call us312-335-9470

200 West Adams, Suite 2475, Chicago, IL 60606

Protecting Your Illinois Real Estate Broker License

Posted on in Business License Defense IDFPR

shutterstock_171921827-1-min.jpgIllinois law requires all real estate brokers who are doing business in the state to hold a valid Illinois real estate license. All professional licensing is overseen by the Illinois Department of Financial and Professional Regulation (IDFPR). If a real estate broker is accused of violating any regulations or laws, they could face serious consequences, including suspension of their professional license. These allegations can involve how a broker is running their business, as well as allegations and/or complaints from clients.

The following are some of the more common reasons why the IDFPR will take action. If you are a broker who is notified that you are being investigated, it is important to contact an experienced professional license defense attorney right away.

Client Complaints

While the majority of buyers and sellers are happy with the real estate brokers they work with, there will always be some clients who find a reason to be unhappy with the way their transaction went and that dissatisfaction can even lead to filing complaints and taking legal action. Complaints that can lead to an IDFPR investigation include:

  • Failure to identify and/or inform of potential issues on a property prior to the signing of a purchase and sales agreement (PSA)

  • Failure of the real estate broker to disclose a property defect

  • Breaching the contract the client had with the broker, i.e., failure to comply with the agreed-upon timeframe

  • Failure to protect client’s personal information, i.e., hackers access information in a security data breach

  • Exaggeration of features of the property

  • Misrepresenting the true value of a property

  • Offering legal or financial (tax) advice

  • Injury to the client during a property showing

Regulation Issues

The IDFPR has a long list of regulations that all real estate brokers must adhere to in order to keep their professional license in good standing. If a broker violates these rules, they face disciplinary action that could include suspension or loss of their real estate license, depending on the severity of the violation. Some of the more common violations include:

  • Failure to properly account for escrow funds

  • Failure to report disciplinary action against your license in another state

  • Failure to report a plea or conviction

  • Failure to report a prior arrest on your real estate license application

Contact a Chicago Professional License Defense Lawyer

If you have been notified that you are being investigated by the board, your license could be in serious jeopardy. Do not delay calling Williams & Nickl, LLC at 312-335-9470 to schedule a free and confidential consultation and find out what legal options you may have. Attorney Edward Williams is a former IDFPR Chief of Real Estate Prosecutions. Now, as a seasoned Chicago real estate broker license defense attorney, he will aggressively fight to protect your financial future.

 

Source:

https://idfpr.illinois.gov/dre.asp

Back to Top