Question

According to Illinois License Law, broker-owner Joan is prohibited from doing which of the following items?

a) Setting up a real estate booth in the local department store, which she also owns.
b) Having a managing broker for her branch office.
c) Owning more than one branch office.
d) Having an additional escrow account for her branch office.

Answer 1

According to Illinois License Law, broker-owner Joan is prohibited from having an additional escrow account for her branch office (d).

Step-by-step explanation:

According to Illinois License Law, broker-owner Joan is prohibited from having an additional escrow account for her branch office (d). This means that Joan cannot have a separate account for handling the funds in her branch office. She must use the same escrow account for all transactions associated with her real estate business.

Example:If Joan sets up an additional escrow account for her branch office, it could lead to confusion and potential financial mismanagement. By using a single escrow account for all transactions, it ensures that all funds are properly accounted for and reduces the risk of fraudulent activities.