License Law and Managers

1. Upon the loss of a managing broker who is not replaced by the sponsoring broker or in the event of the death or adjudicated disability of the sole proprietor of an office, a written request for authorization allowing the continued operation of the office may be submitted to OBRE within 15 days of the loss. OBRE may issue a written authorization allowing the continued operation, provided that a licensed broker, or in the case of the death or adjudicated disability of a sole proprietor, the representative of the estate, assumes responsibility, in writing, for the operation of the office and agrees to personally supervise the operation of the office. No such written authorization shall be valid for more than 60 days unless extended by OBRE for good cause shown and upon written request by the broker or representative.
   (Source: P.A. 91-245, eff. 12-31-99.)
2. Act as the Managing Broker: You can only be the managing broker of multiple offices when they are at the same address and location.
3. You can only work for one Sponsor at a time: If you are sponsored by one office license number, you can not work out of another office even if they are associated with the same parent company. If you want to change offices, you must complete a 45 day permit, pay a $25.00 fee and return the original terminated license for a valid transfer.
4. Upon issuance of a sponsor card, the issuing broker shall, within 24 hours after issuance, submit the following to OBRE by certified or registered mail return receipt requested or other signature restricted delivery service:
   1. For Licensees
      1. a copy of the sponsor card and transcript, if applicable;
      2. appropriate sponsor card fee as set forth in Section 1450.95 of this Part; and
      3. one of the following:
         1. the properly endorsed real estate license and pocket card of the sponsored licensee; or
         2. an expired license of the sponsored licensee along with the fee as provided by Section 1450.95 of this Part and proof of education, if applicable, as required by Section 5-50 or 5-55 of the Act; or
         3. the pocket card of the licensee and a sworn statement by the licensee explaining why the license is not submitted.
      If neither the license nor pocket card is available, the status of the license shall be verified by the Director of Real Estate or his or her designee.
   2. Change of Address: It is your responsibility to notify the OBRE in writing, over signature, of an address change as soon as possible. You do not have to request a new license with an address change. Addresses are no longer shown on the license.
   3. Change of Name: It is your responsibility to notify our office in writing, over signature, of a name change as soon as possible. Note: Any changes of name must be accompanied by documentary proof (i.e., certified photocopy of marriage certificate, divorce decree, or court order are acceptable. Social Security Card or Driver’s License will not be accepted). You will need to request a revised license for a name change. The fee is $25.00.
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Did You Know?

When you change managing broker of a Corporation, Partnership, Limited Partnership, Limited Liability Company, Branch office you must do the following:

1. Write a letter to Office of Banks and Real Estate. Your letter should include the name/license number of the old managing broker and the name/license number of the new managing broker.
2. Return the original business license. (This license is no longer valid, if you have changed managing broker). A new business license will be sent to you by OBRE.
3. A $25.00 fee for the change. Check should be made payable to the Office of Banks and Real Estate.
4. You must make sure the new managing broker is currently sponsored/associated under the business license. NOTE: If the managing broker is not sponsored/associated with your firm, include a $25.00 fee, the licensee’s original terminated license, and a completed 45 day permit sponsor card.
5. Make copies of all the information prior to mailing.

License Law and Managers

Signage/Place of Business

Each sponsoring broker shall maintain a definite office, or place of business within this State for the transaction of real estate business, shall conspicuously display an identification sign on the outside of his or her office of adequate size and visibility, and shall conspicuously display his or her license in his or her office or place of business and also the licenses of all persons associated with or employed by the sponsoring broker who primarily work at that location.

The office or place of business shall not be located in any retail or financial business establishment unless it is separated from the other business by a separate and distinct area within the establishment.

A broker licensed in Illinois shall not be required to maintain a definite office or place of business in Illinois provided all of the following conditions are met:

1. the broker maintains an active broker’s license in the broker’s state of domicile;
2. the broker maintains an office in the broker’s state of domicile; and
3. the broker has filed with OBRE written statements appointing the

Commissioner to act as the broker’s agent upon whom all judicial and other process or legal notices directed to the licensee may be served, and agreeing to abide by all of the provisions of the License Law with respect to his or her real estate activities within Illinois and submitting to the jurisdiction of OBRE.

Branch Offices

Licenses. If a sponsoring broker maintains more than one office within the State, the sponsoring broker shall apply for a branch office license for each office other than the sponsoring broker’s principal place of business. The branch office license shall be displayed conspicuously in each branch office. The name of each branch office shall be the same as that of the sponsoring broker’s principal office or shall clearly delineate the branch office’s relationship with the principal office.

Managing broker. The sponsoring broker shall name a managing broker for each branch office and the sponsoring broker shall be responsible for supervising all managing brokers. The sponsoring broker shall notify OBRE in writing of the name of all managing brokers of the sponsoring broker. Any changes in managing brokers shall be reported to OBRE in writing within 15 days of the change. Failure to do so shall subject the sponsoring broker to discipline.

Change of status of principal or branch office. The sponsoring broker shall immediately notify OBRE in writing of any opening, closing, or change in location of any principal or branch office.

Loss of Managing Broker

Upon the loss of a managing broker who is not replaced by the sponsoring broker, or in the event of the death or adjudicated disability of the sole proprietor of an office, a written request for authorization allowing the continued operation of the office may be submitted to OBRE within 15 days of the loss. OBRE may issue a written authorization allowing the continued operation, provided that a licensed broker, or in the case of the death or adjudicated disability of a sole proprietor, the representative of the estate, assumes responsibility, in writing for the operation of the office and agrees to personally supervise the operation of the office. No such written authorization shall be valid for more than 60 days unless extended by OBRE for good cause shown and upon written request by the broker or representative.

Pocket Card

OBRE shall establish and maintain a register of all persons currently licensed by the State and shall issue and prescribe a form of pocket card. Upon payment by a licensee of the appropriate fee, OBRE shall issue a pocket card to the licensee. The pocket card shall be verification that the required fee for the current period has been paid and shall indicate that the person named thereon is licensed for the current renewal period as a broker, salesperson, or leasing agent as the case may be. The pocket card shall further indicate that the person named thereon is authorized by OBRE to engage in the licensed activity appropriate for his or her status. Each licensee shall carry on his or person his or her pocket card or, if such pocket has not yet been issued, a properly issued sponsor card when engaging in any licensed activity and shall display the same on demand.

License Renewal

The holder of a license may renew the license within 90 days preceding the expiration date thereof by paying the fees specified by rule.

Expiration and Renewal

Any broker or salesperson whose license has expired shall be eligible to renew the license for a period of two years following the expiration date, provided the broker or salesperson pays the prescribed fees. A broker or salesperson whose license has been expired for more than two years shall be required to meet the requirements for a new license. A broker or salesperson whose license has expired is eligible to renew the license without paying any lapsed renewal or reinstatement fees, provided the license expired while the broker or salesperson was:

1. on active duty with the U.S. Army, U.S. Navy, U.S. Marine Corps, U.S. Air Force, U.S. Coast Guard, or the State Militia called into the service or training of the United States;
2. engaged in training or education under the supervision of the United States prior to induction into military service; or
3. serving as the Director of Real Estate in the State of Illinois or as an employee of OBRE.

A broker or salesperson shall be eligible to renew a license under the provisions of this Section for a period of two years following the termination of the service, education, or training, provided that the termination was by other than dishonorable discharge and provided that the licensee furnishes OBRE an affidavit specifying that the broker or salesperson has been so engaged and that the service, education, or training has been so terminated.

Termination of Licensee

When a licensee terminates his or her employment as association with a sponsoring broker or the employment is terminated by the sponsoring broker, the licensee shall obtain from the sponsoring broker his or her license endorsed by the sponsoring broker indicating the termination. The sponsoring broker shall surrender to OBRE a copy of the license of the licensee within two days of the termination or shall notify OBRE in writing of the termination and explain why a copy of the license is not surrendered. Failure of the sponsoring broker to surrender the license shall subject the sponsoring broker to discipline.

The license of any licensee whose association with a sponsoring broker is terminated shall automatically become inoperative immediately upon the termination unless the licensee accepts employment or becomes associated with a new sponsoring broker pursuant to the following: When a licensee accepts employment or association with a new sponsoring broker, the new sponsoring broker shall send, by certified mail, return receipt requested, or other delivery service requiring a signature upon delivery, to OBRE a duplicate sponsor card, along with the licensee’s endorsed license or an affidavit of the licensee of why the endorsed license is not surrendered, and shall pay the appropriate fee prescribed by rule to cover administrative expenses attendant to the changes in the registration of the licensee.