An Illinois broker licensee is pursuing a managing broker license. How many hours of managing broker-specific pre-license education must the applicant complete before sitting for the managing broker examination?
Correct Answer
D) 45 hours
Under 225 ILCS 454/10-20 and IDFPR rules, a broker licensee seeking a managing broker license must complete a 45-hour managing broker pre-license course. This is the managing broker-specific education requirement. The 75-hour broker pre-license course is a prerequisite already satisfied by holding a broker license, and the two figures combine to 120 cumulative hours of pre-license education across both license levels.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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