Since 1921, Illinois has had a real estate license law. This body of law is intended to regulate the real estate industry for the protection of the public. Today, the law is called the Real Estate License Act of 2000, as amended in 2010.
The real estate industry in Illinois is regulated by the Division of Professional Regulation (DPR), a branch of the Illinois Department of Financial and Professional Regulation (IDFPR) also known as the Department, which is charged with protecting and improving the lives of Illinois consumers.
The Department is responsible for administering and enforcing the Illinois Real Estate License Act of 2000. In addition, the Department administers all licenses for Illinois real estate brokers, managing brokers, leasing agents, real estate corporations, partnerships, limited liability companies, real estate branch offices, real estate schools, and real estate instructors.
The Department promulgates rules for the Act’s implementation and enforcement. These are often referred to as “the rules,” and they supply explanatory detail and guidelines for the Act. The Act, rules, and other significant legislation are available online at www.ilga.gov (click on Illinois Compiled Statutes, Chapter 225; ILCS 454). These are essential for any real estate licensee to know.
