Illinois License Law
Which of the following is a violation of the Illinois Real Estate License Act?
AA broker advertising their own listing with their name prominent
BA managing broker supervising 10 licensees in different offices
CA broker accepting a referral fee from an out-of-state broker
DA broker misrepresenting the square footage of a listing to a buyer✓ Correct
Explanation
Misrepresenting material facts about a property, such as square footage, is a serious violation of the Illinois Real Estate License Act and could also constitute fraud. IDFPR can discipline the licensee with suspension, revocation, or fines.
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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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Math Concepts
State-Specific Concepts
Broker SupervisionLicense Law
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