Illinois License Law
What must a real estate managing broker do when closing their brokerage in Illinois?
ASimply file a closure notice with IDFPR; no other requirements
BNotify all affiliated licensees, properly close trust accounts, transfer client files, and notify IDFPR of the closure✓ Correct
CTransfer all listings to the nearest competing brokerage
DMaintain the brokerage license for 5 years after closure
Explanation
When closing a real estate brokerage in Illinois, the managing broker must: notify all affiliated licensees so they can transfer to new sponsors, properly close trust accounts (disbursing all client funds appropriately), maintain transaction records for the required period, transfer client files as appropriate, and notify IDFPR. Proper brokerage closure protects clients and ensures ongoing compliance with record-keeping requirements under the Illinois Real Estate License Act.
Related Illinois Illinois License Law Questions
- An Illinois real estate broker who is also an attorney licensed in Illinois:
- In Illinois, a real estate license may be suspended without a hearing if:
- Which of the following is generally EXEMPT from Illinois real estate licensing requirements?
- What is the primary difference between a 'broker' license and a 'managing broker' license in Illinois?
- What is the license renewal period for Illinois real estate licensees?
- Which of the following activities requires a real estate license in Illinois?
- An Illinois broker who wishes to operate their own brokerage must first:
- An Illinois real estate broker who operates as an independent contractor is still subject to:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →