Under the Illinois Real Estate License Act of 2000, what is the minimum number of prelicense education hours required to qualify for a managing broker license?
Correct Answer
D) 165 hours
165 hours is correct. Under 225 ILCS 454/5-27, a managing broker applicant must complete 120 hours of broker prelicense education plus an additional 45 hours of managing broker-specific education, totaling 165 hours of approved prelicense coursework.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
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.
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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