Under Illinois law, what is the maximum number of sponsored licensees a sponsoring broker may supervise without additional managing brokers?
Correct Answer
A) 15 sponsored licensees
Illinois law requires a sponsoring broker to employ at least one managing broker for every 15 sponsored licensees or fraction thereof.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
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