Under the Illinois Real Estate License Act of 2000, which license authorizes a licensee to sponsor other brokers or managing brokers on behalf of a sponsoring broker?
Correct Answer
B) A managing broker license, which is required before a licensee may sponsor other licensees
Under the Illinois Real Estate License Act of 2000 (225 ILCS 454), only a managing broker licensee may serve as a sponsoring broker and certify sponsorship of other licensees to the Illinois Department of Financial and Professional Regulation (IDFPR). A standard broker license does not confer sponsorship authority regardless of experience or written agreements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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