Under the Illinois Real Estate License Act of 2000, what supervisory obligation applies to a newly licensed broker who has not yet completed the required 45-hour post-license education?
Correct Answer
D) The designated managing broker must directly handle earnest money, escrows, and contract negotiations on behalf of the newly licensed broker until the 45-hour post-license education is completed.
Under 225 ILCS 454/10-20, a broker who has not completed the 45-hour post-license education course is subject to heightened supervision requirements. The designated managing broker must directly handle key transaction functions—including earnest money, escrow, and contract negotiations—rather than delegating those duties to the unseasoned licensee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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.
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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