Illinois License Law
The Illinois Real Estate License Act of 2000 requires a managing broker to maintain trust account records for how long?
A2 years
B3 years
C5 years✓ Correct
D7 years
Explanation
Under the Illinois Real Estate License Act of 2000 and IDFPR rules, licensees must retain trust account records and transaction records for a minimum of 5 years. This includes earnest money records, closing statements, and related transaction documentation.
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