5 Reasons Your Real Estate License May Be in Jeopardy

 Posted on August 14,2024 in Professional License Defense

Any real estate professional who wants to conduct business in Illinois must maintain a valid professional license issued by the Illinois Department of Financial and Professional Regulation (IDFPR). For some professionals, maintaining this license can be challenging. There are several reasons why a real estate license can be suspended or revoked by the IDFPR’s Real Estate Administration and Disciplinary Board. Some of these violations may be intuitive, but they nevertheless cost a number of professionals their licenses each year.

This article will discuss five ways a real estate professional can lose his or her license. As we explore these violations below, remember that the key to successfully defending your license is hiring an Illinois real estate license defense attorney.

Failing to Meet Continuing Education Requirements

Real estate professionals must meet continuing education requirements to maintain their licenses. A real estate broker licensed before November 1, 2021, for instance, must complete 12 hours of continuing education. Brokers licensed after that date must complete 45 hours of courses. Failing to meet these conditions can lead to a suspension or revocation of a real estate broker’s license.

Misrepresentation

Misrepresenting a property or providing false information about an estate can be considered fraud and jeopardize a real estate license. For example, a professional can face license revocation if he or she misleads buyers about the condition or ownership of a property.

Criminal Convictions

Being convicted of a crime can be grounds for license denial or revocation, but there is no official rule. It is up to the IDFPR to decide whether to grant or maintain a real estate license in the face of a criminal conviction. The IDFPR is primarily concerned about financial crimes such as:

• Embezzlement
• Extortion
• Obtaining money under false pretenses
• Conspiracy to defraud
• Felonies involving moral turpitude
• Larceny
• Fraud

Because the decision to deny or revoke a license based on a criminal conviction lies with the IDFPR, an attorney can play a major part in the license defense.

Failure to Disclose Dual Agency

A real estate broker can lose his or her license by failing to disclose that he or she is representing both the buyer and the seller, a practice known as dual agency. Dual agency is allowed in Illinois as long as it is properly disclosed.

Violation of the Human Rights Act

Discriminating against certain buyers, sellers, borrowers, or lenders based on their race, sex, religion, ethnicity, or any other protected class is a violation of the Illinois Human Rights Act and is likely to result in a suspension or revocation of your real estate license.

Contact an Illinois Real Estate License Defense Lawyer

The above actions and others can jeopardize a real estate license even if they are misunderstandings or innocent missteps. An Illinois real estate license defense attorney can help save your license by presenting your case to the IDFPR from the right perspective. At The Law Offices of Joseph J. Bogdan, Inc., we will investigate your case and use effective legal strategies to preserve your license and reputation. Schedule a free consultation with an experienced attorney by calling 630-310-1267 today.