By IAR Chief Legal Counsel Steve Bochenek
There have been many questions received at the Illinois Association of REALTORS® regarding what title an individual licensed as a Managing Broker but not designated by the sponsoring broker as a Managing Broker should use in advertising.
The following question and answer appears on the Illinois Department of Financial and Professional Regulation (IDFPR) website:
Yes, just the same as brokers did under the old license law. However only licensed managing brokers designated with the Department as a managing broker by their sponsoring broker can advertise themselves to the public as a managing broker. Managing brokers that are not designated with the Department as a managing broker should advertise themselves as a “broker.” (Source: Illinois Department of Financial and Professional Regulation “Real Estate FAQs” http://www.idfpr.com/faq/dpr/realestatefaqs.pdf on the IDFPR website http://www.idfpr.com/dpr/re/realest.asp.)
This statement does not preclude the use of a descriptive term such as “listing,” “commercial” or “buyer’s” along with “broker.”
Remember that the use of such descriptive terms must meet the general advertising guidelines of the Illinois Real Estate License Act of 2000 and Administrative Rules. That is, the use of such terms must be accurate and not misleading or deceptive.
© Illinois Association of REALTORS® 2012