Ill. Admin. Code tit. 68, § 1450.530 - Application for Managing Broker License by Reciprocity
a) An Illinois managing broker license shall
be issued by reciprocity to a managing broker under the following conditions:
1) The managing broker holds an active
managing broker license, or its equivalent, by examination in a state with a
reciprocal agreement with the Department;
2) The managing broker licensing standards of
that state are substantially equivalent to or greater than the minimum
standards in Illinois;
3) The
managing broker maintains a physical or virtual place of business, as permitted
by law, in the managing broker's state of licensure and has been actively
engaging in licensed activities as a managing broker or broker during the
immediately preceding 2 years; and
4) The managing broker submits:
A) An application, in a format provided by
the Division;
B) The required fee
set forth in Section
1450.130;
C) A certification, or a statement bearing
the seal of the licensing authority, from each state of licensure, evidencing:
i) an active managing broker license in that
state;
ii) that the license is in
good standing; and
iii) any
disciplinary action taken against the managing broker.
D) Proof of passing an examination approved
by the Division on Illinois real estate laws;
E) If the managing broker does not maintain a
definite place of business within the State of Illinois, a written statement
that:
i) appoints the Secretary to act as the
managing broker's agent upon whom all judicial and other process may be
served;
ii) acknowledges and agrees
to abide by all of the provisions of the Act and this Part with respect to all
of the managing broker's licensed activities within and relating to the State
of Illinois; and
iii) assents to
jurisdiction of the Department; and
F) If the managing broker is not
self-sponsored, then proof of sponsorship if the applicant is seeking an active
license.
b) Any
licensee who renews a license issued under a reciprocal agreement assents to
jurisdiction of the Department without regard to the location of the licensee's
domicile or principal place of business or office locations.
c) All requirements for licensure by
reciprocity shall be met within one year after the date of original application
or the application shall be denied and the fee forfeited. Thereafter, to be
reconsidered for licensure, the applicant shall submit a new application with
the required fee.
Notes
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