Question

Which is the correct statement regarding sponsor cards in Illinois?

a) Sponsor cards are used for new licensees, not for those transferring offices.
b) Sponsor cards are valid for 45 days.
c) A sponsor card is required by students wishing to take the Illinois real estate exam.
d) DFPR must receive a copy 72 hours after issuance.

Answer 1

The correct statement is that DFPR must receive a copy of the sponsor card 72 hours after issuance for new licensees and those transferring offices in Illinois.

Step-by-step explanation:

The correct statement regarding sponsor cards in Illinois is d) DFPR must receive a copy 72 hours after issuance.

When a new licensee or someone transferring offices applies for a real estate license in Illinois, they are required to obtain a sponsor card. This sponsor card must be submitted to the Department of Financial and Professional Regulation (DFPR) within 72 hours of issuance. It is important for licensees to meet this requirement as failure to do so may result in disciplinary action.