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 and real estate broker corporation license shall each remain revoked and each fined $1,200,000 for failure to deposit security deposits into an escrow account separate and apart from personal and other business accounts, failure to account for or remit the earnest money ($338,265); unprofessional conduct, and failure to respond to the Department's requests for records.
  • A real estate managing broker license was revoked for violating the terms of a consent order.
  • A real estate broker license was reprimanded and must complete quarterly compliance reports for two years and fined $2,000 for engaging in misleading advertising, holding out members of a team who were not in fact sponsored by the same sponsor or holders of an active license, and for acting beyond the scope of his license by supervising members of a team without a managing broker license.
  • A real estate managing broker license and real estate broker corporation license were fined $1,000, owed jointly and severally, for failing to timely meet the audit requirements of the Department despite several demands for compliance.
  • A real estate broker license was issued and placed on probation for two years due to prior felony criminal conviction and because she represented online that she was licensed while her application was still pending.
  • Many real estate managing broker licenses were suspended for failure to file and/or pay Illinois state income taxes or for being more than 30 days’ delinquent in the payment of child support.