A broker's sponsorship with Firm A has been properly terminated. The broker has reached an agreement to join Firm B but has not yet submitted the new sponsorship paperwork to IDFPR. Under the Illinois License Act of 2000, which of the following best describes the broker's current authority?
Correct Answer
D) The broker may not practice under Firm B until the new sponsorship is certified by Firm B to IDFPR and registered with the Department.
Under the Illinois License Act of 2000, a broker's authority to practice through a sponsoring broker depends on the sponsorship being certified to IDFPR by the sponsoring broker and registered with the Department. Termination of a prior sponsorship does not automatically authorize practice under a new firm. Until the new sponsorship is properly registered, the broker lacks authority to practice under Firm B.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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