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 1450.760 DISCLOSURE OF COMPENSATION


 

Section 1450.760  Disclosure of Compensation

 

As set forth in Section 10-10(b) of the Act, a licensee shall disclose, in writing, any compensation the licensee expects to receive or that the licensee's sponsoring broker will receive, arising out of a referral to any person or entity whose services are related to the transaction, including any financial institution, insurance broker, mortgage broker, home inspector or any other third party.  The written disclosure shall indicate the relationship between the licensee or the licensee's sponsoring broker and the referred person or entity, and any interest greater than 1% (see Section 10-10(c) of the Act) that the licensee or the licensee's sponsoring broker has in the referred person or entity. Section 10-10(e) of the Act applies only to an Illinois licensee's payment of compensation.

 

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