State: Licensing Requirements

Question 1

Illinois Real Estate Recovery Fund

Answer 1

Provides a means of compensation for actual monetary losses (as opposed to losses in market value) suffered by any person as a result of:

-a violation of the Real Estate License Act of 2000, including its rules and regulations;
or

-act of embezzlement of money or property, obtaining money or property by false pretenses, artifice, trickery, forgery, fraud, misrepresentation, deceit, or discrimination by a licensee or a licensee’s unlicensed employee.

Note: Maintained by IDFPR

Question 2

Broker’s Licenses expire on each ___-numbered year, Managing Broker Licenses expire on each __-numbered year.

What are the expiry dates for broker, managing broker, firms, and residential leasing agents?

Answer 2

Broker - Even, April 30
Managing Broker - Odd, April 30
Residential Leasing Agent - July 31
Firms: October 31

Question 3

The broker’s or managing broker’s license must be applied for within _____ of passing the state test.

Answer 3

One year

Question 4

Currently, Illinois has reciprocity with the following states under the Real Estate License Act of 2000:

Answer 4

Colorado, Connecticut, Florida, Georgia, Indiana (broker only), Iowa, Kentucky, Nebraska, and Wisconsin.

Question 5

Lakeshore Homes has received notice that its sponsoring broker license is being suspended. Which of these statements best describes the impact of this suspension?

Answer 5

The firm’s licensees may not perform real estate brokerage services until a new sponsoring broker is in place.

Question 6

A branch of Elite Realty in Illinois is changing managing brokers. When must the Division of Real Estate be notified?

Answer 6

Within 24 hours