Illinois License Law
In Illinois, a real estate brokerage that also provides mortgage brokerage services must:
AObtain a real estate brokerage license only, as mortgage services are included
BObtain both a real estate brokerage license from IDFPR and a residential mortgage license under the Illinois Residential Mortgage License Act✓ Correct
CObtain approval from the Federal Reserve to provide both services
DDisclose the dual services only to commercial property clients
Explanation
A real estate brokerage that also provides mortgage brokerage services must hold a separate residential mortgage license under the Illinois Residential Mortgage License Act of 1987 (also regulated by IDFPR). The real estate license and mortgage license are separate requirements with separate education, application, and continuing education requirements.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Math Concepts
State-Specific Concepts
Continuing EducationLicense Law
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