Illinois License Law
Under Illinois law, what is the consequence for operating as a real estate broker without a license?
AA warning letter from IDFPR on the first offense
BA Class A misdemeanor on first offense and a Class 4 felony on subsequent offenses, plus the unlicensed person cannot collect compensation✓ Correct
COnly a civil fine with no criminal penalties
DLoss of the right to purchase or sell real estate in Illinois
Explanation
Practicing real estate without a license in Illinois is a criminal offense. The first offense is a Class A misdemeanor; subsequent offenses are Class 4 felonies.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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