Ill. Admin. Code tit. 68 § 1450.765

Current through Register Vol. 48, No. 52, December 27, 2024

Section 1450.765 - Disclosure of Licensee Status

A licensee who sells, leases or purchases any interest, directly or indirectly, for purposes of Section 10-27 of the Act, must disclose, in writing to all parties, the licensee's status as a licensee prior to initiating a transaction when the licensee:

a) Is selling, leasing or seeking to purchase real estate as sole owner, tenant in common, joint tenant, or tenant by the entirety;

b) Holds a beneficial interest in a land trust selling, leasing or seeking to purchase an interest in the subject real estate;

c) Is a partner in a partnership, limited partnership or limited liability partnership selling, leasing or seeking to purchase an interest in the subject real estate;

d) Is an officer, director and/or shareholder of a corporation, other than a publicly traded corporation, selling, leasing or seeking to purchase an interest in the subject real estate;

e) Is a manager or member of a limited liability company selling, leasing or seeking to purchase an interest in the subject real estate; or

f) Has any direct or indirect interest in the subject real estate.

Ill. Admin. Code tit. 68, § 1450.765

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

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