Illinois License Law
What is the primary difference between a 'broker' license and a 'managing broker' license in Illinois?
ABrokers can only work in residential real estate; managing brokers can work in commercial
BManaging brokers can operate independently or supervise other brokers; brokers must work under a managing broker✓ Correct
CBrokers must have a college degree; managing brokers only need a high school diploma
DThere is no difference; the titles are interchangeable
Explanation
In Illinois, a managing broker can operate their own brokerage independently or supervise other licensees. A broker (formerly called salesperson) must work under the supervision of a licensed managing broker.
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