(Section scheduled to be repealed on January 1, 2030)

319 words·~1 min read·/il/chapter-225/act-454/1-81

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

Sec. 5-27. Requirements for licensure as a broker.

(a)Every applicant for licensure as a broker must meet the following qualifications:

(1)Be at least 18 years of age;

(2)Be of good moral character;

(3)Successfully complete a 4-year course of study in a high school or secondary school

approved by the state in which the school is located, or possess a State of Illinois High School Diploma, which shall be verified under oath by the applicant;

(4)(Blank);

(5)Provide satisfactory evidence of having completed 75 hours of instruction in real

estate courses approved by the Department, 15 hours of which must consist of situational and case studies presented in the classroom or by live, interactive webinar or online distance education courses;

(6)Personally take and pass a written examination authorized by the Department;

(7)Present a valid application for issuance of a license accompanied by the fees

specified by rule.

(b)The requirements specified in items

(3)and

(5)of subsection

(a)of this Section do not apply to applicants who are currently admitted to practice law by the Supreme Court of Illinois and are currently in active standing.

(c)No applicant shall engage in any of the activities covered by this Act until a valid sponsorship has been registered with the Department.

(d)All licenses should be readily available to the public at the licensee's place of business.

(e)An individual holding an active license as a managing broker may, upon written request to the Department, permanently and irrevocably place his or her managing broker license on inactive status and shall be issued a broker's license in exchange. Any individual obtaining a broker's license under this subsection

(e)shall be considered as having obtained a broker's license by education and passing the required test and shall be treated as such in determining compliance with this Act.