Section 1450.520  Application for Managing Broker License by Examination

a)         Each applicant for a managing broker license shall submit to the Division:

1)         A signed and completed application in a format provided by the Division;

2)         The required fee set forth in Section 1450.130;

3)         Proof of successful completion of the examination authorized by the Division;

4)         Proof of sponsorship or self-sponsorship, if the applicant is seeking an active license (see Section 1450.110);

5)         A transcript, if applicable; 

6)         If the applicant will be a self-sponsored managing broker, a completed consent to examine and audit special accounts form;

7)         A certification that the applicant has been actively licensed and in good standing as a broker for 2 consecutive years out of the last 3 years; and

8)         Any other documentation prescribed by the Division.

b)         An applicant shall have one year from the date of receipt of a passing examination score to submit an application with the Division and to meet all of the requirements for licensure.

c)         A self-sponsored managing broker shall comply with all the office requirements set forth in Section 1450.610.

(Source:  Amended at 45 Ill. Reg. 2851, effective February 23, 2021)