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 1450.765 DISCLOSURE OF LICENSEE STATUS


 

Section 1450.765  Disclosure of Licensee Status

 

A licensee who sells, leases or purchases any interest, directly or indirectly, for purposes of Section 10-27 of the Act, must disclose his or her licensee status when he or she:

 

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

 

b)         is selling, leasing or seeking to purchase real estate 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 real estate;

 

d)         is a partner in a partnership, limited partnership or limited liability partnership selling, leasing or seeking to purchase an interest in the subject real estate;

 

e)         is an officer, director and/or shareholder of a corporation, other than a publicly traded corporation, selling, leasing or seeking to purchase an interest in the subject real estate;

 

f)         is a manager or member of a limited liability company selling, leasing or seeking to purchase an interest in the subject real estate; or

 

g)         has any direct or indirect interest in the subject real estate.

 

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