Illinois Real Estate Broker Exam — All Questions
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2 questions
Illinois Real Estate License Act
Under the Illinois Real Estate License Act, real estate licensees are regulated by which agency?
- a.The Illinois Association of Realtors
- b.The county recorder of deeds
- c.The Illinois Department of Financial and Professional Regulation (IDFPR)✓
- d.The Attorney General's consumer division
The Illinois Department of Financial and Professional Regulation (IDFPR) administers and enforces the Real Estate License Act and issues licenses. Trade associations do not regulate licensure.
Illinois Real Estate License Act
In Illinois, a person who wishes to independently operate a real estate brokerage and hold others' licenses must hold what type of license?
- a.Broker license
- b.Managing broker license✓
- c.Leasing agent license
- d.Residential appraiser license
In Illinois a managing broker license is required to operate a brokerage and supervise sponsored brokers. The entry-level broker license must be sponsored by a managing broker.