February 8, 2008
Real Estate License: Legislative Intent
To illustrate legislative intent on real estate license issue, the court then turned to the Illinois Business Brokers Act of 2005, 815 ILCS 307/10-1 et seq., which took effect after the oral agreement between the parties. Under the Business Brokers Act, there is a specific exclusion for a business in which the sale or exchange of real estate is the dominant element of the transaction. Additionally, the Business Brokers Act requires that a contract be in writing to be enforceable and that the business brokers register with the secretary of state.
