Illinois License Law
Under Illinois law, what is a 'concurrent license' for real estate licensees?
AHolding both an Illinois broker license and a managing broker license simultaneously
BHolding an Illinois real estate license while also licensed in another state; requires IDFPR notification✓ Correct
CA license shared between two brokers working together
DA license allowing both residential and commercial real estate practice
Explanation
An Illinois licensee may hold licenses in multiple states simultaneously. Under IDFPR rules, they must notify IDFPR of other state licenses and must comply with all Illinois requirements when practicing in Illinois. Many Illinois agents near state borders (Indiana, Wisconsin, Missouri) hold concurrent licenses to serve clients in multiple markets. Each state's laws apply within that state's jurisdiction.
Related Illinois Illinois License Law Questions
- The Illinois Real Estate License Act requires that all licensed real estate activity be conducted under the supervision of a:
- In Illinois, a real estate broker who violates the Real Estate License Act may face disciplinary action including all of the following EXCEPT:
- Under Illinois law, an independent contractor relationship between a broker and their sponsoring managing broker must be established by:
- Under the Illinois Real Estate License Act, a broker may accept compensation for a real estate transaction from:
- In Illinois, an individual who has a judgment entered against them in a real estate transaction may seek recovery from the:
- Under the Illinois Real Estate License Act of 2000, a broker's license must be sponsored by:
- In Illinois, the entry-level real estate licensee is called a:
- A managing broker in Illinois who fails to supervise sponsored brokers adequately may face:
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