Illinois License Law
An Illinois broker who has been licensed for less than 2 years and wants to open their own real estate brokerage must first:
AObtain a managing broker license after meeting the 2-year experience requirement✓ Correct
BRegister as a sole proprietor with IDFPR
CComplete an additional 30 hours of education
DPass a separate managing broker exam only, without the 2-year experience requirement
Explanation
To open a real estate brokerage in Illinois, a person must hold a managing broker license, which requires at least 2 years of real estate experience (within the preceding 3 years). A broker with less than 2 years of experience must fulfill the experience requirement before qualifying for a managing broker license.
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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.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Math Concepts
State-Specific Concepts
Continuing EducationBroker Supervision
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