Illinois License Law
In Illinois, a broker's license is sponsored by a managing broker. If the managing broker dies suddenly, the sponsored broker's license:
ARemains valid indefinitely until the broker chooses a new managing broker
BBecomes inactive and the broker cannot practice until a new managing broker is found✓ Correct
CAutomatically converts to a managing broker license
DRemains active for 90 days under the deceased managing broker's estate
Explanation
If the sponsoring managing broker dies or their license is revoked, suspended, or otherwise terminated, the broker's license becomes inactive. The broker cannot perform licensed real estate activities until they are sponsored by a new managing broker and the change is updated with IDFPR.
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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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
Broker Supervision
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