Illinois § 10-55
Full text of Illinois Illinois Compiled Statutes § 10-55, with citation guidance and answers to common questions.
§ 10-55.
Designated managing broker responsibility and supervision. (a) A designated managing broker shall be responsible for the supervision of all licensees associated with a designated managing broker's office. A designated managing broker's responsibilities include implementation of company policies, the training of licensees and other employees on the company's policies as well as on relevant provisions of this Act, and providing assistance to all licensees in real estate transactions. The designated managing broker shall be responsible for, and shall supervise, all special accounts of the company. (b) A designated managing broker's responsibilities shall further include directly handling all earnest money, escrows, and contract negotiations for all transactions where the designated agent for the transaction has not completed his or her 45 hours of post-license education, as well as the approval of all advertisements involving a licensee who has not completed his or her 45 hours of post-license education. Licensees that have not completed their 45 hours of post-license education shall have no authority to bind the sponsoring broker. (Source: P.A. 101-357, eff. 8-9-19.)
Frequently Asked Questions About Illinois § 10-55
What does Illinois Compiled Statutes § 10-55 cover?
Section 10-55 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 10-55?
A common citation format is "Illinois Compiled Statutes § 10-55" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 10-55 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.