Under the Illinois Real Estate License Act of 2000, which of the following statements about continuing education (CE) requirements for managing broker license renewal is INCORRECT?
Correct Answer
C) Brokers who hold an active managing broker license are never required to complete any broker-management CE hours, regardless of when their license was issued.
This statement is incorrect. Under Illinois law and IDFPR rules, managing brokers ARE required to complete broker-management CE hours as part of their renewal obligation. The specific number of hours depends on when the managing broker license was first issued — licensees with older issue dates generally owe 24 hours of CE (including broker-management content), while those with more recently issued licenses generally owe 12 hours. There is no blanket exemption from broker-management CE for all managing 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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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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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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