(225 ILCS 454/5-28)

(Section scheduled to be repealed on January 1, 2030)

Sec. 5-28. Requirements for licensure as a managing broker.

(a) Every applicant for licensure as a managing broker must meet the following qualifications:

(1) be at least 20 years of age;

(2) be of good moral character;

(3) have been licensed at least 2 consecutive years out of the preceding 3 years as a broker;

(4) successfully complete a 4-year course of study in high school or secondary school approved by the state in which the school is located, or a State of Illinois High School Diploma, which shall be verified under oath by the applicant;

(5) provide satisfactory evidence of having completed at least 165 hours, 120 of which shall be those hours required pre-licensure and post-licensure to obtain a broker's license, and 45 additional hours completed within the year immediately preceding the filing of an application for a managing broker's license, which hours shall focus on brokerage administration and management and residential leasing agent management and include at least 15 hours in the classroom or by live, interactive webinar or online distance education courses;

(6) personally take and pass a written examination authorized by the Department; and

(7) submit a valid application for issuance of a license accompanied by the fees specified by rule.

(b) The requirements specified in item (5) of subsection (a) of this Section do not apply to applicants who are currently admitted to practice law by the Supreme Court of Illinois and are currently in active standing.

(Source: P.A. 101-357, eff. 8-9-19; 102-1100, eff. 1-1-23.)