Section 1450.705 of the Illinois Administrative Code outlines the supervisory obligations of the managing broker of a real estate firm.
A Craigslist ad placed by an Internet firm is seeking a “passive designated broker” who is willing to ignore any applicable obligations and merely lend his license to the enterprise:
Internet real estate company is looking for an individual licensed real estate broker to become our passive designated broker in IL, so that our company can act as a “broker” in IL. We are currently a broker in CA.
We need a broker’s license in order to access MLS data and to make computations with such data. We will not be a traditional real estate brokerage – we won’t list properties or buy properties, we won’t have a retail presence, we will not have salespersons. All of our customers will come on line and come to us for agent recommendations – not to list or buy a home.
Accordingly, the ideal candidate for us is one that has an active license with the state, but is not very active professionally in real estate. This “job” will require no real “work” from the broker – it won’t require showing up to an office, talking to clients, managing agents, etc. You will have no “risk” – you will be insured and indemnified. All you will have to do is keep your license current and join MLS’s per our request.
The compensation will not be much, but there is practically NO work and NO risk and NO time. It’s “found” money for the right broker. If you have a broker’s license but don’t really use it, this is a way to earn a little bit of side money from it for no effort.
Compensation: $250/month + expenses associated with our business. No commissions.