Illinois Real Estate License Act
The Illinois Real Estate License Act governs who may practice real estate and how (225 ILCS 454, the Real Estate License Act of 2000 — its statutory short title; scheduled to be repealed 2030-01-01 under 5 ILCS 80/4.40; checked 2026-09-09). It defines license categories, sponsorship, and grounds for discipline.
License Categories and Regulation
The Illinois Department of Financial and Professional Regulation (IDFPR) administers the Act. Licenses include managing broker, broker, and leasing agent, each with distinct authority. A broker must be sponsored by a managing broker who supervises their activities.
Duties and Discipline
The Act sets standards of practice, disclosure obligations, and escrow handling requirements. Violations such as fraud, commingling, or unlicensed practice can lead to fines, suspension, or revocation. Continuing education and license renewal are required to remain in good standing.
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