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 1450.240 LEASING AGENT STUDENT PERMIT
Section 1450.240 Leasing Agent Student Permit
a) Pursuant to Section 5-5(d) of the Act, a person engaging in leasing residential real estate may first obtain a leasing agent student permit, which shall be valid for a period of 120 days. A permit holder shall comply with all provisions of the Act and this Subpart as if the permit holder were a leasing agent licensee, and shall be subject to standards of practice and disciplinary provisions as if the permit holder were a leasing agent licensee. A sponsoring broker for a permit holder shall be responsible for the activities and actions of a permit holder as if the permit holder were a leasing agent licensee. A permit holder may only be sponsored by one sponsoring broker during the 120 day period.
b) Within 24 hours after employing, or associating with, a permit holder, a sponsoring broker shall submit the following information to the Division on forms provided by the Division:
1) the name, address and other information requested by the Division to identify the permit holder and sponsoring broker; and
2) certification by the permit holder and the sponsoring broker or designated managing broker that the permit holder:
A) has not been a leasing agent licensee within the past 2 years;
B) has not been a permit holder within the past 2 years;
C) is at least 18 years of age;
D) has successfully completed a 4 year course of study in a high school or secondary school or an equivalent course of study approved by the Illinois State Board of Education (e.g., GED); and
E) is at the time of application, or will be within a period of 60 days, enrolled in a leasing agent course of instruction approved by the Division.
c) Upon expiration of the leasing agent student permit period, the permit holder shall immediately cease engaging in leasing residential real estate unless the person has been issued a sponsor card or a leasing agent license.
d) A person shall not practice under a leasing agent student permit more than once in any 24 month period. A person who has been a leasing agent licensee within the past 24 month period shall not practice as a leasing agent student permit holder.
(Source: Amended at 43 Ill. Reg. 1975, effective January 25, 2019)