A real estate attorney in Illinois who occasionally assists clients with obtaining residential mortgage loans is:
Correct Answer
A) Required to obtain a mortgage broker license if they receive compensation beyond normal legal fees
Under Illinois law, attorneys may have a limited exemption when performing activities incidental to their legal practice, but if they regularly broker loans for additional compensation beyond legal fees, they must obtain appropriate mortgage licensing.
Why This Is the Correct Answer
Under Illinois law, attorneys may have a limited exemption when performing activities incidental to their legal practice, but if they regularly broker loans for additional compensation beyond legal fees, they must obtain appropriate mortgage licensing.
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