Under the Illinois Real Estate License Act of 2000, which license classification grants the authority to sponsor other licensees on behalf of a sponsoring broker?
Correct Answer
A) Only a managing broker license holder, as an ordinary broker license does not confer sponsorship authority
Under the Illinois Real Estate License Act of 2000 (225 ILCS 454), only a licensed managing broker may serve as or act on behalf of a sponsoring broker to certify and supervise other licensees. An individual holding only a broker license lacks the statutory authority to sponsor other licensees regardless of experience, written agreements, or transaction type. Sponsorship authority is tied specifically to the managing broker classification.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
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