placed on probation for two years and fined $7,500 for providing leasing services for nearly three years while his leasing agent license was expired.
  • Real estate managing broker license to complete continuing education hours and real estate limited liability company fined $4,000, owed jointly and severally, for operating a real estate brokerage without a license for the company and for failing to renew the managing broker’s license properly from May 2017 until January 2018.
  • Real estate managing broker license must complete continuing education hours and real estate broker corporation fined $1,500, owed jointly and severally, for performing real estate services and advertising on numerous occasions under the name before it was licensed in the State of Illinois as a real estate broker corporation.
  • Real estate managing broker license reprimanded for participating in a financial scheme and providing false or misleading information to the Department.
  • Real estate managing broker license indefinitely suspended and fined $4,400 for collection monies in the performance of property management services and failing to remit the funds to the owner.
  • Real estate managing broker license suspended for failure to comply with the terms of the non-disciplinary order. Real estate broker corporation license suspended for failure to comply with the terms of the non-disciplinary order.
  • Real estate corporation license fined $3,500 for failing to disclose to the seller and the seller’s lender that a different broker other than was listed on closing documents would receive the commission on the purchase of a house.
  • Real estate broker license restored to active status and fined $1,500 for failure to take required continuing education in person and ordered to take her next cycle of continuing education in person.
  • Real estate managing broker license revoked for a minimum of five years for violating the terms of a consent order.
  • Real estate leasing agent license indefinitely suspended for violating the terms of a non-disciplinary order.
  • Real estate broker license suspended for failure to file and/or pay Illinois state income taxes. 
2018-12-13T10:00:03+00:00December 11th, 2018|DR Legal News|0 Comments

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