Wednesday, May 08, 2013

Real Estate Disciplines

Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation, http://www.idfpr.com/News/Disciplines/DiscReports.asp

  • A managing real estate broker license was suspended for one year, followed by being placed on probation for four years and fined $5,000 for aiding and abetting the unlicensed practice of real estate and failing to supervise subordinate employees.
  • A real estate managing broker license and real estate broker corporation license were indefinitely suspended for a minimum of two years and jointly fined $5,000 after failed to return $2,000 of escrow money on one transaction, and $5,000 and $4,000 in marketing money in three separate transactions, all of which failed; and failed to provide the Department with business, escrow, marketing and advertising records requested by the brokerage examiner, and two investigators on the various complaints against Respondents.
  • A real estate leasing agent student license was reprimanded and ordered to cease and desist the unlicensed practice of real estate for advertising  rental properties after her license had expired.
  • A real estate salesperson license was indefinitely suspended and is barred from licensure as a real estate broker for a minimum of two years for allegations that they made substantial  misrepresentations, engaged in unethical conduct, and engaged in dishonest dealings by proposing that closing documents in a real estate transaction, including the HUD-1, reflect a sales price of $430,000, that an additional $55,000 be paid to their company for short sale negotiations, and that the $55,000 not be disclosed on the closing document.
  • A real estate salesperson license was placed in refuse to renew status for failure to adhere to the terms of a sales contract and mishandling of earnest money.
  • A real estate salesperson license was placed in refuse to renew status for her engaging in unprofessional conduct by advising a client to default on his mortgage and by failing to provide the client copies of written agreements.
  • Several unlicensed persons were ordered to cease and desist the unlicensed practice of real estate brokerage and assessed fines and penalties for engaging in the unlicensed practice of real estate brokerage.
  • An unlicensed person was ordered to cease and desist the unlicensed practice of community association management.

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