TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.100 DEFINITIONS
Section 1450.100 Definitions
Unless otherwise clarified by this Part, definitions set forth in the Act also apply for purposes of this Part.
"Act" means the Real Estate License Act of 2000 [225 ILCS 454].
"Affidavit of Non-participation" means a sworn statement made by an unlicensed person associated with, or an unlicensed owner of, a licensed real estate corporation, limited liability company, partnership, limited partnership or limited liability partnership attesting that the unlicensed person is not actively directing or engaging in licensed activities as part of that association or ownership.
"Board" means the Real Estate Administration and Disciplinary Board as set forth in Section 25-10 of the Act.
"CE" is an abbreviation for continuing education.
"Compliance agreement" means an agreement entered into between a licensee and the Division in conjunction with an administrative warning letter.
"Correspondence course" means noninteractive courses in which students review and learn material through self-study, and without any mandatory interaction or communication with an Illinois licensed instructor, without any required means for ongoing assessment of the student's participation or comprehension.
"Credit hour" means a minimum of 50 minutes of instruction approved by the Division in a classroom, by interactive webinar, online distance education, correspondence or a home study course.
"Department" means the Department of Financial and Professional Regulation.
"Designated managing broker" means a managing broker who:
the sponsoring broker legally designated to manage its real estate brokerage, pursuant to Section 1450.700; and
has the responsibilities, and supervises the activities, described in Section 1450.705.
"Director" means the Director of the Division of Real Estate with the authority delegated by the Secretary.
"Discipline" means a refusal to issue or renew a license, reprimand, probation, suspension or revocation of a license, fine or any other action the Department may deem proper.
"Division" means the Department of Financial and Professional Regulation‑Division of Real Estate with the authority delegated by the Secretary.
"Education provider" means a school licensed by the Department offering courses in pre-license, post-license, or continuing education. [225 ILCS 454/1-10].
"Electronic signature" means a signature in electronic form attached to or logically associated with an electronic record. [5 ILCS 175/5-105] For purposes of the Act and this Part, any application, affidavit or other document required to be signed may be signed by means of an electronic signature.
"Home study" means an education course that is administered independently by the student in a self-study format, outside of a classroom, or physical or virtual meeting space, which may include interaction or communication with an Illinois licensed instructor, but for which there is no requirement for the ongoing verification of the student's participation and comprehension, except for the administration of the proctored final examination. Home study programs include, but are not limited to, courses comprised of print media (i.e., audio tape recording, written materials, video tape recording, CD or DVD, or noninteractive online medium).
"Interactive delivery method" means delivery of a course, approved by the Department through a medium allowing for interaction with the student.
"Interactive webinar" means delivery of a course by a licensed instructor through a medium allowing for live 2‑way communication between the licensed instructor and student in which either can initiate or respond to questions, including live instruction and real-time discussion via satellite, video or webcam that allows for student participation and comprehension.
"Learning Management System" or "LMS" means a software application used for the administration, documentation, tracking, reporting, and delivery of educational courses or training programs.
"New Broker Training" means the 30 hour post-license education course required of new broker licensees pursuant to 5-50(b) of the Act.
"Office" means a sponsoring broker's place of business where the general public is invited to transact business, from which sponsored licensees work, where records may be maintained, and where licenses may be readily available, as set forth in Section 1450.730, whether or not it is the sponsoring broker's principal place of business. Offices and branch offices must meet the requirements set forth in Section 1450.610.
"Online distance education" means education courses that are interactive, but not in real time, in which students independently learn and review material online, and, for verification of the student's participation and comprehension, interact with an Illinois licensed instructor or Learning Management System.
"Proctor" means any person, including a licensed instructor, who has a written agreement with a licensed education provider to administer, in person or electronically, examinations fairly and impartially with a licensed education provider.
"Secretary" means the Secretary of the Department of Financial and Professional Regulation.
"Self-sponsor" means a licensed managing broker who operates his or her own real estate brokerage as a sole proprietorship.
"Sole owner" means a person who has a 100% ownership interest in real estate, except as defined in Section 10-30(c)(2) of the Act.
"Sponsoring broker" means a person with a license who operates as a corporation, limited liability company, partnership, limited partnership, or limited liability partnership, or an individual with a managing broker license who operates as a sole proprietor.
"Sponsor card" means the temporary permit issued by the sponsoring broker certifying that the licensee named on the card is employed by or associated with the sponsoring broker, as set forth in Section 5-40 of the Act.
"Transaction", for purposes of this Part, exists once an agreement has been reached and an accepted real estate contract is signed, or a lease is agreed to, by the parties.
(Source: Amended at 43 Ill. Reg. 1975, effective January 25, 2019)