Under current Illinois law, within how many days must a sponsoring broker report a change in designated managing broker to the Department?
Correct Answer
A) 15 days
Under 225 ILCS 454 and the Illinois Real Estate License Act, a sponsoring broker must report any change in designated managing broker to the Illinois Department of Financial and Professional Regulation (IDFPR) within 15 days of the change. This ensures the Department maintains accurate records of who is responsible for supervising licensed activity at each office.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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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