About This Book
68 Ill. Admin. Code 1450 contains the administrative rules governing the Real Estate License Act of 2000 in Illinois. Administered by the Illinois Department of Financial and Professional Regulation (IDFPR), it establishes the legal framework for real estate licensing, education, and business practices throughout the state.
Key Content Areas
- Licensing Requirements: Specifies rules and required education hours for leasing agents, salespersons, brokers, and managing brokers.
- Business Practices: Regulates advertising standards, recordkeeping, escrow accounts (special accounts), and compensation disclosures.
- Broker Responsibilities: Defines supervision obligations for sponsoring and managing brokers.
- Discipline: Establishes rules and procedures for addressing violations and complaints.
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Practice Tests Using This Book
This book is required or recommended for 1 licensing exam. We've written 220 practice questions directly from this material, each one citing the chapter and section it comes from.