Under the Illinois Real Estate License Act, how long may a licensed office continue operating after its designated managing broker's license is suspended or revoked, before licensed activity must cease?
Correct Answer
B) The office may continue operating for up to 30 days, provided a written request for authorization is submitted to the Department within that period.
Under 225 ILCS 454/17-15, when a designated managing broker's license is suspended or revoked, the office may continue operating for up to 30 days without a replacement, provided the sponsoring broker submits a written request for authorization to the Illinois Department of Financial and Professional Regulation (IDFPR) within that window. If neither a replacement is named nor a written request is submitted within 30 days, all licensed activity at that office must stop.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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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