Real Estate - Broker requirements

hanges made to the current law.

(225 ILCS 454/5-20)     (Section scheduled to be repealed on January 1, 2030)     Sec. 5-20. Exemptions from managing broker, broker, or residential leasing agent license requirement; Department exemption from education provider and related licenses. The requirement for holding a license under this Article 5 shall not apply to:         (1) Any person, as defined in Section 1-10, who: (A)

is the owner or lessor of real property who performs any of the acts described in the definition of "broker" under Section 1-10 of this Act only as it relates to the owned or leased property; or (B) is the regular employee who, in the course of the employee's duties and incidental to the management, sale, or other disposition of such property and the investment of the owned or leased property performs any of the acts described in the definition of "broker" under Section 1-10 of this Act. The exemption in this item (1) does not apply to the person, the person's employees, or the person's agents performing licensed activity for property not owned or leased by that person.

(2) An attorney in fact acting under a duly executed

and recorded power of attorney to convey real estate from the owner or lessor or the services rendered by an attorney at law in the performance of the attorney's duty as an attorney at law.

(3) Any person acting as receiver, trustee in

bankruptcy, administrator, executor, or guardian or while acting under a court order or under the authority of a will or testamentary trust.

(4) Any person acting as a resident manager for the

owner or any employee acting as the resident manager for a broker managing an apartment building, duplex, or apartment complex, when the resident manager resides on the premises, the premises is the primary residence of the resident manager, and the resident manager is engaged in the leasing of that property.

(5) Any officer or employee of a federal agency in

the conduct of official duties.

(6) Any officer or employee of the State government

or any political subdivision thereof performing official duties.

(7) Any multiple listing service or other similar

information exchange that is engaged in the collection and dissemination of information concerning real estate available for sale, purchase, lease, or exchange for the purpose of providing licensees with a system by which licensees may cooperatively share information along with which no other licensed activities, as defined in Section 1-10 of this Act, are provided.

(8) Railroads and other public utilities regulated by

the State of Illinois, or the officers or full-time employees thereof, unless the performance of any licensed activities is in connection with the sale, purchase, lease, or other disposition of real estate or investment therein that does not require the approval of the appropriate State re