About This Book
225 ILCS 454, known as the Real Estate License Act of 2000, is the governing state law in Illinois that regulates real estate brokers, managing brokers, residential leasing agents, and education providers. Maintained by the Illinois General Assembly, this statute exists to protect the public by upholding professional standards in property sales, leasing, and management.
Key Provisions of the Act
- Licensing Requirements: Outlines the education, examination, and application requirements necessary to obtain a real estate license.
- Broker Supervision: Mandates that a designated managing broker oversee office policies, staff training, and escrow accounts.
- Agency Relationships: Defines the legal duties and obligations that agents owe to both buyers and sellers.
- Discipline and Penalties: Authorizes the state to impose fines and suspend or revoke licenses in cases of misconduct or fraud.
- Recovery Fund: Administers a dedicated fund to compensate consumers who suffer financial losses resulting from illegal actions by a licensed professional.
Practice Tests Using This Book
This book is required or recommended for 1 licensing exam. We've written 28 practice questions directly from this material, each one citing the chapter and section it comes from.