| (a) Acting as a principal, a person may purchase, sell,
lease, or sublease real estate for profit without being licensed as
a broker or salesperson.
(b) A person may acquire an option or contract to purchase
real estate and then sell the option or contract, or offer to sell
the option or contract, without having a real estate license provided
the person does not use the options or contracts to purchase to engage
in the real estate brokerage business.
(c) A person who owns property jointly may sell and
convey title to his or her interest in the property, but to act for
compensation or with the expectation of compensation as an agent for
the other owner, the person must be licensed unless otherwise exempted
by the Act.
(d) A real estate license is not required for an individual
employed by a business entity for the purpose of buying, selling,
or leasing real property for the entity. An entity is considered to
be an owner if it holds record title to the property or has an equitable
title or right acquired by contract with the record title holder.
An individual employed by a business entity means a person employed
and directly compensated by the business entity. An independent contractor
is not an employee.
(e) Trade associations or other organizations that
provide an electronic listing service for their members, but do not
receive compensation when the real estate is sold, are not required
to be licensed under the Act.
(f) Auctioneers are not required to be licensed under
the Act when auctioning real property for sale. However, a licensed
auctioneer may not show the real property, prepare offers, or negotiate
contracts unless the auctioneer is also licensed under the Act.
(g) An answering service or clerical or secretarial
employees identified to callers as such to confirm information concerning
the size, price and terms of property advertised are not required
to be licensed under the Act.
(h) A broker may hire an unlicensed person to act as
a host or hostess at a property being offered for sale by the broker,
provided the unlicensed person engages in no activity for which a
license is required.
|
