Managing brokers should be mindful of the law, not just agents. The Illinois Department of Financial and Professional Regulation Index of Disciplines keeps track of cases that show that the organization is not “going soft” on those who ignore the law.
Here are some recent examples from the IDFPR website:
•A managing broker was suspended for one year and received a $10,000 fine for a dual agency violation (you cannot represent yourself and a client in the same transaction).
•A managing broker was placed on probation for three years and fined $5,000 after using another agent’s signature on his sales contract and failing to obtain dual agency authorization in writing.
•A managing broker was reprimanded, required to take classes and fined $3,000 for failure to deposit earnest money by the next business day, failure to obtain a listing agreement signed by the owner, failure to receive a contract accepted by the owner, failure to obtain documentation of dual agency and failure to retain the transaction file for five years.
•A broker was indefinitely suspended for a minimum of one year and fined $5,000 for placing for-sale signs on a property without the owner’s permission, and for misleading, untruthful and inaccurate advertising.
•A broker was ordered to cease and desist unlicensed practice of real estate, fined $10,000 and was ordered to not petition or apply for any other real estate license for a minimum of three years.
•A corporation had its license reprimanded and was fined $2,000 after engaging in the unlicensed practice of real estate when it failed to replace a managing broker for a period of four and a half months.