Under the Illinois Real Estate License Act of 2000, which of the following statements about sponsorship and designated managing broker supervision is INCORRECT?
Correct Answer
A) A licensee may begin practicing under a new sponsoring broker as soon as both parties sign the independent contractor agreement, before the sponsorship is registered with the Department.
Under 225 ILCS 454/5-30 and related provisions of the Illinois Real Estate License Act of 2000, a sponsorship does not become effective until the sponsoring broker certifies it to the Illinois Department of Financial and Professional Regulation (IDFPR) and it is registered. A licensee who begins practicing before that registration is complete is acting without a valid, effective sponsorship — a violation of the Act. The signing of an independent contractor agreement alone has no legal effect on when practice may lawfully begin.
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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?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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