Illinois License Law
Illinois law requires that the managing broker of a real estate company be responsible for:
AOnly transactions in which they personally participate
BThe overall supervision of all licensees and operations of the brokerage office✓ Correct
CConducting all inspections on behalf of the brokerage
DReviewing all mortgage applications processed by affiliated lenders
Explanation
Under the Illinois Real Estate License Act of 2000, the managing broker is legally responsible for the overall management and supervision of the brokerage office and all licensees operating under that license. This includes ensuring compliance with license law, proper trust account management, and appropriate supervision of sponsored brokers.
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