Illinois License Law
Under the Illinois Real Estate License Act, what constitutes 'acting in the capacity of a real estate broker'?
AOnly listing and selling single-family homes for a commission
BFor compensation, negotiating the sale, purchase, exchange, lease, or management of real estate for others, or holding oneself out as available to do so✓ Correct
CManaging a single investment property for personal income
DProviding real estate advice without accepting money
Explanation
Under the Illinois Real Estate License Act, acting as a broker includes: for compensation, negotiating or offering to negotiate the sale, purchase, exchange, lease, or rental of real estate for others; and managing real estate for others for compensation. The key elements are (1) doing so for others (not just for yourself) and (2) receiving compensation. Without both elements, licensure may not be required.
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