DR Legal News: Recent Real Estate Disciplines

Real Estate Disciplines

Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation. Visit their website for more details and the most current disciplinary actions.

  • A real estate broker license was indefinitely suspended and fined $1,000 due to listing a property without the authorization of all of the property owners.
  • A real estate broker license revoked for violating the terms of a consent order.
  • A real estate managing broker license was fined $2,500 and must take a class for failing to obtain a new disclosure statement after defects in the property were revealed, acting outside her sponsorship, contacting a party directly who she knew was represented, and encouraging the tenants of the property to misrepresent their lease status to an appraiser.
  • A real estate managing broker license was revoked and fined $25,000 for failure to supervise, failure to obtain signatures, failure to remit documents, failure to return earnest money in a timely manner, failure to report lost records, failure to inform the Department of name and escrow account changes, failure to make payments to parties as part of a fraudulent agreement.
  • A real estate broker limited liability firm was revoked due to a failure to make payments to parties as part of a fraudulent agreement.
  • A real estate managing broker license revoked because of a payment from the Real Estate Recovery Fund on behalf of the licensees.
  • A real estate broker corporation license revoked because of a payment from the Real Estate Recovery Fund on behalf of the licensees.
  • A real estate managing broker license was revoked and fined $10,000 and a licensed real estate broker corporation was revoked and fined $10,000 due to have [sic] pled guilty to a felony; and made false promises of a character likely to influence, persuade or induce and engaged in unethical or unprofessional conduct.
  • A real estate student leasing agent license was revoked and fined $7,500 for their failure to account for or remit money coming into their possession belonging to others and an unlicensed corporation, shall cease and desist the performance as a limited liability company and any licensed real estate activities without a license.
  • A real estate broker license issued and placed on probation for 18 months due to prior felony criminal convictions.
  • A real estate broker license suspended for failure to file and/or pay Illinois State taxes.
  • A real estate managing broker license was indefinitely suspended until such time that the respondent is in compliance with all tax laws administered by the Illinois Department of Revenue.