Under the Illinois Real Estate License Act of 2000, how many total hours of continuing education must a managing broker complete for each license renewal?
Correct Answer
C) 24 hours, including 12 hours of broker management continuing education
Under 225 ILCS 454/20-15 and IDFPR administrative rules, managing brokers must complete 24 hours of continuing education per renewal cycle. Of those 24 hours, 12 must be in broker management topics specifically designed for managing brokers, and the remaining 12 hours consist of core and elective CE. This is a higher requirement than the 12 hours required for brokers.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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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