Illinois License Law
What is the 'Errors and Omissions' (E&O) insurance requirement for Illinois real estate licensees?
AE&O insurance is optional in Illinois; only recommended for managing brokers
BAll actively licensed Illinois real estate licensees must maintain E&O insurance coverage✓ Correct
CE&O insurance is required only for managing brokers who own their own brokerage
DIllinois requires E&O insurance only for property managers
Explanation
Illinois requires all actively licensed real estate licensees to maintain Errors and Omissions (E&O) insurance. E&O insurance protects licensees against claims of professional negligence or mistakes in the performance of real estate services. The insurance requirement helps ensure that consumers have recourse if a licensee makes a professional error that causes financial harm.
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