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NEW INFORMATION THAT WILL BE ADDED
TO THE 4th EDITION
ADMINISTRATION OF LICENSES Secretary, Commissioner, Director of Real Estate, Deputy Director of Real Estate The DFPR is headed by a secretary that is responsible for the operations of the Division of Insurance, Division of Financial Institutions, the Division of Banks and Real Estate, and the Division of Professional Regulation (DPR). The DPR is a large department that consists of units regulating many professions including doctors, nurses, surveyors and many other professions. It also regulates the real estate unit consisting of appraisers, auctioneers, residential leasing agents, real estate salespersons and brokers, and still some other professions. The real estate unit is just one unit in the DPR. The Department of Financial and Professional Regulation (DFPR) is responsible for the administration of the Real Estate License Act of 2000. The DFPR is headed by a secretary appointed by the governor. The governor also appoints the director of the DPR. The director appoints a director of real estate to manage the real estate unit. --------------- PUTTING IT TO WORK In Illinois, to sell businesses for others, a Business Broker Registration may be required. There are exemptions to the requirement for a Business Broker Registration. A registration is not needed when the predominant element of the transaction is real estate,only a real estate license would be required. This is simply a registration and only requires a payment of a fee. More information on Business Broker Registration can be obtained on the Illinois Secretary of State’s web site at www.sos.state.il.us.
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