Illinois License Law
A managing broker in Illinois who fails to supervise sponsored brokers adequately may face:
ANo liability since brokers are independent contractors
BDisciplinary action by IDFPR including suspension or revocation✓ Correct
COnly civil liability from harmed third parties
DA mandatory fine of $500 per unsupervised transaction
Explanation
Managing brokers in Illinois have a supervisory responsibility over sponsored brokers. Failure to adequately supervise can result in IDFPR disciplinary action including license suspension or revocation, in addition to potential civil liability.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Math Concepts
State-Specific Concepts
License Law
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