Under the Illinois Real Estate License Act of 2000, which of the following correctly describes the range of disciplinary sanctions the Department of Financial and Professional Regulation may impose on a licensee found to have committed a violation?
Correct Answer
A) The Department may impose sanctions including reprimand, probation, suspension, revocation, fines, and other actions authorized by the Act.
Under the Illinois Real Estate License Act of 2000 (225 ILCS 454/20-20), IDFPR has broad disciplinary authority and may impose a range of sanctions including reprimand, probation, suspension, revocation, fines up to $25,000 per violation, and any other action authorized by the Act. No single sanction is the exclusive remedy.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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