Illinois License Law
An Illinois real estate license may be placed on 'inactive' status when:
AThe licensee has not completed CE requirements
BThe licensee is not affiliated with a managing broker✓ Correct
CThe licensee fails to pay their annual dues to the local board
DThe licensee relocates out of state
Explanation
An Illinois broker license is placed on inactive status when the broker is not affiliated with (sponsored by) a managing broker. In inactive status, the licensee may not perform any licensed real estate 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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Math Concepts
State-Specific Concepts
Continuing EducationBroker Supervision
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