Under the Illinois Real Estate License Act of 2000 and IDFPR fee schedules, what late renewal fee must a residential leasing agent pay when renewing a license after its expiration date but within the permitted renewal period?
Correct Answer
C) $75 in addition to the standard renewal fee
Per the IDFPR fee schedule established under 225 ILCS 454 and corresponding administrative rules, a residential leasing agent who renews after the license expiration date but within the allowable renewal window is assessed a $75 late renewal penalty in addition to the standard renewal fee. This flat penalty is set by administrative rule to incentivize timely renewal and is separate from any reinstatement fees that would apply if the license lapsed beyond the renewal window entirely.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
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.
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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