Under Illinois license law, what oversight responsibility does a designated managing broker have with respect to a newly licensed broker's brokerage agreements and transaction activity?
Correct Answer
C) The designated managing broker is expected to review new licensees' brokerage agreements and supervise their offer negotiation and transaction activity on an ongoing basis.
Under 225 ILCS 454/1-10 and the Illinois REALTORS® broker management guidelines, the designated managing broker's supervisory duties expressly include reviewing brokerage agreements prepared by new licensees and providing active oversight of offer negotiation and transaction activity. This ongoing supervision is central to the designated managing broker's office-level responsibility for licensee conduct.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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.
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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