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 and real estate corporation license fined $20,000 jointly and severally, and managing broker ordered to complete a class for assisting unlicensed activity for numerous properties and entering into multiple agreements with property owners which failed to clearly state all the protected classes which could not be discriminated against or which failed to clearly state the list price of the property.
- Real estate limited liability firm license fined $1,000 for entering into a listing agreement which failed to contain certain required elements, including minimum services and the duties of a listing broker.
- Real estate managing broker license suspended for one year, must complete a 15-hour applied brokerage principles course, and fined $3,000 jointly and severally with real estate limited liability firm for engaging in dual agency without the informed written consent of the parties, failure to notify the seller that the buyer failed to provide the escrow money that the contract required, and for engaging in fraud or misrepresentation in applying for a license by failing to disclose felony convictions.
- Real estate managing broker license suspended for one year and placed on probation for one year following the suspension with a practice of limitation forbidding them from acting as a designated managing broker, fined $2,500, and ordered to complete classes for entering into a listing agreement which failed to contain certain required elements; making additions or alternations to signed documents without the written consent from the signatory; failure to account for or remit money coming into her possession belonging to another; and failing to complete required continuing education and stating on the renewal application that it had been completed.
- Real estate managing broker granted but placed on probation for one year and is restricted from sponsoring other licensees for having a prior license discipline and failing to disclose that discipline on their application.
- Real estate broker license fined $1,000 and shall complete a class for practicing real estate without an active license from August 20, 2020 until April 30, 2022.
- Real estate managing broker license and real estate corporation license fined $1,000 jointly and severally and shall complete a course for allowing a sponsored licensee to practice real estate on an expired license.
- Real estate broker license suspended for violating the conditions of a consent order.
- Real estate broker license suspended for failure to file and/or pay Illinois state income taxes.
