Devon Nguyen holds an Illinois broker license and wants to sponsor another licensee. Which of the following statements correctly describes Devon's authority under the Illinois Real Estate License Act of 2000?
Correct Answer
B) A broker license alone does not confer the authority to sponsor other licensees; only a managing broker may sponsor.
Under 225 ILCS 454 (the Illinois Real Estate License Act of 2000), the authority to sponsor and supervise other licensees is reserved exclusively for managing brokers. An individual holding only a broker license has not met the additional education, experience, and examination requirements for a managing broker license and therefore cannot serve as a sponsoring licensee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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.
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