Illinois License Law
What is the Illinois Real Estate License Act's 'transaction record' requirement?
ABrokerages must record all transactions with IDFPR within 30 days
BBrokerages must maintain transaction records for a minimum of 5 years✓ Correct
CAll transactions must be recorded in the county recorder's office
DManaging brokers must personally sign all transaction records
Explanation
Under Illinois IDFPR rules, brokerages are required to maintain transaction records for a minimum of 5 years. These records include contracts, agency disclosures, listing agreements, and other transaction documents.
People Also Study
Related Illinois Questions
- Under Illinois law, when is a real estate brokerage required to enter into a written agency agreement with a client?Illinois License Law
- Under the Illinois Real Estate License Act, which of the following is required for a valid exclusive listing?Illinois License Law
- Under the Illinois Real Estate License Act of 2000, what is the minimum age requirement to obtain a broker license?Illinois License Law
- The Illinois Real Estate License Act of 2000 requires a managing broker to maintain trust account records for how long?Illinois License Law
- In Illinois, a listing agreement is required to include all of the following EXCEPT:Contracts
- In Illinois, the written disclosure of agency representation must be provided to the consumer:Agency
- A title search typically examines public records going back how many years in Illinois?Escrow & Title
- Under the Illinois Real Estate License Act, a single agent may represent both buyer and seller in the same transaction (dual agency) only if:Agency
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Math Concepts
State-Specific Concepts
License Law
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →