An Illinois broker licensee wants to apply for a managing broker license. Under 225 ILCS 454/5-25, which combination of qualifications must the applicant satisfy regarding age and character?
Correct Answer
D) The applicant must be at least 20 years old and be of good moral character.
Under 225 ILCS 454/5-25, an Illinois managing broker applicant must be at least 20 years old and of good moral character. The minimum age for managing broker licensure is higher than the 18-year minimum for broker licensure, reflecting the supervisory responsibilities a managing broker assumes over other licensees.
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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.
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