Illinois Leasing Agent Practice Exam

In which circumstance is a managing broker NOT required to notify IDFPR?

1. A new branch office was opened

2. A branch office was closed

3. A new leasing agent's 45-day permit is due to expire

4. Corporate office for the company has relocated

The correct answer is: A new leasing agent's 45-day permit is due to expire

The situation where a managing broker is not required to notify the Illinois Department of Financial and Professional Regulation (IDFPR) relates to the expiration of a new leasing agent's 45-day permit. This permit is a temporary authorization that allows an individual to engage in leasing activities while awaiting their official license. When it is nearing expiration, the responsibility for renewal or further action lies with the leasing agent themselves, rather than the managing broker. On the other hand, opening or closing branch offices, or relocating a corporate office involves changes to the business structure or operations that the IDFPR must be made aware of. These actions can impact the regulatory and compliance aspects of the brokerage, which is why they necessitate formal notification. In contrast, the management of a leasing agent’s temporary permit is primarily the agent's personal responsibility, thereby alleviating the broker from any duty to inform the IDFPR about the permit's impending expiration.