A licensee has held an active Illinois broker license for 2 years within the past 10 years and applies for a managing broker license. Under 225 ILCS 454/5-25, does this licensee meet the experience requirement?
Correct Answer
A) Yes, 2 years of active broker experience within the preceding 10 years satisfies the requirement
Under 225 ILCS 454/5-25, an applicant for a managing broker license must have been actively licensed as a broker for a minimum of 2 years within the 10-year period immediately preceding the application. A licensee with 2 years of active Illinois broker experience within that window meets this statutory threshold.
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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.
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