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 managing broker's license was voluntarily surrendered for failure to return earnest money after cancelation of a real estate contract in a timely manner.
  • A real estate managing broker license was ordered to be immediately surrendered and fined $500 and a real estate limited liability firm license was placed in "expired" status and fined $500 as a result of failure to cooperate with the Department in the compliance audit.
  • A real estate broker's license was revoked and fined $75,000 for engaging in misrepresentation, unprofessional conduct, failing to remit escrow money, and forging the signature of others in multiple real estate transactions.
  • A real estate broker's license placed on probation for one year for failing to return earnest money in a timely manner.
  • The order revoking a real estate managing broker's license and probation extended for an additional year for failing to comply with the terms of a consent order.
  • A real estate managing broker's license revoked and fined $40,000 due to her using her real estate license to schedule showings and obtain lock box codes and stealing property from the homes that she is scheduled to show.
  • A real estate broker's license placed on probation for two years with practice restrictions and fined $3,000 for engaging in the practice of real estate on behalf of a broker other than his sponsor. An unlicensed firm was ordered to cease and desist the unlicensed practice of real estate and imposed a $3,000 civil penalty for engaging in the practice of real estate without a license.
  • A real estate managing broker license was suspended for failure to file and/or pay Illinois state income tax.
  • A real estate broker's license was revoked for utilizing a corporation for indirect compensation to perform licensed real estate activities. An unlicensed firm was ordered to cease and desist from the unlicensed practice of real estate.
  • A real estate managing broker's license was revoked due to felony criminal convictions.
  • A real estate leasing agent's license revoked and fined $10,000 for failing to remit escrow money and collected rent in connection with the management of a real estate property.