Illinois License Law
Under the Illinois Real Estate License Act, which of the following is required for a valid exclusive listing?
AThe listing must be submitted to the MLS within 1 business day
BThe listing must be in writing and contain a definite expiration date✓ Correct
CThe listing must be approved by IDFPR before becoming effective
DThe listing must include a minimum asking price
Explanation
Under Illinois license law, an exclusive listing agreement must be in writing and must contain a definite expiration date. A listing agreement without an expiration date is not enforceable as an exclusive listing.
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