Real Estate Q&A
You can manage someone’s property under the sponsorship of your sponsoring broker and you can only receive compensation from your sponsoring broker when receiving compensation for any type of real estate activity.
No. The State considers that a conflict.
A holdings company only means the sponsoring broker is not a member of the Association of REALTORS. As far as the State of IL is concerned, your license is no different than a licensee selling 10 Million dollars in real estate.
They own the business and they have the right to determine what commission to charge their clients. Remember every client belongs to the Sponsoring broker.
Yes. I have attorneys that can represent you that are experienced with such matters.
If my legal name is William and I put Bill on my business card and advertise under that name is that ok?
Yes, but you must send a letter to the Real estate license division telling them that you will be using a name different then what’s on your license.
No, you need special license for that.
Absolutely not. You can NEVER be a dual agent if you are party to the transaction. Again this includes rentals.
The state allows your license to go into inoperative or non-renewal status for up to 5 years. You will just need to complete the proper CE and fill out a reinstatement form with the all fees owed. I can assist you with this.
Do I need to disclose that I have a real estate license even if I use another agent to represent me when selling or buying or leasing my own property?
Yes, absolutely! You must always disclose that you have a real estate license when you are a party to the transaction. This includes rentals.