Is your corporate real estate license current?
If you aren’t sure, now is a good time to check.
That’s because Illinois REALTORS® has learned that as many as 1,400 corporate real estate licenses have fallen into non-renewed status with the Illinois Department of Financial and Professional Regulation.
The expiration date on the entity licenses was October 31, 2016. Illinois REALTORS® suspects that notification by electronic means as opposed to mailing paper notices may be the reason for the missed deadline.
Here’s why this is important: Any brokerage operating under a non-renewed entity license can be subjecting itself to certain serious consequences.
It is imperative that managing brokers check the current status of their entity license to be sure it is renewed. If the entity license was not renewed, download the reinstatement form here and send it to IDFPR as quickly as possible, return receipt requested. This can’t be done online.
Here is the department’s contact information if you have a question: Illinois Department of Financial and Professional Regulation, Division of Real Estate, 320 West Washington St.. Springfield, IL 62786. Reach Real Estate Licensing at 800/560-6420.