An Illinois licensed broker fails to renew their license by the expiration date. What is the maximum period after expiration during which the broker may renew without being required to retake the state licensing examination?
Correct Answer
C) 2 years after expiration
Under the Illinois Real Estate License Act of 2000 (225 ILCS 454/20-20), a broker whose license has expired may renew on a late basis without retaking the state examination for up to 2 years after the expiration date. During this late-renewal window, the licensee must still satisfy any outstanding continuing education requirements and pay applicable late fees. Once the 2-year grace period has passed, the former licensee loses the right to reinstate without examination and must apply as a new applicant, including completing pre-license education and passing the state exam.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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.
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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