Property Management
An Illinois property manager enters into management agreements on behalf of clients. Under which license must they operate?
AA property management license from Illinois DCEO
BA real estate managing broker's or broker's license under IDFPR✓ Correct
CA business license from the local municipality only
DNo license required for property management in Illinois
Explanation
Property management activities in Illinois, such as leasing, renting, and managing property for others for compensation, require a real estate license under IDFPR. A property manager must be licensed as a managing broker or broker, and their activities must be performed under the supervision of a licensed managing broker if they hold a broker license.
Related Illinois Property Management Questions
- Under the Illinois Forcible Entry and Detainer Act, how must a landlord legally remove a tenant who refuses to vacate?
- Under the Chicago RLTO, a landlord must return a security deposit within how many days of the tenant vacating?
- In Illinois, which of the following is a legitimate reason for a landlord to deduct from a tenant's security deposit?
- An Illinois residential lease agreement may NOT include a clause that:
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