(Section scheduled to be repealed on January 1, 2030)

177 words·~1 min read·/il/chapter-225/act-454/1-11

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 10-55. Designated managing broker responsibility and supervision.

(a)A designated managing broker shall be responsible for the supervision of all licensees associated with a designated managing broker's office. A designated managing broker's responsibilities include implementation of company policies, the training of licensees and other employees on the company's policies as well as on relevant provisions of this Act, and providing assistance to all licensees in real estate transactions. The designated managing broker shall be responsible for, and shall supervise, all special accounts of the company.

(b)A designated managing broker's responsibilities shall further include directly handling all earnest money, escrows, and contract negotiations for all transactions where the designated agent for the transaction has not completed his or her 45 hours of post-license education, as well as the approval of all advertisements involving a licensee who has not completed his or her 45 hours of post-license education. Licensees that have not completed their 45 hours of post-license education shall have no authority to bind the sponsoring broker.