Under the Illinois Real Estate License Act of 2000, what procedure is available when a licensed office loses its designated managing broker or a self-sponsored managing broker dies or becomes disabled?
Correct Answer
D) The sponsoring broker may file a temporary-practice request with the Department, which must be initiated promptly following the loss, death, or disability.
Under the Illinois Real Estate License Act of 2000, the Department provides a temporary-practice request procedure specifically for situations where an office loses its designated managing broker or a self-sponsored managing broker dies or becomes disabled. The request must be initiated promptly — the Act does not permit the office to simply continue operating without taking action or to delay notification indefinitely.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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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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