Question

A sponsored real estate broker is selling their property "For Sale by Owner". When advertising the property "For Sale" which of the following is CORRECT?
Select one:
a. The sponsoring broker’s name must be on the sign and in all the advertisements.
b. Must disclose "Broker Owned" on all signs and in all advertisement including the internet.
c. Sponsored brokers cannot sell their property "For Sale by Owner".
d. There are no requirements in the Illinois Real Estate License Act when a broker sells their property "For Sale by Owner".

Answer 1

Answer:

The answer is D, there are no requirements in the Illinois Real Estate License Act when a broker sells their property "For Sale by Owner"

Explanation:

Refering back to the question, every statement listed in the option of answers are correct except for D, because in respect to Illinois real estate,  Licensees that that are issued licensed as a Managing Broker but are not the Managing Broker of the property with the IDFPR may not advertise themselves as a "Managing Broker" in all ads including business cards

Answer 2

Answer:

b. Must disclose "Broker Owned" on all signs and in all advertisement including the internet.

Explanation:

Generally, if the sponsoring broker gives his or her consent to the sponsored licensee, the licensee can put the property up for sale. However, if it is 'For Sale by Owner' of any of the property owned by the licensee, then, the name of the Sponsoring broker should not be included. Therefore, based on the information provided in the question, the correct option is b.