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.
- A managing broker license and real estate corporation license were revoked and each fined $25,000 for operating a branch office without a license; aiding and abetting the unlicensed practice of an individual; failure to properly maintain an escrow account; writing a check to return escrow funds which was returned for insufficient funds; failed to remit earnest money; and failed to provide escrow records to the Department. The individual was ordered to cease and desist the unlicensed practice of real estate and assessed a $50,000 civil penalty for performing licensed real estate activities without a license including, but not limited to, holding their self [sic] as the managing broker of company.
- A real estate broker license was indefinitely suspended for a minimum of one year and must pay $1,300 restitution prior to filing a petition for restoration for unprofessional conduct, co-mingling the money of others with their own money, and for failure to remit money coming into their possession that belong to others.
- A real estate managing broker license was indefinitely suspended for a minimum period of six months and fined $1,000 for failure to complete their continuing education prior to renewing their license and for stating on their renewal application that they had completed the education.
- A real estate managing broker license and real estate broker corporation license were revoked because of a payment from the Real Estate Recovery Fund on behalf of the licensees.
- Many real estate managing broker licenses were suspended for failure to file and/or pay Illinois sate income taxes or for being more than 30 days’ delinquent in the payment of child support.