Which of the following correctly describes the prelicense education requirement for an initial Illinois managing broker license under 68 Ill. Adm. Code 1450?
Correct Answer
A) Completion of a 45-hour managing broker prelicense course covering brokerage management topics prescribed by IDFPR.
Under 68 Ill. Adm. Code 1450, an applicant for an initial Illinois managing broker license must complete a 45-hour managing broker prelicense course with content prescribed by IDFPR. This course is a standalone curriculum focused on brokerage management and supervision, entirely separate from the 75-hour broker prelicense course and from broker-management continuing education.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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