If a broker, leasing agent, or licensed personal assistant terminates employment with the sponsoring broker for any reason, the licensee must obtain his license from the sponsoring broker, or managing broker, if so designated by the sponsoring broker.
- The sponsoring broker signs and dates the license, which indicates that the relationship has been terminated.
- The sponsoring broker must send the Illinois Department of Financial and Professional Regulation (IDFPR) a copy of the terminated license within two days of the termination or be subject to discipline for failure to do so.
- The signed license automatically becomes inoperative, as does the licensee’s ability to practice real estate, until a new sponsorship is designated.
If the licensee is simply changing brokers:
- The new sponsoring broker must immediately complete a sponsor card (45-day permit) for the licensee to carry until a new license and pocket card (with the new firm’s name indicated as sponsor) arrives.
- The sponsoring broker prepares and sends a duplicate sponsor card to IDFPR for this transition period,
- The sponsoring broker also sends the original endorsed license from the previous sponsoring broker within 24 hours of sponsorship along with the required fee.
