Illinois Administrative Code › Title 68 - PROFESSIONS AND OCCUPATIONS › Part 1450 - REAL ESTATE LICENSE ACT OF 2000 › Subpart A - GENERAL › Section 1450.100 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Unless otherwise clarified by this Part, definitions set
				  forth in the Act also apply for purposes of this Part.
"Act" means the Real Estate License Act of 2000 [225 ILCS
				  454].
"Affidavit of Non-participation" means a sworn statement made
				  by an unlicensed person associated with, or an unlicensed owner or member of, a
				  licensed real estate corporation, limited liability company, partnership,
				  limited partnership or limited liability partnership attesting that the
				  unlicensed person is not actively directing or engaging in licensed activities
				  as part of that association or ownership.
"Board" means the Real Estate Administration and Disciplinary
				  Board as set forth in Section 25-10 of the Act.
"CE" is an abbreviation for continuing education.
"Compliance Agreement" means an agreement entered into
				  between a licensee and the Division in conjunction with an administrative
				  warning letter.
"Credit Hour" means a minimum of 50 minutes of instruction
				  through a course approved by the Division in a classroom, by interactive
				  webinar, online distance education, correspondence or a home study
				  course.
"Department" means the Department of Financial and
				  Professional Regulation.
"Designated Managing Broker" means a managing broker
				  who:
the sponsoring broker designated to manage its real estate
				  brokerage, pursuant to Section
				  1450.700;
				  and
has the responsibilities, and supervises the activities,
				  described in Section
				  1450.705.
"Director" means the Director of the Division of Real Estate
				  with the authority delegated by the Secretary.
"Discipline" means a:
refusal to issue or renew a license;
reprimand;
probation;
suspension or revocation of a license;
fine; or
any other action the Department may deem proper.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Real Estate with the authority delegated by the
				  Secretary.
"Education Provider" means a school licensed by the
				  Department offering courses in pre-license, post-license, or continuing
				  education.
[225
				  ILCS 454/1-10]
"Electronic Signature" means a signature in
				  electronic form attached to or logically associated with an electronic
				  record.
[5 ILCS 175/5-105] For
				  purposes of the Act and this Part, any application, affidavit or other document
				  required to be signed may be signed by means of an electronic signature.
"Home Study" or "Correspondence Course" means an education
				  course that is administered independently by the student in a self-study
				  format, outside of a classroom, or physical or virtual meeting space, which
				  may, but is not required to, include communication with an Illinois licensed
				  instructor, but for which there is no requirement for the ongoing verification
				  of the student's participation and comprehension, except for the administration
				  of the proctored final examination required in connection with a
				  non-interactive course. Home study or correspondence programs may include, but
				  are not limited to, courses comprised of print, and media (i.e., audio tape
				  recording, written materials, video tape recording, CD or DVD, or
				  noninteractive online medium).
"Interactive Delivery Method" means delivery of a course,
				  approved by the Department through a medium allowing for interaction with the
				  student.
"Interactive Webinar" means delivery of a course by a
				  licensed instructor through a medium allowing for live 2-way communication
				  between the licensed instructor and student in which either can initiate or
				  respond to questions, including live instruction and real-time discussion via
				  satellite, video or webcam that allows for student participation and
				  comprehension.
"Learning Management System" means a software application
				  used for the administration, documentation, tracking, reporting, and delivery
				  of educational courses or training programs.
"Office" means a sponsoring broker's place of business where
				  the general public is invited to transact business, or from which sponsored
				  licensees work, where records may be maintained, and where licenses may be
				  readily available, as set forth in Section
				  1450.730,
				  whether or not it is the sponsoring broker's principal place of business. All
				  offices must meet the requirements set forth in Section
				  1450.610.
"Online Distance Education" means education courses that are
				  interactive, but not in real time, in which students independently learn and
				  review material online, and, for verification of the student's participation
				  and comprehension, interact with an Illinois licensed instructor or Learning
				  Management System.
"Post-License Education" means the 45-hour post-license
				  education required of new broker licensees pursuant to Section 5-50(b) of the
				  Act, which is comprised of three 15-hour courses, each requiring passage of its
				  own 50 question final examination.
"Principal Office" means the office location, whether
				  physical or virtual, that serves as the principal place of business of a
				  sponsoring broker.
"Proctor" means any person, including a licensed instructor,
				  who has a written agreement with a licensed education provider to administer,
				  in person or electronically, examinations fairly and impartially with a
				  licensed education provider.
"Renewal Period" means, for an initial broker license, the
				  period 180 days prior to the expiration date of that license. For all other
				  licenses, "renewal period" means the period 90 days prior to the expiration
				  date of the license.
"Secretary" means the Secretary of the Department of
				  Financial and Professional Regulation.
"Self-sponsor" means a licensed managing broker who operates
				  a real estate brokerage as a sole proprietorship.
"Sole Owner" means a person who has a 100% beneficial
				  ownership interest in real estate, except as defined in Section 10-30(c)(2) of
				  the Act.
"SOS" means the Illinois Secretary of State.
"Sponsoring Broker" means a person who operates a
				  corporation, limited liability company, partnership, limited partnership, or
				  limited liability partnership that is licensed by the Department, or an
				  individual with a managing broker license who operates as a sole
				  proprietor.
"Sponsoring Broker's Name" means the sponsoring broker's name
				  as licensed by the Department or the assumed name registered by the sponsoring
				  broker with the Division, which in the case of a franchise shall include the
				  franchise affiliation and the name of the individual firm.
"Sponsorship" means that a sponsoring broker has certified to
				  the Division that a broker, managing broker, or residential leasing agent is
				  employed by, or associated with by written employment or independent contractor
				  agreement, and the Division has registered the sponsorship (see Section 5-40 of
				  the Act).
"Transaction", for purposes of this Part, exists once an
				  agreement has been reached and an accepted real estate contract is signed, or a
				  lease is agreed to, by the parties.
"Virtual Office" means an office from which real estate
				  brokerage services are provided without a dedicated office space or fixed
				  physical location under the supervision of the designated managing broker.
				  Sponsored licensees provide services within the meaning of the term "Broker" as
				  defined in Section 1-10 of the Act. All virtual offices must meet the
				  requirements set forth in Section 1450.610.