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 1450.735 EMPLOYMENT AGREEMENTS


 

Section 1450.735  Employment Agreements

 

a)         Every sponsoring broker shall have a written employment agreement with every sponsored licensee.  Sole proprietors shall not be required to have an employment agreement with themselves, but shall have a written employment agreement with every sponsored licensee.

 

b)         The written employment agreement shall be dated and signed by the parties. The employment agreement shall include, at a minimum, the employment or independent contractor relationship terms, including, but not limited to, supervision, duties, compensation, duration and termination.  The term "duration", as used in this subsection, is not intended to require a specific termination date, but rather to allow the parties to negotiate the term of the employment agreement, such as "at will" or a specific length of time, and how the employment agreement is renewed or terminated.  These terms shall be included in the employment agreement. 

 

c)         The sponsoring broker shall give a copy of the fully signed employment agreement and any modifications to every sponsored licensee.

 

(Source:  Amended at 40 Ill. Reg. 12588, effective September 2, 2016)