Section 1450.190  Disclosure of Licensee Status

A licensee is "selling, leasing or purchasing any interest", directly or indirectly, for purposes of Section 10-27 of the Act, when the licensee:

a)         is selling, leasing or seeking to purchase property as sole owner;

b)         is selling or seeking to purchase property as a joint tenant or tenant by the entirety;

c)         holds a beneficial interest in a land trust selling, leasing or seeking to purchase an interest in the subject property;

d)         is a general partner in a partnership selling, leasing or seeking to purchase an interest in the subject property;

e)         is an officer, director, majority or controlling shareholder of a corporation selling, leasing or seeking to purchase an interest in the subject property; or

f)          is a manager or majority or controlling member of a limited liability company selling, leasing or seeking to purchase an interest in the subject property.

(Source:  Amended at 30 Ill. Reg. 11075, effective June 8, 2006)