Illinois License Law
What is a 'real estate team' under Illinois law and what licensing requirements apply?
AA formal partnership requiring a separate brokerage license
BA group of licensed brokers operating together under a managing broker's supervision; team members must each hold individual licenses and all transactions must be conducted through the sponsoring brokerage✓ Correct
CAn Illinois-licensed organization that can operate independently of a managing broker
DA group requiring special IDFPR team certification in addition to individual licenses
Explanation
Real estate teams are groups of licensed brokers who work together under a single managing broker's umbrella. In Illinois, each team member must hold their own individual license under the sponsoring managing broker.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Math Concepts
State-Specific Concepts
Broker Supervision
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