Wholesaling requires broker's license in Illinois

The Illinois Real Estate License Act of 2000 (RELA) was amended and signed into law on August 9. 2019. The new law expands the definition of "broker" to include wholesaling. The new definition includes:^[1]

"Broker" means an individual, entity, corporation, foreign or domestic partnership, limited liability company,  registered limited liability partnership, or other business entity other than a residential leasing agent who, whether in person or through any media or technology, for another and for compensation, or with the intention or expectation of receiving compensation, either directly or indirectly

(5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or Buys, sells, offers to buy or sell, or otherwise deals in options on real estate or improvements thereon. For purposes of this definition, an individual or entity will be found to have engaged in a pattern of business if the individual or entity by itself or with any combination of other individuals or entities, whether as partners or common owners in another entity, has engaged in one or more of these practices on 2 or more occasions in any 12-month period.

1. http://www.ilga.gov/legislation/publicacts/101/101-0357.htm