Section 1450.560  Managing Broker Self-Sponsorship

a)         A self-sponsored managing broker may sponsor licensees if the self-sponsored managing broker meets all the requirements for a sponsoring broker.

b)         A sole proprietor must be licensed as a real estate managing broker.

c)         Temporary Practice

1)         Within 15 days after the death or disability of a self-sponsored managing broker, a written request for authorization allowing the continued operation of the office may be submitted to the Division.

2)         The Division will issue written authorization allowing the continued operation provided that:

A)        A licensed managing broker assumes responsibility in writing and agrees to supervise the operation of the office; or

B)        In the case of the death or disability of a self-sponsored managing broker, an authorized representative of the estate assumes responsibility in writing and agrees to supervise the operation of the office.

3)         Written authorization under subsection (c)(2) shall be valid for no more than 60 days unless extended by the Division for good cause shown and upon written request by the broker or authorized representative.

4)         The Division will honor the order of a court of competent jurisdiction or any other legal documentation appointing a representative of the estate for the sole purpose of closing out the affairs of a self-sponsored managing broker who is deceased or disable, but not for the purpose of actively engaging in licensed activities.

5)         This subsection (c) applies to a self-sponsored managing broker licensee who sponsors other licensees.

(Source:  Amended at 49 Ill. Reg. 9512, effective July 7, 2025)