Illinois License Law
Which of the following activities requires an Illinois real estate license?
ASelling your own home
BManaging rental properties you personally own
CNegotiating a lease for a fee on behalf of another person✓ Correct
DProviding legal advice about a real estate transaction as an attorney
Explanation
Negotiating a lease for a fee on behalf of another person requires a real estate license in Illinois. Selling your own property, managing your own rentals, and providing legal advice as an attorney are all exempt activities.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
State-Specific Concepts
License Law
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