Ill. Admin. Code tit. 68 § 1450.240

Current through Register Vol. 48, No. 43, October 25, 2024

Section 1450.240 - Residential Leasing Agent Permit

a) Pursuant to Section 5-5(d) of the Act, a person engaging in leasing residential real estate may engage in residential leasing activities for a period of 120 consecutive days without being licensed if they first obtain a residential leasing agent permit, which shall be valid for a period of 120 days. A permit holder shall comply with all provisions of the Act and this Subpart as if the permit holder were a residential leasing agent licensee and shall be subject to standards of practice and disciplinary provisions as if the permit holder were a residential leasing agent licensee. A sponsoring broker for a permit holder shall be responsible for the activities and actions of a permit holder as if the permit holder were a residential leasing agent licensee. A permit holder may only be sponsored by one sponsoring broker during one 120 consecutive calendar day period.

b) Within 24 hours after employing, or associating with, by a written independent contract agreement with, a permit holder seeking a residential leasing agent license, a sponsoring broker shall submit the following information to the Division, in a format provided by the Division:

1) The name, address and other information requested by the Division to identify the permit holder and sponsoring broker; and

2) Certification by the permit holder and the sponsoring broker or designated managing broker that the permit holder:

A) Will not work for more than 120 consecutive calendar days without having been issued a residential leasing agent license;

B) Is pursuing licensure under Section 5-5(d) of the Act;

C) Is at least 18 years of age;

D) Has successfully completed a four-year course of study in a high school or secondary school or an equivalent course of study; and

E) Is at the time of association, or will be within a period of 60 days, enrolled in a residential leasing agent course of instruction approved by the Division.

c) Upon expiration of the 120 consecutive calendar day period, the permit holder shall immediately cease engaging in leasing residential real estate unless the person has been issued a residential leasing agent license and has valid sponsorship.

d) A person shall not practice under a residential leasing agent permit more than one time.

Ill. Admin. Code tit. 68, § 1450.240

Amended at 40 Ill. Reg. 12588, effective 9/2/2016

Amended at 43 Ill. Reg. 1975, effective 1/25/2019

Amended at 45 Ill. Reg. 2851, effective 2/23/2021