Illinois License Law
Under the Illinois Real Estate License Act of 2000, a broker license automatically expires if the broker's sponsoring managing broker terminates their sponsorship and the broker does not find a new sponsor within:
A30 days
B60 days
CThe broker's license becomes inactive immediately upon termination of sponsorship✓ Correct
D90 days
Explanation
In Illinois, a broker's ability to practice real estate brokerage is contingent on active sponsorship by a licensed managing broker. When sponsorship is terminated (whether voluntary or involuntary), the broker's license becomes inactive immediately.
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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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
Broker SupervisionLicense Law
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