Illinois License Law
Under the Illinois Real Estate License Act of 2000, which activity requires a real estate license?
ASelling your own personal property
BActing as a licensed attorney handling real estate transactions for clients
CPerforming property management activities for compensation on behalf of others✓ Correct
DAssisting a family member with their home sale without compensation
Explanation
Performing property management activities (leasing, renting, collecting rents) for compensation on behalf of others requires a real estate license in Illinois. Exemptions include selling your own property, licensed attorneys acting in the ordinary course of their legal practice, and certain governmental employees.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
State-Specific Concepts
License Law
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