Illinois License Law
An Illinois broker who changes their sponsoring managing broker must update their information with IDFPR:
AWithin 30 days of the change
BImmediately or as soon as practicable, as the license is inactive between sponsors✓ Correct
CAt the next renewal cycle only
DOnly if the change involves moving to a different brokerage firm
Explanation
When an Illinois broker changes their sponsoring managing broker, they should update their information with IDFPR as soon as possible, because the license is considered inactive between the termination of one sponsorship and the establishment of another. The broker cannot perform licensed activities during this gap.
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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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
License Law
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