A sponsored licensee in Illinois wants to work part-time for another brokerage while maintaining their current sponsorship. What must occur for this arrangement to be legal?
Correct Answer
A) The licensee must terminate their current sponsorship before beginning work with the new broker
In Illinois, a sponsored licensee can only be sponsored by one broker at a time and must terminate their current sponsorship before beginning work with another broker.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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