Illinois License Law
An Illinois broker who pays their own license renewal fee late may:
AContinue to practice real estate without interruption since late fees are merely administrative
BOnly practice for 30 days after the renewal deadline without penalty
COwe late renewal fees and have a lapsed license until renewal is completed✓ Correct
DAutomatically have their license revoked with no option to reinstate
Explanation
If an Illinois broker fails to renew by the renewal deadline, they owe the renewal fee plus any late fee or penalty assessed by IDFPR. The license lapses (they cannot practice) until they complete renewal.
Related Illinois Illinois License Law Questions
- In Illinois, which of the following is a permissible activity for an unlicensed personal assistant working for a broker?
- What is the purpose of the 'disclosure of information regarding real estate agency relationships' that Illinois brokers provide to consumers?
- Under Illinois law, a licensee who pays an unlicensed person a referral fee for sending a client is:
- The Illinois Real Estate License Act requires that all licensed real estate activity be conducted under the supervision of a:
- In Illinois, which of the following is a required disclosure when a real estate broker has a personal financial interest in a property being recommended to a client?
- Under the Illinois Residential Real Property Disclosure Act, when must the seller provide the disclosure document to the buyer?
- The Illinois Real Estate Recovery Fund is funded by:
- In Illinois, the entry-level real estate licensee is called a:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →