What is the minimum age requirement for an Illinois managing broker license applicant under 225 ILCS 454?
Correct Answer
D) 21 years old and of good moral character
Under 225 ILCS 454/5-25, an applicant for an Illinois managing broker license must be at least 21 years old and of good moral character. Both conditions are statutory requirements — neither alone is sufficient.
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Related Topics & Key Terms
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Related Concepts
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.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
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