Under the Illinois Real Estate License Act of 2000, when does a new sponsorship arrangement become legally effective for practice purposes?
Correct Answer
C) When the sponsoring broker certifies the association to the Department and it is registered with IDFPR.
Under 225 ILCS 454/5-10 and related IDFPR rules, a sponsorship is not legally effective for practice until the sponsoring broker certifies the association to the Illinois Department of Financial and Professional Regulation (IDFPR) and the registration is recorded. A private agreement alone confers no authority to practice under that sponsor.
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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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