So you do not try to get an option to buy and sell it to the investor? You do not call the owner or seller? You do not accept a fee of any kind right? If you do any of these things please read all the Illinois laws. People are making a lot of money doing this but do not dare admitt that it could be illeagle? Why because they themselves never bothered to check. Just as your blunt statement states. Check it before deciding actually read the law.
If you plan to invoke a plea of ignorence if the state ever decides to crack down on this then you may be in for a big surprise! There must be a lawyer out there somewhere reading this. Since most people do not seem to be able to interpet the law decpite the fact that it is plain and simply written as I have coppied before, please explain the following to the fearfull and bird dogs in denial the following:
When do I need an Illinois real estate license?
A. A person needs a real estate license if they provide assistance which is in any way intended to result in the sale or lease of real estate. The definition of the word “broker” under the Act provides 11 examples of the types of “assistance” that require a real estate -license. Included are: representing clients in the negotiation of real estate sales contracts or leases, and issuing advertisements for the sale, purchase or lease of real estate.
The assistance must be provided for others. Accordingly, a person who buys, sells or leases real estate as a “principal” does not need a real estate license.
Compensation is required. Therefore, a person who provides assistance on a real estate transaction to a friend or relative, without compensation, does not need a license.
Yes. Exemptions from the license requirement are set forth in Section 5-20 of the Act. In other words, some individuals and entities who engage in the “practice of real estate” in Illinois do not need to obtain a real estate license from DBRE.
Included in the exemptions are owners of real estate and the employees of the owners of real estate. See Section 5-20(1) of the Act. Accordingly, owners of real estate and their employees may advertise the sale or lease of their property and negotiate real estate contracts and leases without a license. Note that for this exemption to apply, (i) the “practice of real estate” must be limited to those properties “owned,” (ii) the employment relationship must be per a “W-2" wage basis, not per an independent contract basis, and (iii) the employer must hold title to the real estate, not just have a financial interest in the real estate (there must be a direct connection between the unlicensed employee and the holder of title).
Also included in the exemptions are (i) attorneys acting under an executed and recorded power of attorney and (ii) attorneys whose services for a real estate consumer are limited to the practice of law. See Section 5-20(2) of the Act. Note that attorneys who engage in the practice of real estate must obtain a real estate license (attorneys are exempt from the pre-license education but attorneys still must pass the exam and obtain a real estate license to practice real estate).
It is illegal for an Illinois real estate licensee to pay a fee for the referral of a real estate client to any individual or business entity that does not have a real estate license. For example, an Illinois real estate licensee cannot pay a referral fee to an unlicensed friend or neighbor. Nor can an Illinois real estate licensee pay a referral fee to an unlicensed professional otherwise involved in real estate transactions, e.g., to an unlicensed employee of a mortgage company.
It is legal for an Illinois licensee to pay or receive a referral fee to/from another Illinois real estate licensee. It is also legal for an Illinois real estate licensee to pay or receive a referral fee to/from a person who has a real estate license in another state. See Rule 1450.205(a).