Real Estate Offices and Branches
(a) If a sponsoring broker maintains more than one office within the State, the sponsoring broker shall notify the Department in a manner prescribed by the Department for each office other than the sponsoring broker's principal place of business. The brokerage license shall be displayed conspicuously in each office. The name of each branch office shall be the same as that of the sponsoring broker's principal office or shall clearly delineate the office's relationship with the principal office.
(b) The sponsoring broker shall name a designated managing broker for each office and the sponsoring broker shall be responsible for supervising all designated managing brokers. The sponsoring broker shall notify the Department in a manner prescribed by the Department of the name of all designated managing brokers of the sponsoring broker and the office or offices they manage. Any changes in designated managing brokers shall be reported to the Department in a manner prescribed by the Department within 15 days of the change. Failure to do so shall subject the sponsoring broker to discipline under Section 20-20 of this Act.
The sponsoring broker shall, within 24 hours, notify the Department in a manner prescribed by the Department of any opening, closing, or change in location of any office.
(d) Except as provided in this Section, each sponsoring broker shall maintain an office, or place of business within this State for the transaction of real estate business, shall conspicuously display an identification sign on the outside of his or her physical office of adequate size and visibility. Any record required by this Act to be created or maintained shall be, in the case of a physical record, securely stored and accessible for inspection by the Department at the sponsoring broker's principal office and, in the case of an electronic record, securely stored in the format in which it was originally generated, sent, or received and accessible for inspection by the Department by secure electronic access to the record. Any record relating to a transaction of a special account shall be maintained for a minimum of 5 years, and any electronic record shall be backed up at least monthly. The office or place of business shall not be located in any retail or financial business establishment unless it is clearly separated from the other business and is situated within a distinct area within the establishment.
A broker who is licensed in this State by examination or pursuant to the provisions of Section 5-60 of this Act shall not be required to maintain a definite office or place of business in this State provided all of the following conditions are met:
(1) the broker maintains an active broker's license in the broker's state of domicile;
(2) the broker maintains an office in the broker's state of domicile; and
(3) the broker has filed with the Department written statements appointing the Secretary to act as the broker's agent upon whom all judicial and other process or legal notices directed to the licensee may be served and agreeing to abide by all of the provisions of this Act with respect to his or her real estate activities within the State of Illinois and submitting to the jurisdiction of the Department.
The statements under subdivision (3) of this Section shall be in form and substance the same as those statements required under Section 5-60 of this Act and shall operate to the same extent.
(f) The Department may adopt rules to permit and regulate the operation of virtual offices that do not have a fixed location.
IBA is an Illinois Licensed Education ProviderIBA Courses are Supervised by Our Lead Instructor, who is also an attorney and a CPA
All Courses Include Access to the Student Portal.
Courses Include Textbook, Over 20 Hours of Videos, and Online Quizzes
Access to Instructor via email and phone
Ability to take the proctored exam at a location of your choice